CAGR: 10.9%Current Market Size: USD 13.64 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2022-2029Base Year: 2021
The Global Digital Business Support System market is expected to grow from USD 13.64 billion in 2021 to USD 31.20 billion by 2029, at a CAGR of 10.9% during the Projection period 2022-2029. The growth of this market is mainly driven owing to the increasing demand for the smooth working of all the processes which are essential for business growth.
In a virtualized network environment, a digital business support system provides an elastic, modern, and convergent system that enables communication service providers to automate business processes and introduce differentiated services. A digital business support system provides business enterprises with monitoring and operational benefits. Revenue opportunities will be created for players in the target market over the Projection period as a result of technological advancements and increasing R&D activities. Furthermore, the digital business support system automates the overall processes that support the full customer lifecycle, from shopping to billing. As the digital business support system develops, it will be able to assist telecom operators in making their operations run more smoothly, which in turn will aid the growth of the market. It is expected that the digital business support system market will grow in the upcoming years due to the different services it offers to end-user industries. The Projection period of 2021 to 2028 holds new opportunities for the digital business support system market due to the rise of outcome and pull economies and the proliferation of traditional BSS solutions in the telecom vertical. With the upgrade of digital business support systems and recent developments in profit-earning models, the digital business support system market is expected to grow significantly.
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Market Dynamics:
Drivers:
An increase in popularity is being seen for the digital business support system in healthcare, corporate sectors, banks etc. Players operating in the target market are expected to benefit from technological advancements and increased R&D activities. It is expected that the digital business support system market will grow in upcoming years due to the variety of services that are offered by it to the end-user industries. Moreover, the rising trend of using online platforms for payments will also enhance the growth of the market over time.
Restraints:
Due to the fact that all of the information about employees and employers is stored on the company's work platform digitally, privacy and security concerns generally rise. Nowadays, cybercriminals are at their peak, making it increasingly difficult for the company to provide a safe and secure environment for its employees despite all the safety measures they have taken. In response to this, some companies don't want to switch to digital business support systems since they are comfortable with their traditional working systems.
Opportunities:
Digital business support systems are in high demand in the healthcare sector. In the healthcare industry, SaaS-based digital business support systems are becoming increasingly popular as a more affordable way to install cloud-based electronic health records. In addition, healthcare companies are deploying SaaS applications, such as EHRs, EMRs, and PACS, throughout hospitals. The rising demand for digital business support systems in the healthcare sector will add more value to the growth of the market in the upcoming years.
Challenges:
The implementation cost as well as the complexity of the digital business support system is one of the major challenges hampering the growth of the market. As business processes become increasingly complex and modern business support systems are integrated, it is a time-consuming and expensive process to implement the system, among other factors which are limiting the market's growth. Moreover, consumers are switching towards other alternatives available in the market which can also affect the market’s growth.
Segmentation Analysis:
The global digital business support system market has been segmented based on type, application, and region.
By Component
The component segment includes services and solutions. The solutions segment led the largest share of the digital business support system market with a market share of around 59.45% in 2021. As communication service providers grow in size, they will increasingly need backend solutions that do not rely on traditional business support systems which eventually boosts the growth of the digital business support system market. Moreover, continuous technical advancements will also account for the growth of the market in the upcoming years.
By Deployment Model
The application segment includes hybrid cloud, private cloud and public cloud. The public cloud segment led the largest share of the digital business support system market with a market share of around 39.23% in 2021. The public cloud infrastructure can be shared by multiple users, allowing them to communicate over the internet, facilitating easier connectivity, reducing server maintenance costs, and enabling faster service deployment. As technology advances, people have realized the importance of cloud computing and its services to the IT industry, hence contributing a large share in the growth of the digital business support system market.
By End-User
The end-user segment includes large enterprises and small & medium enterprises. The fashion & technology segment led the largest share of the digital business support system market with a market share of around 61.2% in 2021. Over the next few years, medium and small enterprises are expected to see significant growth. As small & medium enterprises seek to simplify their business operations, technological advances will be introduced to improve their performance over the Projection period which will boost the growth of the digital business support system market.
