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.