BANGALORE, India, Sept. 20, 2021 /PRNewswire/ -- The Cloud Billing Market is Segmented by Type (Subscription Billing, Metered Billing, Cloud Service Billing, Provisioning, Others), by Application (Account Management, Revenue Management, Customer Management, Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Web Services Category.
The global Cloud Billing market size is projected to reach USD 20690 Million by 2027, from USD 8418.2 Million in 2020, at a CAGR of 13.6% during the forecast period 2021-2027.
Major factors driving the growth of the global cloud billing market are:
The market for cloud billing is growing as demand for billing operations, centralized and convergent billing solutions, and the need to reduce capital and operating expenditures grow. Subscription-based billing, pay-per-use billing model, and real-time billing are some of the upcoming trends in the market.
The growing number of cloud billing enrollments has emerged as one of the strongest factors for cloud billing tools and services adoption across regions. Factors such as growing international student mobility and increasing government initiatives and funding are expected to create ample opportunities for cloud billing vendors.
Due to the COVID-19 epidemic, cloud billing systems, particularly usage-based pricing, have gained appeal as businesses adjust their budgets and preferences in order to survive the pandemic. Furthermore, enterprises all over the world are increasing their investments in cloud billing systems in order to continue operations.
North America to account for the largest cloud billing market size during the forecast period. North America is expected to be the most promising region for major verticals, such as telecommunications, IT, BFSI, and telecommunications. North America is heavily impacted by COVID-19.
The Asia Pacific region will witness a high growth rate owing to the rise in adoption of cost-effective technology by small and medium-sized enterprises as well as large enterprises. Benefits such as high scalability are also expected to propel market demand.
TRENDS INFLUENCING THE GROWTH OF THE CLOUD BILLING MARKET
In traditional invoicing, an individual spends about 30 minutes on average to create a single invoice. It's a time-consuming and tiresome task, and the extra work adds little value to the firm. Creating many invoices manually is a difficult operation that is prone to errors. A cloud billing system, on the other hand, provides all necessary and sensitive information. It can all be safely stored in one location. You can make invoices in minutes and send them to your clients automatically using the online invoicing system. The online invoices are also saved in PDF and other formats for future use. This centralized billing structure helps increase operational efficiency, thereby driving the cloud billing market growth.
Companies are constantly striving to lower their spending on capital and operating costs. With the current competitive landscape and the global economic situation, the adoption of cost-effective measures to restructure existing business models has accelerated. The implementation of cloud billing solutions brings fiscal benefits to any company, as it significantly reduces the necessary IT resources and infrastructure by minimizing the need for integration and costly hardware, as well as reducing the risk of vendor lock-in for billing functions. This cost-saving feature is expected to drive the growth of the cloud billing market size.
Growing corporate needs and ever-changing client preferences have necessitated the re-definition of agility through the adaptation of effective business models. The ability to offer usage-based pricing plans, together with a lean system that records resource utilization and invoicing complications connected to cost and metering, are opening up new business prospects for the cloud billing market players.
Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.
To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains detail research methodology employed to generate the report, Please also reach to our sales team to get the complete list of our data sources