Global Digital Business Support System Market- Sales Analysis.
The sale of synthetic biology products expanded at a CAGR of 9.2% from 2015 to 2021.
A digital business support system (BSS) also automates overall business processes to support the entire customer lifecycle starting with the online shopping experience and ending with billing. SaaS-based digital BSS are becoming a popular way for healthcare organizations to install cloud-based electronic health records.
Increasing online transactions and the use of multiple mobile devices, increasing cloud-based BSS solutions, increasing digitization in the telecom industry, and increasing adoption of digital business support systems from manufacturers in order to add value to businesses by maximising return on investment, offering support services, are all important factors escalating the market growth. Additionally, expanding Ngoss proliferates traditional BSS solutions in the telecom vertical together with rising outcome and pull economies will open up new prospects for the market for digital business support systems.
Thus, owing to the aforementioned factors, the global Digital Business Support System Market is expected to grow at a CAGR of 10.9% during the Projection period from 2022 to 2029.
Global Digital Business Support System Market- By Regional Analysis:
The regions analyzed for the gloves market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the digital business support system market and held a 36.84% share of the market revenue in 2021.
Global Digital Business Support System Market- Country Analysis:
Germany's digital business support system market size was valued at USD 0.94 billion in 2021 and is expected to reach USD 2.18 billion by 2029, at a CAGR of 11.1% from 2022 to 2029. There is significant growth in the digital business support system market in the country due to the availability of high-quality, easy-to-use digital BSS solutions and telecommunications companies moving towards comprehensive digital offerings.
China’s digital business support system market size was valued at USD 0.85 billion in 2021 and is expected to reach USD 1.95 billion by 2029, at a CAGR of 11% from 2022 to 2029. Since China is the most affected country by the COVID-19 outbreak, videoconferencing, conference calls, and webinars play an important role in the market growth.
India's digital business support system market size was valued at USD 0.65 billion in 2021 and is expected to reach USD 1.51 billion by 2029, at a CAGR of 11.2% from 2022 to 2029. In addition to escalating market growth, tailored BSS solutions and new commercial models are vital factors, as well as reducing operational costs. Online transactions and the use of multiple mobile devices have grown, cloud-based BSS solutions are becoming more prevalent, the digitization trend in the telecom sector is rising etc. boosting the growth of the market in the country.
Key Industry Players Analysis:
To increase their market position in the global digital business support system business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2021-2029 |
Base year |
2021 |
CAGR (%) |
10.9% |
Market Size |
13.64 billion in 2021 |
Projection period |
2022-2029 |
Projection unit |
Value (USD) |
Segments covered |
By Component, By Deployment Model, By End-user and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
CSG International, Nokia, Accenture, Comarch, IBM Corporation, Tata Consultancy Services Limited, CSG Systems International, Inc., Alepo, Amdocs Limited, Infosys Ltd., Telefonaktiebolaget LM Ericsson, Optiva Inc., Sigma Software, Huawei Technologies Co, Ltd., MIND CTI, Cerillion plc, Comviva, BEARINGPOINT, STERILE TECH, FTS – Formula Telecom Solutions Ltd, ZTE Corporation, Qvantel, Openet, and Capgemini. |
By Component |
|
By Deployment Model |
|
By End-user |
|
Regional scope |
|
Scope of the Report
Global Digital Business Support System Market by Component:
Global Digital Business Support System Market by Deployment Model:
Global Digital Business Support System Market by Deployment Model:
Global Digital Business Support System Market by Region:
Global Digital Business Support System market is expected to reach USD 31.20 million by 2029, at a CAGR of 10.9% from 2022 to 2029.
North American region will witness more growth in the digital business support system market.
Technological advancement is driving the market’s growth.
Rising demand for digital business support systems in the healthcare sector is expected to provide growth opportunities for the market over the Projection period.
