Global Operations Support Business Support (OSS/BSS) Software Market to Grow with a CAGR of 10.36% During 2022-2031; Market to Grow on Account of Growing Adoption of 5G Worldwide
Kenneth Research published a report titled “Operations Support Business Support (OSS/BSS) Software Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global operations support business support (OSS/BSS) software market in terms of market segmentation by solution, deployment, enterprise size, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global operations support business support (OSS/BSS) software market is anticipated to grow with a CAGR of 10.36% over the forecast period, i.e., 2022 – 2031. The market is segmented by application into IT & telecom, BFSI, media & entertainment, retail & e-commerce, and others, out of which, the IT & telecom segment is anticipated to garner the largest revenue of USD 83238.69 Million by the end of 2031. Additionally, in the year 2021, the segment registered a revenue of USD 31550.0 Million.
The global operations support business support (OSS/BSS) software market is estimated to garner a revenue of USD 108078.62 Million by the end of 2031, up from a revenue of USD 41936.60 Million in the year 2021. Increasing adoption of 5G worldwide, along with the growing investments of telecom operators for 5G technology are some of the major factors anticipated to drive the market growth in the coming years.
Geographically, the global operations support business support (OSS/BSS) software market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is anticipated to garner the largest revenue of USD 41610.27 Million by the end of 2031. Additionally, the market in the region generated a revenue of USD 15600.42 Million in the year 2021.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rising Need Amongst Telecom Operators for Convergent Billing Systems
By the end of 2026, the total number of 5G connections around the globe is projected to touch more than 2 Billion connections.
Backed by the growing advancement in technology worldwide and the increasing shift towards the fifth-generation cellular technology network systems, businesses in the telecom industry are increasingly in the need for advanced systems that can help them converge their billing systems. 5G customers, nowadays, have a requirement of add-on services, such as video and music streaming, cloud storage solutions, and smart wearables among others. Owing to these add-on service, the telecom service providers need to consolidate all their billing tasks together and also create enhanced transparency in their billing system, thereby driving the need for OSS/BSS systems. Such a factor is thereby anticipated to drive the growth of the market in the coming years.
However, the rising concern for data security, along with the lack of skilled professionals are expected to operate as key restraint to the growth of global operations support business support (OSS/BSS) software market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global operations support business support (OSS/BSS) software market which includes company profiling of Accenture PLC, Comarch SA, Amdocs, Capgemini Service SAS, Nokia, NetCracker Technology Corporation, Huawei Technologies Co. Ltd., IBM Corporation, Cisco Systems, Inc., Oracle Corporation, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global operations support business support (OSS/BSS) software market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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