Digital BSS Market worth $12.5 billion by 2028, growing at a CAGR of 16.6%: Report by MarketsandMarkets™
Chicago, Nov. 20, 2023 (GLOBE NEWSWIRE) — The Digital BSS Market is estimated at USD 5.8 billion in 2023 to USD 12.5 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 16.6%, according to a new report by MarketsandMarkets™.
The increasing use of mobile internet has led to an increase in online transactions, boosting the demand for BSS solutions and services to perform effective and secure transactions.
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Digital BSS Market Dynamics:
- Advent of tailored BSS solutions and commercial models
- Need for reduced operational costs
- Increase in online transactions and use of multiple mobile devices
- Expensive and time-consuming implementation of digital BSS solutions
- Growing emphasis on outcome and pull economies
- Development and optimization of telecom operators & businesses
List of Key Players in Digital BSS Market:
- Amdocs Limited (US)
- Huawei Technologies Co. Ltd (China)
- LM Ericsson Telephone Company (Sweden)
- CSG Systems International, Inc. (US)
- Nokia Corporation (Finland)
- International Business Machines Corporation (US)
- ZTE Corporation (China)
- Optiva Inc. (Canada)
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Based on Services, managed services segment is expected to register the fastest growth rate during the forecast period.
Managed services in the digital BSS market play a vital role in customer satisfaction. The reason is with the increasing number of products and clientele; it becomes difficult for the vendors to focus on core business processes and support other multiple functions as well. As a result, managed services have become a high-growth segment in the industry. These services offer technical experts to assist customers in maintaining and updating all the software in the cloud systems management software ecosystem. All the pre-and post-implementation queries and needs of customers are also addressed under managed services. Managed services offer the end-users software configured to their requirements to offer assistance at every step of the software’s usage. Managed services include deploying customers’ servers, networks, software, remote support, and inventory tracking.
By Solution, the customer management segment registered the fastest growth rate during the forecast period.
The customer management solution manages end-to-end interaction between a company and its potential customers. It analyzes customers’ history with a company to enhance the relationship of the telecom industry with its customers, focusing on the retention of customers and driving sales growth. The customer management solution also plays a vital role in service monitoring and quality management, along with transforming service management by offering an understanding of customers’ perceptions of services delivered by telecom operators.
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Based on region, North America is expected to hold the largest market size during the forecast period.
The North American region comprises well-established countries like the US and Canada. These countries have invested significantly in R&D activities, thereby contributing to developing new technologies. The US and Canada are also early adopters of trending technologies, such as IoT, big data, DevOps, and mobility, creating enormous opportunities for the growth of the digital BSS market.
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