CSG International, Nokia, Accenture, Comarch, IBM Corporation, Tata Consultancy Services Limited, CSG Systems International, Inc., Alepo, Amdocs Limited, Infosys Ltd., Telefonaktiebolaget LM Ericsson, Optiva Inc., Sigma Software, Huawei Technologies Co, Ltd., MIND CTI, Cerillion plc, Comviva, BEARINGPOINT, STERILE TECH, FTS – Formula Telecom Solutions Ltd, ZTE Corporation, Qvantel, Openet, Capgemini among others.
Political Factors- The factors that affect the long-term profitability of the digital business support system industry in a particular country or market are significantly influenced by political issues. These policies have an effect on the economy, consumer purchasing habits, and international trade laws. The internet and WiFi are becoming commonplace. Customers of the government frequently view the internet as a basic human right. It is necessary for training in many different vocations. Even if applying for jobs online is a common practice, leaving a company website and uploading a resume to servers is essential. The debate over unrestricted internet is raging. Customers trust the internet, so professional organizations and the administration should treat it the same. Unrestricted internet would prevent, for example, specialized businesses from slowing down web and information speeds.
Economical Factors- The macroenvironmental factors have an impact on a nation's economic growth and overall investment, such as the inflation rate, savings rate, interest rate, foreign exchange rate, and economic cycle. The industry for digital business support system is influenced by financing costs, growth, and expenses. Costs also have an impact on the end-users offered estimating per plan. Building assets and towers in rural areas is expensive. Customers who don't reside in large urban areas are affected. The demand for assets used by digital business support system rises as militaries grow more. Depending on the location, the number of clients in the area, and the demand for telecommunication services, this may result in rising expenses (along with income).
Social Factor- The digital business support system sector plays a significant role in modern civilization. People in certain organizations rely on these services to carry out daily tasks, whether they are provided by a cell phone provider, cable company, or internet provider. Business support system includes taking of orders, payment related queries and revenue management of the customers of the businesses. The system provides marketing insights, business operation insights among various other operation management aids to the enterprises enabling them to make informed business decisions regarding the product launches and market expenses. Communication and social interaction between people are influenced by this. It has also had a significant impact on how modern civilizations operate. The field is active and develops quickly. Rapid technological advancements require ongoing industrial adaptation in order to maintain competitiveness.
Technological Factors- R&D activities, automation, technology incentives, and the pace of technological development are a few examples of technological elements. Today's world is surrounded by technology. It is employed for amusement, education, and communication. Undoubtedly, the advent of new technology has had a significant impact on the sector. While the prices of internet services and navigational aids have drastically decreased recently, the quality and selection of items available have greatly grown. According to Jablonski (2021), the advent of 5G will significantly alter society. It makes use of all contemporary infrastructure, technology, and mobile connectivity. Not only is it altering how quickly individuals communicate, but it is also altering their capacity to convey information.
Environmental Factors- Weather, climate, and climate change are examples of environmental elements that may negatively affect particular economic sectors. Ecological and environmental elements are also considered to be environmental factors. Technology has always been more advanced in the digital business support system sector than in many others. By delivering information in various formats, including written, oral, and visual, it provides a worthwhile alternative to moving things and/or people. However, there are also additional risks associated with highly enhanced goods and services. According to ETNO (2021), the worldwide carbon dioxide (CO2) emissions in 2020 were contributed by the telecommunications sector at a rate of 2.6%. Companies must therefore increase the sustainability of their products and services.
Legal Factors- The legal aspects of discrimination, consumers, antitrust, employment, and health and safety legislation are among them. These factors could affect a business' operations, costs, and product demand. Companies that manufacture digital business support system are subject to very tight legislative requirements. Market participants are required to abide by all applicable laws, rules, and regulations. Almost all nations today have laws that must be followed on data privacy, intellectual property rights (IPR), health and safety, and employees and the workplace. Therefore, it becomes essential for this business to conduct itself lawfully and morally in order to prevent being subjected to legal action, penalties, or other repercussions from a court of law. Each industry has a number of significant legislative requirements that must be met. The sector that deals with digital business support system should observe all legal requirements without breaking any of them.
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