Cloud Billing Market is anticipated to grow at a CAGR of 23.8% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Cloud Billing Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global Cloud Billing market accounted for over US$ 9.37 billion in 2019. It is anticipated to grow at a CAGR of 23.8% from 2020 to 2030.
In recent years, the demands from customers have been changing, leading to the emergence of new revenue models to push businesses in innovative ways. This results in, increased business operational complexity, which further demands to enhance and re-structure several business processes. Moreover, billing systems and processes are considered as the most complex operations that need to be performed in the organizations. Hence, organizations have started adopting more efficient billing strategies, such as cloud billing, to reduce operational time and capital expenditure.
Cloud-technology-based billing systems offer various advantages over traditional billing systems including high security & privacy, low cost, less time required to function, high convenience, and others. These advantages have been driving the market growth across the globe. Moreover, small & medium-sized organizations are increasingly implementing cloud-based billing systems as they can manage the complexity associated with digital as well as non-digital services, and offer strong support for integration with existing systems.
Moreover, the growing requirement for reducing operating & capital expenditure and the increasing demand for centralized & convergent billing processes are expected to drive the market during the forecast period. Additionally, the rising trend of real-time billing and CRM is expected to create new opportunities in the market. However, lack of awareness regarding the benefits associated with the cloud billing in some geographical areas is hampering the market growth. Moreover, increasing security concerns due to the growing number of cyber-attacks are will limit the market growth during the forecast period.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Cloud Billing Market By Pricing Model (Pay-Per-Use and Subscription-Based), By Deployment (Public, Private, and Hybrid), By User Type (Individuals and Enterprises), By Application (Operations, Marketing, Finance, Sales, and Human Resources), By End-Use Industry (BFSI, Transportation, Healthcare, Manufacturing, Government, and Retail) – Analysis & Forecast 2020-2030. in detail along with the table of contents:https://www.marketindustryreports.com/cloud-billing-market/386
North America accounted for the largest market share followed by Europe. However, Asia Pacific is expected to grow with the highest CAGR during the forecast period. The market growth in the Asia Pacific region can be attributed to the increasing investments in cloud-based technology from China, India, and other emerging economies to save costs and make business process efficient. Additionally, the growing implementation of cloud billing among small scale organizations and increasing awareness benefits associated with cloud-based billing solutions in the region will supplement the market growth in this region during the forecast period.
Some of the prominent players in the cloud billing market include AMDOCS, Oracle, Amazon Web Services, Inc., Chargebee, IBM, SAP, CGI Inc., Aria Systems, Inc., Cerillion, and Recurly, Inc., among others.
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