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Digital BSS Market to Advance at CAGR of 11.9% During Forecast Period, Finds TMR Study
ALBANY, N.Y., Dec. 8, 2021 /PRNewswire/ -- Transparency Market Research
Digital BSS Market: Broad Contours
Solutions in the digital BSS market are spurring enterprises in various industry verticals to boost digital engagement and promote customer-centric business operations. Cloud-based business support system (BSS) supports digital-first delivery and management of communications services by businesses in the telecom sector.
Organizations in end-use industries are warming up to the potential of digital BSS with built-in CRM to automate the entire customer lifecycle and generate new revenue streams in the digital ecosystem, notes the study on the digital BSS market. The shift to digital BSS solutions enables customers to speed up the launch of a number of next-generation and value-added virtualized services, thereby enabling them to boost revenue streams.
The demand for converged billing systems spanning payment methods and access methods has helped end-use industries to consolidate revenues from digital services, finds the TMR study on the digital BSS market. The global revenue of the digital BSS market is estimated to reach US$ 9.6 Bn by the end of the forecast period, 2021 - 2031. New approaches to monetization and customer service relationships are fueling market prospects for providers of digital monetization platforms such as convergent billing solutions.
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Key Findings of Digital BSS Market Study
- Digital BSS Enables Digital-first Customer Experiences in BFSI and Telecom Sectors: The demand for cost-effective, flexible, and scalable business support systems is growing in various industries. Digital BSS enables businesses in end-use industries to automate entire customer lifecycle, particularly in the telecom and BFSI sectors. This allows them to meet customer expectations in the rapidly changing digital ecosystems. The customer lifecycle span ordering processes from automating billing to sales to revenue management.
Digital BSS solutions are empowering service providers in the BFSI industry to scale the launch of digital models based on AI and machine learning technologies, and IoT. Furthermore, the demand for 5G-ready and cloud-based solutions is driving revenue gains for players in the digital BSS market. The growing deployment of flexible and convergent systems in business process automation, and expanding 5G use cases are further expected to bolster the deployment of digital BSS by telecom companies.
- SaaS Digital BSS Solutions Cost-effective Way to Transition to Cloud-based EHR: In the rapidly emerging digital ecosystem, there is a need for business models that promote customer-centric business operations. The growing adoption of SaaS digital BSS solutions in the healthcare industry is generating revenue gains to solution providers in the digital BSS market. The popularity stems from the advantage of digital BSS to support a cost-effective way of installing cloud-based electronic health records (EHRs). Hospitals are leveraging digitalBSS to capture more revenues from PACS and telehealth services in near future.
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Digital BSS Market: Key Drivers
- Growing adoption of cloud-based services has spurred the trend of adopting digital-first customer experiences for communication service providers and enterprise customers, thereby driving the market
- Need for built-in CRM functionality in business processes in order to digitize customer experience and improve customer acquisition is generating promising opportunities for players in the digital BSS market
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Digital BSS Market: Regional Growth Dynamics
- Asia Pacific is one of the lucrative regions in the digital BSS market. Rapid pace of adoption of cloud-based communication services and recent strides made in the telecom sector in China, Japan, and India have accelerated revenue prospects of this regional market.
- North America is another region that is replete with lucrative avenues. Players in the North America digital BSS market are capitalizing on opportunities from massive implementation of OSS BSS systems. Furthermore, vast adoption of digital CRM platforms is propelling the growth of the regional market.
Digital BSS Market: Key Players
Some of the key players in the digital BSS market are ZTE Corporation, Tata Consultancy Services Ltd., Sigma Software, Oracle Corporation, Optiva, Inc., Nokia Corporation, NetCracker Technology Corporation, Infosys Limited, IBM Corporation, Telefonaktiebolaget LM Ericsson, Huawei Technologies Co., Ltd., CSG Systems International, Inc., Comarch SA, and Amdocs Ltd.
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Global Digital BSS Market: Segmentation
Digital BSS Market, by Component
- Solution
- Revenue and Billing Management
- Customer Management
- Sales Management
- Product Management
- Partner Management
- Services
- Professional Services
- Consulting Implementation
- License Maintenance
- Training and Education
- Managed Services
Digital BSS Market, by Deployment
- Public Cloud
- Private Cloud
- Hybrid Cloud
Digital BSS Market, by Enterprise Size
- Small and Medium Sized Enterprises
- Large Enterprises
Digital BSS Market, by Industry Vertical
- IT
- Communication
- MVNE, MVNO
- IoT
- Telecom
- Broadband & Cable Operator
- BFSI
- Healthcare
- Utility
- Media and Entertainment
- Government
- Others
Digital BSS Market, by Region
- North America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- South America
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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyse information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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