Cloud Billing Market Size – USD 2.56 Billion in 2019, Market Growth - CAGR of 16.7%, Market trends –Demand for cost-effective technology. The growing need for strong cloud billing tools and government initiatives are boosting the demand for the market.
The global Cloud Billing Market is forecasted to be worth USD 8.84 Billion by 2027, according to a current analysis by Emergen Research. The cloud billing Market services enable services that focus on both functional as well as non-functional requirements. An increase in demand for centralized and convergent billing solutions and a rise in demand for billing operations are propelling the growth of the market. The use of cloud billing improves the record-keeping procedure, which makes it faster to access and also provides the ability to access information from anywhere.
The increasing popularity of service-oriented culture and consumer-oriented services are fueling the demand for the product. 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 the market demand. An increase in demand for real-time billing and maintenance of customer relationship management provides lucrative opportunities for the development of the cloud billing market.
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Cloud billing ensures cost-efficiency as they reduce the IT infrastructure and resources, which leads to the adoption of these services. It also offers various benefits such as increased transparency in charging and billing processes, virtualized workplaces, simplified operations, flexibility to upscale, and enhanced performance.
Key participants include SAP, Oracle, Aria Systems, Recurly, Cerillion, ConnectWise, Salesforce, Zuora, Chargify, and AppDirect, among others.
However, time-consuming changes from on-premises to cloud-based billing and constant change in the technologies hamper the growth of the market.The telecommunication sector dominated the market for cloud billing. The sector is witnessing a massive increase in subscribers, and the advent of 5G has also encouraged the demand for the service. The telecommunication sector is adopting opportunities for digital transformation at a rapid pace
Billing Type Outlook (Revenue, USD Billion; 2017-2027)
Subscription
Usage-based
One-Time
Others
Component Outlook (Revenue, USD Billion; 2017-2027)
Solution
Services
Deployment Type Outlook (Revenue, USD Billion; 2017-2027)
Private
Public
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Furthermore, the years considered for the study are as follows:
Historical year – 2016-2018
Base year – 2019
Forecast period – 2020 to 2027
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 the market demand.A public cloud is a multi-tenant platform with millions of users. Large public clouds have complicated billing models. For e.g., AWS provides "on-demand instances,” which the company refers to as “pay as you go.”
The report discusses in detail the growth opportunities, challenges, market drivers and restraints, limitations, threats, and demands of the Cloud Billing market. The study further assesses the regional market as well as the international market to garner an insight into the scope of the market. The report also offers estimations and predictions about the market segment and sub-segments exhibiting promising growth in the forecast timeline. The report also provides deeper insights into the technological advancements, industrial landscape, and emerging product and technological developments in the Cloud Billing market. It offers fruitful insights into the business sphere to help businesses capitalize on the lucrative growth opportunities.
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The report presents a lucid picture of the current industry landscape, including the historical and projected market size, based on value, technological innovations, micro- and macroeconomic components, and governing factors in the market. The global Cloud Billing market research report ends with a brief summary of the leading players operating in the market, their product offerings, key developments, SWOT analysis, investment feasibility and returns, and the growth trends and forecasts.
Global Cloud Billing Market research report by Emergen Research offers strategic insights into the Cloud Billing business sphere and in-depth analysis of the industrial chain analysis, value chain analysis, upstream raw materials, investment strategies, regional expansions, and competitive landscape. The report considers COVID-19 pandemic as a key influencing factor of the market growth
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