Press release
Digital Business Support System Market | Industry Forecast 2023-2032
Digital business support system provides a platform to monitor and offer operational benefits to business enterprises. It uses technology to create new value in business models, customer experience, and internal capabilities that support core operations. Digital business support system includes digital-only brands and traditional players that are transforming their business with digital technology.
Most digital businesses focus to create value at new frontier for their core business or use digital technology to drive growth, performance, and revenue in ways that were not possible with traditional models. The trends which differentiate the digital from the traditional process are use of exciting technologies that explore business models and embrace the concepts.
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Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Rise in adoption of digitalization & IoT, increase usage of mobile devices & online payment, advent of new commercial models, and tailored business support software, and introduction & deployment of customizes solutions for business are a few key drivers of the market. However, factors, such as lengthy time consuming, high cost for implementation, and complex business process, restrain the growth of the market. Furthermore, increase in adoption of traditional business support in the telecom market, new product launches, and growth in the e-commerce sector are expected to create lucrative opportunities for the digital business support system market.
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Introduction and deployment of customized solutions:
Digital business support helps organizations to enhance the revenue streams and to evolve, capture & secure money streams by taking advantage of business opportunities and digital services such as 5G or Internet of Things. In addition, the aim of digital business support is to offer catalog-driven and pre- integrated, such as self-care analytics, and also supports available standards for multivendor integration.
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Several product launches in the market:
Many organizations are expected to launch their digital business support software to provide digital support to business to business or business to customer. For instance, Alepo, one of the major key players of the digital business support system market, recently launched its Business Support Systems (BSS) that offers its service providers to upgrade their legacy BSS to a truly digital 5G-ready stack, thereby empowering them to deliver digital-first customer experiences and automate business processes.
In addition, Netcracker launched its business support portfolio, which helps customers to launch and monetize 5G, IoT & cloud services, expand partner ecosystems, and provide a world-class customer experience. Therefore, these launches of services and solutions are expected to provide lucrative opportunities for the digital business support system market in the upcoming years.
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COVID-19 Scenario Analysis:
● The COVID-19 pandemic has severely affected almost all industries across the globe. Further, lockdown enforcements and restrictions on movement of non-essential goods as well as resources in various countries have disrupted the supply chain. The major challenge for the entire global economy is to sustain the business continuity amidst lockdown, social distancing, and other challenges.
● As per experts, the disruption caused by COVID-19 has already produced more digital transformation in the last one month than witnessed in the last 20 years. While many workers and businesses are suffering from closures and quarantines, other areas of economy are innovating and/or growing. These areas include telecom, internet, supply chains, pharmaceuticals, and healthcare.
● This pandemic period could boost the needs for virtual reality and digital transformation. With the growth of internet infrastructure it is estimated to have greater needs for non-verbal communication over digital channels. In addition, it is expected for people to work and travel over digital highways. Therefore, firms unable to transform digitally are expected to remain stagnant.
● After basic services are stabilized, targets for innovation and policy are expected to change. The world's requirement for digital technology and digital transformation is estimated to accelerate, which increases the demand for digital business support to manage and migrate to digital technology, thus providing lucrative opportunities for the digital business support system market in the upcoming years.
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