The cloud billing market size is estimated to
grow from USD 5.68 Billion in 2016 to USD 16.59 Billion by 2021, at expected
Compound Annual Growth Rate (CAGR) of 23.9% from 2016 to 2021. High demand for
billing operations, centralized, and convergent billing solutions and the
growing need to lower capital and operating expenditure is increasing the
demand for cloud billing in the market.
The customer management is
expected to grow at the highest CAGR during the forecast period. As the
companies are looking for ways to enhance their customer experience and majorly
focusing on customer retention and customer feedback, of the application of
customer management in the cloud billing market is increasing. Moreover, cloud
billing not only helps in retaining the customers but also delivers value by
establishing a healthy customer-provider relationship.
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Cloud service billing is expected
to grow with the highest CAGR during the forecast period while subscription
billing is projected with the largest market size in the cloud billing market.
The demand for subscription billing is driven by the focus that is shifting
from product centric approach to service centric approach and in the system
that charges customers based on the products and services they utilize.
Similarly, advancement in the cloud technology and increasing popularity
towards SaaS based offerings is driving the growth of cloud service billing.
North
America is expected to have the largest market share in 2016, whereas the
Asia-Pacific (APAC) region is expected to grow at a higher CAGR from 2016 to
2021 in the cloud billing market. The major growth factors that would further
drive the adoption of cloud billing include mandatory government regulations,
increasing need to focus on customer relationship management, and rising
cloud-based solution.
Continuously changing technology,
transition from on-premises to cloud-based billing, and lack of awareness are
some of the major restraints and challenges in the market. The pace at which
the need for billing operation and lowering the capital expenditure is
increasing among the organizations, the adoption of cloud billing solutions and
services is rising in the market.
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The major vendors in this market
include Amazon Web Service, Inc (U.S.). , CSC (U.S.), IBM Corporation (U.S.),
NEC Corporation (Japan), Oracle Corporation (U.S.), Amdocs, Inc (Israel)., Aria
System, Inc. (U.S.), CGI Group, Inc. (Canada) , SAP SE (Germany), and Zuora,
Inc (U.S.). These players have adopted various strategies such as new product
development, mergers and acquisitions, collaborations, and partnerships to
serve the cloud billing market.
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