Business revenue accounted for more than a quarter of operators’ total revenue in 2023 (based on results from around 60 operators detailed in our Business revenue tracker). However, average growth rates fell compared with 2022, mainly due to the difficult economic conditions facing many businesses. IT services such as cloud and security are among the main revenue growth drivers, and our Business-services-related M&A tracker indicates that operators continue to invest in these services despite a sharp fall in the total number of acquisitions in 2023.

In this podcast, Catherine Hammond, Research Director, and Matt Small, Analyst, discuss what is (and isn’t) driving operator business revenue growth and consider the prospects for the rest of 2024.

See our related reports: Operator business revenue: trends and analysis and Business-services-related M&A tracker: trends and analysis.