CHICAGO, March 5, 2020 /PRNewswire/ -- According to the new market research report "Subscription & Billing Management Market by Component (Software and Services), Organization Size (SMEs and Large Enterprises), Deployment Type (Cloud and On-premises), Vertical (IT, Telecom, and Media & Entertainment), and Region - Global Forecast to 2025",published by MarketsandMarkets™, the global Subscription & Billing Management Market size to grow from USD 4.0 billion in 2020 to USD 7.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 14.0% during the forecast period.
Major factors expected to drive the growth of the Subscription & Billing Management Market include rising adoption of subscription business models, increasing demand for reducing subscriber churn and improving customer retention, growing need for adhering to compliances, and increasing need for upgrading legacy system.
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Based on organization size, the large enterprises segment to hold a higher market share during the forecast period
The large enterprises possess strong budget capabilities and are significantly investing in subscription & billing management software and associated services to manage their subscription base efficiently. They are more concerned about providing efficient and cost-effective services, rather than automating billing processes. The software helps large enterprises centrally manage most of their operations. It also assists them in managing customers' critical data. The large enterprises with a large scale of business operations are geographically dispersed. The integration of subscription & billing management software helps large enterprises manage the increasing number of invoice queries and growing number of disputed or unpaid bills.
Based on verticals, the media and entertainment vertical to grow at the highest growth rate during the forecast period
The media and entertainment vertical is expected to grow at the highest rate, owing to the increase in the adoption of digital channels and rising consumption of media on a subscription basis. Businesses creating audio content will find new ways to monetize their offerings through smart speakers. For instance, Amazon has already introduced a subscription-based model on Alexa Skills. Similarly, Netflix, Spotify, and Wrapped are also leveraging subscription model to offer customized content curated as per end user needs and hence charge them accordingly. The subscription & billing management software in this industry eliminates the need to implement and manage in-house billing systems; this enables the industry to reduce the total cost of ownership, thereby increasing efficiency.
Based on regions, North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size during the forecast period. The US has emerged as the largest market for subscription & billing management, owing to the presence of the world's leading telecom service providers and subscription & billing management vendors. With the rise in the adoption of Bring Your Own Device (BYOD) and cloud-based services, there has been an upsurge in the automation of subscription processes. Thus, large enterprises in North America are ready to spend more on subscription & billing software. Countries such as the US and Canada have been expansively implementing subscription billing software with the increasing adoption of mobile devices. The most prominent driver for growth in this region is the considerable adoption of cloud-based solutions across large enterprises and SMEs, particularly in the US.
Key and emerging Subscription & Billing Management Market players in the US include 2Checkout (US), Apttus (US), Aria Systems (US), BillingPlatform (US), Chargebee (US), Chargify (US), Gotransverse (US), Recurly (US), SaaSOptics (US), Salesforce (US), Vindicia (US), Zuora (US), Digital River (US), NetSuite (US), FastSpring (US), and Zoho (US). These players have adopted various strategies to grow in the Subscription & Billing Management Market.
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