Convergent Billing Market

The global convergent billing market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the increasing use of telecom services by people globally due to the development of a single billing platform.

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Convergent billing is a combination of all service charges into a single client invoice and provides a comprehensive view of the customer. It also offers an effective method for combining all billing responsibilities and increasing transparency in the billing process. It assists in giving a real-time holistic perspective of the client, which permits bundling and discounting services while putting the consumer first. The customer receives a single combined bill and pays it for all of the services and products they have requested. The customer can approach the company and get information about the bill and the charges they paid for the services.

The COVID-19 pandemic outbreak has brought a positive impact on the market. The increased acceptance of digital services, as well as a scarcity of manual labor due to the pandemic along with the expansion of the IT and telecommunications sectors, have given boost to the convergent billing market.

Market Trends, Drivers, Restraints, and Opportunities

• Growing penetration of digitization into business environment is one of the key factors driving the market growth.
• Improving the customer service with real-time billing is expected to boost the market growth in the coming years.
• Incompatibility for legacy systems with converged networks present a major restraining factor. This is anticipated to hamper the market expansion during the projected timeline.
• Large amount of information passing through the database can create significant amount of pressure on the platform, which is likely to hinder the market growth during the forecast period.
• Communication service providers collaborating with over-the-top service providers and investment for better infrastructure to create a significant growth opportunity for the market in the near future.

Scope of the Report

The report on the global convergent billing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Cloud segment is expected to grow at a rapid pace

Based on deployments, the global convergent billing market is bifurcated into on-premise and cloud. The cloud segment is expected to grow at a rapid pace during the forecast period attributed to the vast usage of convergent billing systems through cloud as they provide several benefits on fronts, such as flexibility of cost and use. Moreover, improvement in the real-time customer experience is expected to boost the segment growth further.

Focus on being customer-centric to drive the customer relationship management segment

In terms of solutions, the market is segregated into mediation, settlement & payment management, voucher management, and customer relationship management. The customer relationship management segment is projected to expand at a considerable CAGR during the forecast period owing to the telecom end-user industry, which is focused on becoming customer-centric and the key players of the market are focusing on retaining their existing customers.

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Managed services segment is anticipated to hold significant market share

On the basis of services, the global convergent billing market is segmented into managed, consulting, and customization. The managed services segment is anticipated to hold significant market share in the coming years attributed to numerous enterprises, which prefer to outsource their payment and billing functions to focus on their prime functions.

Asia Pacific is anticipated to constitute a key market share

In terms of regions, the global convergent billing market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period owing to large subscriber base of communication service providers across the region. Increased competition in between communication service providers in the region has led to rise in demand for convergent billing systems, which is expected to fuel the market growth further.

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Segments

The global convergent billing market has been segmented on the basis of

Deployments

• On-premise
• Cloud

Solutions

• Mediation
• Settlement & Payment Management
• Voucher Management
• Customer Relationship Management

Services

• Managed
• Consulting
• Customization

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Elitecore Technologies Pvt. Ltd.
• SAP SE
• Redknee Solutions Inc.
• AMDOCS
• ALE International
• Huawei Technologies Co. Ltd.
• IBM Corp.

Competitive Landscape

Key players competing in the global convergent billing market are Elitecore Technologies Pvt. Ltd.; SAP SE; Redknee Solutions Inc.; AMDOCS; ALE International; Huawei Technologies Co. Ltd.; and IBM Corp. As part of their efforts to grow their client base and acquire a competitive advantage over competitors, manufacturers operating in the market are adopting various strategic initiatives such as partnerships, collaborations, mergers & acquisitions, and new product development.