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A recent report published by Infinium Global Research on the digital BSS market provides an in-depth analysis of segments and sub-segments in the global as well as regional digital BSS market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional digital BSS market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global digital BSS market. According to the report, the global digital BSS market is projected to grow at a CAGR of 14% over the forecast period of 2021- 2027, growing from nearly USD 3.7 billion in 2021 to about USD 9.5 billion in 2027.
Rapid globalization has expanded the reach of organizations across the globe. The competition in the global market is increasing as the companies are expanding their presence globally. Organizations around the world are turning to new business models to improve their productivity and beat the competition. Outsourcing is one of the business models which is been adopted by several organizations to boost their productivity and efficiency. A business support system (BSS) is widely used by organizations to outsource supportive processes. Organizations are able to streamline their business processes and improve the consumer experience by adopting digital BSS. Digital BSS solutions mainly manage the digital business functions such as finance, marketing, legal, and operations in the organization. Moreover, digital BSS helps organizations in creating unique, completely integrated, and holistically synchronized business processes & environments.
COVID-19 pandemic had a serious impact on a number of countries and their economies. The pandemic evolved to be worse than several economic, strategic, and political crises that occurred before. The outbreak was one of the greatest obstacles to businesses across the world. Thus, several organizations adopted alternate business models. This included the digitalization of the organizations and the outsourcing of several business processes. Moreover, the adoption of digital solutions and cloud service witnessed a positive trend due to the developments in emerging technologies such as security, big data, AI, IoT, which remained comparatively immune from the pandemic. Furthermore, the consumers turned to digital platforms such as online shopping, online banking, and online food delivery during the pandemic. The organizations realized this trend and started to offer online services. This, in turn, augmented the market growth for digital BSS over the pandemic period as well as over the long term. In addition, several organizations adopted remote working culture, in order to comply with government regulations and protect the employees from infection. This remote working environment created a demand for digital BSS solutions to manage critical business data and improve efficiencies. This, in turn, augmented the market growth during the pandemic.
The rise in the number of multinational enterprises is majorly driving the demand for digital BSS. These firms are expanding their global presence by opening new offices across developing regions. They adopt digital BSS to maintain their competence in new markets. Furthermore, the rapidly changing business landscape across various industries is augmenting the need for effective business solutions. The digital BSS solutions satisfy the need to cope up with the ever-changing business landscape. In addition, the rise in the technological up-gradation of businesses further boosts the demand for support systems such as digital BSS. However, the total cost involved in the implementation of digital BSS hinders its adoption in several small businesses. Nevertheless, the emergence of innovative technologies such as big data, AI, and IoT augment the demand for comprehensive management solutions. This, in turn, drives the digital BSS market.
In terms of region, the global digital BSS market is segmented into North America, Europe, Asia Pacific, and RoW. North America holds the largest market share among the region in the global digital BSS market mainly due to the presence of a large consumer base and the increasing adoption of advanced technology in various enterprises. Moreover, the presence of several major market players in the North American region holds a huge share in the market favors the growth of the digital BSS market. On the other hand, Asia Pacific is witnessed to grow with the highest CAGR in the forecasted period. The growth is attributed due to the growing demand for advanced digital BSS and the strong presence of several market incumbents.
The report on the global digital BSS market covers segments such as component, deployment, organization size, and end user. On the basis of component, the sub-markets include solutions, and services. On the basis of deployment, the sub-markets include public cloud, private cloud, and hybrid cloud. On the basis of organization size, the sub-markets include large enterprises, and SMEs. On the basis of end user, the sub-markets include BFSI, IT & telecommunication, government, healthcare, manufacturing, retail, and others.
The report provides profiles of the companies in the market such as Accenture Inc., Amdocs Inc., Capgemini SE, Huawei Technologies Co., Ltd., IBM Corporation, Infosys Limited, Oracle Corporation, Tata Consultancy Services Ltd., Telefonaktiebolaget LM Ericsson, and ZTE Corporation.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of digital BSS market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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