Global Digital Business Support System Market: Growing Digitization Imperatives to Drive Market Growth: says TNR
Global Digital Business Support System Market to Gain CAGR of 16.5% (2023 – 2031), Projected to Reach US$ 20.46 Billion by End of the Forecast Period
WILMINGTON, DELAWARE, UNITED STATES, November 30, 2023 /EINPresswire.com/ — Global Digital Business Support System Market Outline
A digital business support system (BSS) refers to software tools that manage digital business operations. It handles tasks like billing, customer interactions, and order management. By automating and optimizing these processes, it helps businesses navigate the digital landscape effectively, ensuring streamlined operations and improved customer engagement.
Before the pandemic, the digital business support system market was evolving, driven by businesses’ gradual shift towards digital operations for improved efficiency and customer experience. The pandemic propelled the market’s growth as remote work and online engagement surged. Organizations urgently embraced business support system solutions to navigate the digital landscape, ensuring seamless operations and enhanced customer interactions in a rapidly changing business environment.
Global Digital Business Support System Market Boosting Driving Factors:
• Digitization Imperative: The pressing need for businesses to digitize operations serves as a key driver in the digital business support system market. A survey by PwC revealed that 91% of CEOs consider digital transformation crucial for their company’s success. This driver underscores how business support system solutions, integrating digital tools and data management, enable organizations to streamline processes, enhance customer experiences, and adapt to evolving market demands, aligning with the overarching goal of achieving digital competitiveness.
• Customer Experience Enhancement: Elevating customer experiences is a significant driver in the digital business support system market. Business support systems enable personalized interactions, swift issue resolution, and efficient billing, contributing to superior customer journeys. This driver highlights the pivotal role business support system solutions play in helping businesses deliver seamless and satisfying experiences that drive customer loyalty and advocacy.
• Evolving Business Models: Rapid changes in business models; spurred by digital disruptions, act as a driver in the digital business support system market. A McKinsey survey indicated that digital business models have gained momentum, with over 90% of executives stating that their industries are undergoing digital transformation. BSS solutions enable companies to adapt to subscription-based models, offer innovative services, and swiftly launch new offerings, catering to evolving customer preferences and competitive dynamics, thereby shaping the market’s trajectory.
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Global Digital Business Support System Market Key Developments:
• The digital business support system market is rapidly evolving, with new technologies and solutions being developed all the time. Some of the recent developments in the digital business support system market include the increasing use of cloud computing, the adoption of artificial intelligence (AI) and machine learning (ML), the development of open source digital business support system solutions, the growing focus on security and compliance, and the increasing demand for omni-channel customer support.
• The Asia Pacific region exhibits highest growth rate in the digital business support system market. The region’s burgeoning digital landscape and increasing investment in technology drive rapid adoption. A study by Accenture showed that Asia Pacific leads in digital customer experiences, reflecting its swift integration of digital strategies. The growing demand for efficient customer engagement and streamlined operations fuels the rapid growth of digital business support system solutions in this dynamic and expanding market.
Global Digital Business Support System Market: Competitive Landscape and Key Developments
o Accenture
o Amdocs
o Capgemini
o CSG Systems International, Inc.
o Hansen Technologies
o Huawei Technologies Co., Ltd.
o IBM Corporation
o Infosys Limited
o Netcracker
o Nokia
o Oracle
o STL Tech
o TATA Consultancy Services Limited
o Telefonaktiebolaget LM Ericsson
o ZTE Corporation
o Other Industry Participants
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In June 2023, IBM entered into a conclusive agreement with Vista Equity Partners for the acquisition of Apptio Inc. This strategic move is set to expedite the progress of IBM’s IT automation capabilities, ultimately empowering business leaders to enrich the value derived from technology investments across enterprises.
In July 2022, Ericsson acquired Vonage, aligning with its strategic objective of utilizing technology expertise to bolster the expansion of its mobile network operations and extend its footprint into the enterprise sector.
Global Digital Business Support System Market:
By Offering
o Solutions
• Revenue & Billing Management
• Customer Management
• Order Management
• Product Management
• Other Solutions
o Services
• Professional Services
Consulting
Implementation
License & Maintenance
Training & Education
• Managed Services
By Vertical
o BFSI
o IT & ITES
o Retail & Ecommerce
o Healthcare
o Media & Entertainment
o Energy & Utilities
o Manufacturing
o Other Verticals
By Region
o North America (U.S., Canada, Mexico, Rest of North America)
o Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
o Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
o Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
o Latin America (Brazil, Argentina, Rest of Latin America)
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