A new report by MarketsandMarkets, the market research platform, has revealed that by 2028 the digital business support system (BSS) market will be worth over double its current value. Worth $5.8billion in 2023, the report suggests that due to increased adoption of cloud-based solutions, the emergence of AI, and IoT and 5G integrations, the market will be valued at $12.5billion in five years time.
The digital BSS market is wide-reaching, facilitating integrations with third parties, and APIs such as CRM, ERP, and marketing automation platforms. All of these will be factors in accelerating the market’s growth. Notably, the MarketsandMarkets report also points out the importance of security, expansion and personalised experiences. Working to improve these three sectors, in addition to the integrations, will ensure firms are delivering a good customer experience, leading to sustainable growth and success.
By vertical, healthcare is estimated to register the highest growth rate
Digital BSS solutions in the healthcare vertical are technology platforms and tools that enable healthcare organisations 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 are expected to register the largest market size
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.
Asia Pacific is estimated to register the highest growth rate
The Asia Pacific region is expected to experience extensive growth opportunities during the forecast period. 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. 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.
Collaborations over the years
For the majority of organisations, collaborations are going to be the key to improving their digital BSS. For example, in June 2023, IBM entered into a definitive agreement with Vista Equity Partners to purchase Apptio Inc. The acquisition of Apptio accelerates the advancement of IBM’s IT automation capabilities and enables enterprise leaders to deliver enhanced business value across technology investments.
Going further back, in July 2022, Ericsson acquired Vonage, supporting Ericsson’s strategy to leverage technology leadership to grow its mobile network business and expand into the enterprise. Another example from 2022 occurred in April when Infosys acquired oddity. The acquisition strengthened Infosys’ creative, branding, and experience design capabilities and co-creating with clients. In turn, the acquisition helped it navigate its digital transformation journey.
Working on improving digital BSS has been happening for years as in 2021, CSG International acquired the digit system. The merger combined solutions created to simplify the intricacies of commercialising the upcoming wave of multi-party digital offerings, and fuelled business expansion for communications service providers (CSPs).
Digital BSS market customer advantages
There are a variety of advantages to developing the digital BSS market. Platforms for digital BSS are made to handle escalating workloads and expanding client populations. Consequently, they are appropriate for organisations of all sizes and can scale to meet demand without sacrificing performance.
Businesses can offer a seamless and customised customer experience thanks to digital BSS too. Higher customer satisfaction and loyalty are attained as a result of the real-time interactions, personalised offerings, and self-service capabilities it enables. Furthermore, 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.
Digital BSS market merchant advantages
Digital BSS platforms are made to be flexible and agile. They enable 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. Consequently, 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.