CHICAGO, Aug. 1, 2023 /PRNewswire/ -- Increased adoption of cloud-based solutions, automation powered by AI, and integration with IoT and 5G networks will all be trends in the market for digital BSS in the future. With probable vendor consolidation and collaborations, the emphasis will be on security, worldwide expansion, and personalised client experiences.
The Digital BSS Market is estimated at USD 5.8 billion in 2023 to USD 12.5 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 16.6%, according to a new report by MarketsandMarkets. The digital BSS solutions facilitate integration with a wide range of third-party systems and APIs, such as CRM, ERP, and marketing automation platforms, which boosts the market. This integration streamlines data exchange, enhances operational efficiency, and enables seamless end-to-end processes across multiple systems. It empowers service providers to create a connected ecosystem, deliver an exceptional customer experience, and optimize their operations for sustained growth and success.
Browse in-depth TOC on "Digital BSS Market"
179 - Tables
48 - Figures
197 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2017-2028 |
Base year considered | 2022 |
Forecast period | 2023-2028 |
Forecast units | Value (USD) Billion |
Segments Covered | Offering (Solution and Services), Solution, Vertical, and Region |
Region covered | North America, Europe, Asia Pacific, Middle East and Africa, and Latin America |
Companies covered | Amdocs Limited (US), Huawei Technologies Co. Ltd (China), LM Ericsson Telephone Company (Sweden), CSG Systems International, Inc. (US), Nokia Corporation (Finland), International Business Machines Corporation (US), ZTE Corporation (China), Optiva Inc. (Canada), Sigma Systems Canada LP. (US), Cerillion Technologies Limited (UK), and many more. |
By vertical, the healthcare segment is estimated to register the highest growth rate during the forecast period.
Digital BSS solutions in the healthcare vertical are technology platforms and tools that enable healthcare organizations to manage their business operations efficiently and effectively in the digital era. These solutions encompass various aspects of patient management, billing and revenue management, appointment scheduling, and medical records management.
By service, license, and maintenance segment is expected to register the largest market size during the forecast period.
The license services are periodic and subscription-based and are offered by digital BSS service providers and system integrators. Due to the adoption of such periodic, subscription-based services across developed as well as developing economies, the license and maintenance segment is expected to fuel the overall growth of the services segment.
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Asia Pacific is estimated to register the highest growth rate during the forecast period.
The Asia Pacific region is expected to experience extensive growth opportunities during the forecast period. The major Asia Pacific countries that are expected to witness high growth rates include India, China, Singapore, Australia, and Japan. The competition in this region is fragmented, and the cloud providers are looking at expanding the base of their solutions to most of these countries as a result of improvements in infrastructures and other business strategic moves. The enterprises in Asia Pacific are not as proficient as those in North America and Europe in terms of information, security awareness, and technical expertise. Nevertheless, the adoption of cloud consulting and implementation services is gaining traction in the region to transform business operations.
Top Key Companies in Digital BSS Market:
The major vendors covered in the digital BSS include Amdocs Limited (US), Huawei Technologies Co. Ltd (China), LM Ericsson Telephone Company (Sweden), CSG Systems International, Inc. (US), Nokia Corporation (Finland), International Business Machines Corporation (US), ZTE Corporation (China), Optiva Inc. (Canada), Sigma Systems Canada LP. (US), Cerillion Technologies Limited (UK), Sterlite Technologies Limited (India), Accenture plc (Ireland), Capgemini SE (France), Infosys Limited (India), Oracle Corporation (US), Mahindra Comviva (India), Qvantel (Finland), BearingPoint (Netherlands), Formula Telecom Solutions Ltd. (US), MATRIXX Software, Inc. (US), MIND C.T.I. Ltd. (UK), and Tata Consultancy Services Limited (India). Hansen Technologies (Australia), Comarch SA (Poland), Avema Corporation (Ontario), and Suntech S.A. (Poland).
Recent Developments
- In June 2023, IBM entered into a definitive agreement with Vista Equity Partners to purchase Apptio Inc. The acquisition of Apptio will accelerate the advancement of IBM's IT automation capabilities and enable enterprise leaders to deliver enhanced business value across technology investments.
- In July 2022, Ericsson acquired Vonage, which supports Ericsson's strategy to leverage technology leadership to grow its mobile network business and expand into the enterprise.
- In April 2022, Infosys acquired oddity. The acquisition strengthens Infosys' creative, branding, and experience design capabilities and co-creating with clients and helping them navigate their digital transformation journey.
- In October 2021, CSG International acquired the digit system. The merger combines cutting-edge solutions created to simplify the intricacies of commercializing the upcoming wave of multi-party digital offerings, fueling business expansion for communications service providers (CSPs).
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Digital BSS Market Advantages:
- Platforms for digital BSS are made to handle escalating workloads and expanding client populations. They are appropriate for organisations of all sizes since they can scale to meet demand without sacrificing performance.
- Businesses can offer a seamless and customised customer experience thanks to digital BSS. Higher customer satisfaction and loyalty are attained as a result of the real-time interactions, personalised offerings, and self-service capabilities it enables.
- Digital BSS platforms are made to be flexible and agile, enabling companies to react swiftly to market shifts, client requests, and emerging trends. This adaptability enables organisations to innovate more successfully and keep one step ahead of the competition.
- Digital BSS aids in increasing income streams by optimising customer interactions, product bundling, and pricing tactics. Faster innovative service and offer launches are a factor in revenue growth.
- Order management procedures are streamlined by digital BSS, which lowers the need for manual involvement and the chance of mistakes. Faster order fulfilment, shorter order-to-cash cycles, and higher operational performance are all results of this efficiency.
- Digital BSS technologies enable data-driven decision making by generating insightful insights from consumer data. This data can be used by businesses to spot trends, comprehend consumer behaviour, and develop specialised marketing strategies.
- Many digital BSS solutions are built to connect with current IT systems, enabling companies to make use of their existing infrastructure. This interoperability guarantees a smooth transition and prevents disturbances during deployment.
- By automating procedures, lowering manual involvement, and streamlining operations, digital BSS can result in cost optimisation. Business operations can become more efficient, and operating costs can be decreased.
- The time it takes for creative products to reach the market is decreased thanks to digital BSS for company. This speed enables companies to seize market possibilities more quickly.
Report Objectives
- To determine and forecast the global Digital BSS Market by offering, end-user, and region from 2017 to 2023 and analyze various macroeconomic and microeconomic factors that affect the market growth
- To forecast the size of the market segments with respect to 4 main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa, and Latin America
- To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Digital BSS Market
- To provide detailed information regarding the major factors influencing the growth of the Digital BSS Market (drivers, restraints, opportunities, and challenges)
- To profile the key market players; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the competitive landscape of the market.
- To track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities in the Digital BSS Market
- Track and analyze competitive developments in the market, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.
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