The global cloud billing market is anticipated to expand at a robust CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to simplified operations and virtualized workplaces along with high performance.
Cloud billing is a blend of electronic billing and cloud computing. Most businesses prefer on-premises billing platform. Cloud billing is transforming the computer system by offering flexibility for billing and gathering data easily. These solutions assist in minimizing under & over-charging by supporting granular billing, sophisticated rating, dynamic price plans and variable billable units. Cloud billing software functions on remote servers and is available from any authorized computer.
Market Trends, Drivers, Restraints, and Opportunities:
- Rising number of businesses offering consumer-oriented services and the adoption of cloud accounting software to access financial data at any time from anywhere are expected to fuel the market.
- Growing necessity for transparency in the charging process is projected to drive the market.
- Rising number of customers along with flexibility is likely to boost the market.
- The need to cope with the changing business environment is inducing the majority of organizations to opt for cloud billing.
- Worldwide implementation of such services or solutions in both digital and non-digital verticals is anticipated to drive the market during the forecast period.
- Increasing demand for low capital, enhanced process, convergence & centralization, and operational expenses are projected to fuel the market.
- Factors such as real-time management of huge data are estimated to boost the market.
- Rising demand for enhanced billing solutions is a major factor driving the market.
- Cloud billing helps in tracking customer experience, analyzing purchasing patterns, and streamlining the process, making it easy to understand operators.
- High maintenance costs and time consumption are estimated to hamper the market growth.
- Rising data thefts and cyber-attacks are estimated to hinder market growth.
Scope of the Report:
The report on the cloud billing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Global Cloud Billing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Verticals (Banking & Financial Service & Insurance (BFSI), Retail, Public Sector and Utilities, Telecom, IT and Media, Healthcare, Transportation, and Logistics), Types (Embedded, Subscription, Convergent, Metered, Cloud Service, and Professional Service), Deployments (Public, Private, and Hybrid), Services (Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS)), Applications (Revenue Management, Customer Management, and Account Management), and Regions
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Aria Systems, Amazon Web Services, CSC, Cerillion, Blusynergy, Amdocs, CGI Group, Blueoss, Cloudability, Csg International, Chargebee, Interworks, Metratech, Oracle, Redknee, Globetom, NEC Corporation, Zuora, Comverse, Talligent, Comarch, Utilibill, IBM, SAP, Monexa, and Mphasis
Market Segment Insights:
The BFSI segment is expected to hold a major market share of the total revenue during the forecast period
Based on verticals, the global cloud billing market is segregated as banking & financial service & insurance (BFSI), retail, public sector and utilities, telecom, IT and media, healthcare, transportation, and logistics. The BFSI segment is projected to expand at a rapid pace during the forecast period. Rapid technological advancement and digitization are projected to drive the segment. It helps in reducing large capital expenditure by minimizing the need for investment in software & hardware coupled with staff to maintain it. Moreover, it helps banks and insurance companies to concentrate on customer functions. Additionally, it provides a whole data backup, making it reliable for use in BFSI. Data security is a major concern for the BFSI industry. The cloud keeps all the data secure from unauthorized access, which fuels the segment.
The healthcare segment is projected to expand at a high CAGR during the forecast period. Earlier the major concern was about keeping patient records safe and secure. Digital records are encrypted with password and therefore safe from any loss. If the computer crashes, the data is safe in the cloud. Cloud billing provides free access to data in remote locations via desktop computer or mobile devices. This is essential for organizations, , as it becomes easy to track claims from every patient in real time. With cloud billing, healthcare professionals can dedicate more time on patient care, getting paid, and submitting clean claims.
It is difficult for the telecom sector to maintain data, improve customer experience, and retain existing customers. Companies are focusing on reducing revenue loss. Cloud billing solutions may help telecom enterprises to integrate data usage with invoicing.
The public segment is projected to hold a large market share of the total revenue during the forecast period
On the basis of deployments, the global cloud billing market is fragmented as public, private, and hybrid. The public segment is estimated to expand at a rapid pace during the forecast period. Services provided by public deployment are either offered under subscription or free. Public model includes several resources such as storage, virtual servers, applications, and hardware through internet. It assists enterprises to fulfill their demands for scalability, ease of deployment, and provides pay per use pricing package. Cloud deployment helps enterprises to work efficiently. It generates bills and provides monthly, weekly, and daily performance reports.
Hybrid segment integrated with both private and public models is expected to expand at a robust CAGR during the forecast period. Hybrid deployment is expected to be the most preferred type of deployment model among industries, which is expected to drive the cloud industry.
The software as a service segment is projected to hold a major market share of the total revenue during the forecast period
In terms of services, the global cloud billing market is segregated as Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). SaaS denotes a cloud-based solution of providing software to users. Users subscribe to the application instead of buying it. Users are able to access SaaS application from any mobile device over the internet. The main application functions in the cloud server, hence there is no need to install the software on each user’s device. It helps to minimize the cost of scales and deploys and upgrades business applications rapidly.
The market in Asia Pacific is likely to grow at a rapid pace during the forecast period
Based on regions, the global cloud billing market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Growth of cloud billing solutions in Asia Pacific is attributed to large number of adoption by small and medium businesses. Cost & scalability are estimated to play a vital role in the purchase decision of the consumers during the forecast period.
The global cloud billing market has been segmented on the basis of
- Banking & Financial Service & Insurance (BFSI)
- Public Sector and Utilities
- IT and Media
- Cloud Service
- Professional Service
- Software as a Service (SaaS)
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Revenue Management
- Customer Management
- Account Management
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players in the global cloud billing market include Aria Systems, Amazon Web Services, CSC, Cerillion, Blusynergy, Amdocs, CGI Group, Blueoss, Cloudability, Csg International, Chargebee, Interworks, Metratech, Oracle, Redknee, Globetom, NEC Corporation, Zuora, Comverse, Talligent, Comarch, Utilibill, IBM, SAP, Monexa, and Mphasis. In July 2014, Ericsson declared the acquisition of MetraTech to improve its enterprise and cloud billing capabilities. In May 2013, Mphasis launched Billing as a Service (BaaS) to increase operational efficiency.