Operations Support Systems And Business Support Systems (OSS And BSS) Market Trends
“””The Business Research Company recently released a comprehensive report on the Global Operations Support Systems And Business Support Systems (OSS And BSS) Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The OSS and BSS market size has grown rapidly in recent years. It will grow from $54.38 billion in 2023 to $61.69 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to rise of virtual network operators, growing need for cybersecurity solutions, demand for real-time analytics, demand for converged billing systems, increasing complexity of telecom networks.
The OSS and BSS market size is expected to see rapid growth in the next few years. It will grow to $96.30 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to growing need for scalable solutions, increasing demand for cloud-based solutions, rising demand for IoT connectivity management, increasing demand for 5G networks, demand for network automation. Major trends in the forecast period include adoption of artificial intelligence and machine learning, expansion of broadband networks, integration of blockchain technology, integration of Internet of Things (IoT) platforms, technological advancement.
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Market Drivers and Trends:
The growing need for cybersecurity solutions is expected to propel the growth of the OSS and BSS market going forward. Cybersecurity solutions refer to a range of technologies, practices, and policies designed to protect digital systems, networks, and data from unauthorized access, cyberattacks, and other potential threats. The growing reliance on digital infrastructure, interconnected systems, and the increasing sophistication of cyber threats necessitate the continuous evolution and adoption of cybersecurity solutions to safeguard sensitive information and critical assets. Operations support systems (OSS) and business support systems (BSS) facilitate cybersecurity by monitoring network operations, managing customer data securely, and ensuring compliance with regulatory requirements for telecommunications service providers. For instance, in April 2023, according to the Department for Science, Innovation, and Technology, a UK-based government body, cybercrime affected 11% of businesses and 8% of charities in total over the past 12 months, this number increased to 26% of medium-sized businesses, 37% of large businesses, and 25% of high-income charities. Furthermore, in March 2023, according to the World Economic Forum, a Switzerland-based non-governmental organization, the number of cyberattacks that target users in NATO (The North Atlantic Treaty Organization) countries had surged by 300% since 2020. Therefore, the growing need for cybersecurity solutions is driving the growth of the OSS/BSS market.
Major companies operating in the OSS/BSS market are focusing on technological advancements, such as the use of low-code platforms for automation and development, to gain a competitive edge in the market. Low-code platforms make it easier and faster to develop OSS and BSS solutions by reducing the need for extensive coding knowledge. This approach also makes it more accessible for businesses and organizations to implement OSS and BSS solutions that are tailored to their specific needs. For instance, in November 2023, Cerillion, a UK-based telecommunications company, launched Cerillion 23.2, an updated version of its BSS and OSS suite. This new version incorporates generative artificial intelligence (GenAI) to revolutionize the product lifecycle for communications service providers (CSPs). With this update, product managers can use natural language voice and text instructions to describe offerings, and GenAI will quickly construct the corresponding product catalog configuration for validation and launch.
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Major Key Players of the Market:
Huawei Technologies Co. Ltd., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Hewlett Packard Enterprise (HPE), Ericsson, Nokia Corporation, Infosys Limited, ZTE Corporation, CAPGEMINI SE, Amdocs Limited, Netcracker Technology, CSG International, TIBCO Software Inc., Calix Inc., Sterlite Technologies Limited, Subex Limited, TEOCO Corporation, Comviva, Alepo Technologies Inc., Optiva Inc., OPTELECOM, Matrixx Software Inc., Neural Technologies Limited, THE SIGMA GROUP
Operations Support Systems And Business Support Systems (OSS And BSS) Market 2024 Key Insights:
• The Operations Support Systems And Business Support Systems (OSS And BSS) Market is expected to grow to $96.30 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%.
• Increasing Demand For Cybersecurity Solutions Propels OSS And BSS Market Growth
• AI-Powered Solutions Transforming The OSS And BSS Market
• North America was the largest region in the OSS and BSS market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the operations support systems and business support systems (OSS and BSS) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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