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Cloud Computing Propels Growth Of The Digital Business Support Systems (BSS) Market: Strengthening the Growth Trajectory of the Digital Business Support Systems (BSS) Market
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.What Is the Expected CAGR for the Digital Business Support Systems (BSS) Market Through 2025?
In recent times, there has been a swift surge in the size of the digital business support systems (BSS) market. The market is predicted to expand from $6.99 billion in 2024 to $8.31 billion in 2025, maintaining a compound annual growth rate (CAGR) of 19.0%. This impressive growth rate in the historic period is a result of factors such as an escalating telecommunications sector, booming e-commerce, heightened risk of cyber threats, soaring internet utilization worldwide, and the widespread increase of smartphones and mobile devices.
What's the Projected Size of the Global Digital Business Support Systems (BSS) Market by 2029?
The market size of digital business support systems (BSS) is anticipated to experience a swift expansion in the coming years, increasing to $16.44 billion by 2029 with a compound annual growth rate (CAGR) of 18.6%. The surge in the projected period is due to heightened demand for personalized customer engagement, the expansion of digital banking, an increase in online financial services, escalated demand for superior billing, and increasing necessities for customer management. The primary trends for the forecasted timeframe encompass digital technologies, the adoption of 5G technology, advancements in artificial intelligence (AI) and machine learning methodologies, the Internet of Things (IoT) ecosystem, and the application of blockchain technology.
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Top Growth Drivers in the Digital Business Support Systems (BSS) Industry: What's Accelerating the Market?
The expansion of the digital business support system (BSS) market is projected to be driven by the increasing uptake of cloud computing. This refers to the immediate access to computing assets like storage and infrastructure, as services over the internet. Cloud computing's popularity is due to its cost-effectiveness, scalability, flexibility, accessibility, innovativeness, and agility. Digital business support systems, which are crucial components of cloud computing platforms, aid in managing customer relationships, allowing for service delivery, ensuring accurate billing, offering customer support, and leading business analysis. In December 2023, the European Commission reported that the percentage of EU firms buying cloud computing services increased by 4.2 percentage points relative to 2021. Consequently, the growing utilisation of cloud computing is fuelling the digital business support system (BSS) market.
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What Trends Will Shape the Digital Business Support Systems (BSS) Market Through 2029 and Beyond?
Leading businesses in the digital business support system (BSS) market are prioritizing the creation of cutting-edge tech solutions like SaaS-based systems to meet the advancing requirements of the telecommunication sector. SaaS-based BSS are cloud-powered platforms that offer extensive, scalable management tools for the operational and customer interaction needs of digital and telecommunication service providers. For example, in September 2023, Optiva Inc, a software provider hailing from Canada that specializes in cloud-native billing, revenue management, and charging solutions, introduced Optiva MVNO Hubs to the Google Cloud platform. The goal is to provide a comprehensive BSS-as-a-service mechanism for mobile virtual network operators (MVNOs). Vital integrations like customer care, payment gateways, taxation services, CRM ticketing, and dealer portals are included in these MVNO hubs, allowing for swift onboarding and oversight of dealer networks. Moreover, this cloud-based initiative is designed to aid early-stage MVNOs in fast-tracking personalized service launches to a diverse consumer and business customer base. It aims to shorten time-to-revenue periods while offering continuous expertise and guidance throughout the MVNO's development process within the telecom industry.
What Are the Main Segments in the Digital Business Support Systems (BSS) Market?
The digital business support systems (BSS) market covered in this report is segmented -
1) By Component: Solution, Services
2) By Deployment: Public Cloud, Private Cloud, Hybrid Cloud
3) By Enterprise Size: Small And Medium Sized Enterprises, Large Enterprises
4) By Vertical: Banking, Financial Services And Insurance (BFSI), Information Technology (IT) And Information Technology Enabled Services (ITES), Telecommunications, Retail And E-commerce, Media And Entertainment, Manufacturing, Energy And Utilities, Other Verticals
Subsegments:
1) By Solution: Billing And Charging Solutions, Customer Management Solutions, Order Management Solutions, Revenue Management Solutions, Provisioning Solutions, Fraud Management Solutions, Business Analytics And Reporting Solutions, Payment Solutions, Service Assurance Solutions, Catalog Management Solutions
2) By Services: Consulting Services, Integration And Implementation Services, Managed Services, Support And Maintenance Services, Training And Education Services
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Which Top Companies are Driving Growth in the Digital Business Support Systems (BSS) Market?
Major companies operating in the digital business support systems (BSS) market are Huawei Technologies Co. Ltd., accenture* plc, International Business Machines Corporation, Oracle Corporation, SAP SE, Hewlett Packard Enterprise Development LP, Tata Consultancy Services Limited, Telefonaktiebolaget LM Ericsson, Nokia Corporation, Capgemini SE, ZTE Corporation, Infosys Limited, VMware LLC, NetApp Inc., Amdocs Limited, Netcracker Technology Corporation, CSG Systems International Inc., BearingPoint//Beyond, Sterlite Technologies Ltd., Comviva Technologies Limited, Comarch SA, Hansen Technologies Corp, Tecnotree Corporation, MDS Global, Optiva Inc., Subex Limited, Cerillion Technologies, MIND CTI Ltd., Qvantel, MATRIXX Software Inc., Suntech S.A.
Which Regions Will Dominate the Digital Business Support Systems (BSS) Market Through 2029?
North America was the largest region in the digital business support system (BSS) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital business support systems (BSS) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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