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.
Report ID : 386 | Published Date : Aug 2020 | Pages : 150 | Region : Global | Report Code : ICT-39
Cloud Billing Market Overview and Introduction
Cloud billing is a cloud-based billing technology that generates bills through resource usage data based on predefined billing policies. Cloud billing is not based on any particular economic model. Thus, the generated bill could be real money or any other notation conditional to the respective cloud computing policies. Cloud billing can generate accurate & easy to read bills across various deployment mode including public, private, and hybrid cloud. Cloud-based billing systems offer various advantages such as usage-based billing, advanced invoicing & rating, platform extensions, revenue recognition, multi-level account hierarchies, business intelligence, and active integration, among others. These advantages are the major factors driving the market growth.
Moreover, the increasing adoption of cloud billing by large organizations as it offers quick invoices with fewer errors is fueling the market growth. Also, industries have been shifting to digitalization that demands high billing operations. This is further supplementing the market growth across the globe. Additionally, increasing investments by established key players to develop better solutions in the market and the increasing number of startups are likely to create new opportunities in the market.
However, the lacks of awareness regarding its benefits and increasing security concerns are the major factors that have been limiting the market growth to a certain extent. Moreover, the high costs associated with a cloud billing and low adoption by small organizations are hampering the market growth.
The global cloud billing market can be segmented into pricing model, deployment, user type, application, end-use industry, and region.
Cloud Billing Market By Pricing Model
Based on pricing model, the market can be segmented into pay-per-use and subscription-based. Pay-per-use cloud billing is expected to grow with the highest CAGR during the forecast period. The growth for this segment can be attributed to its benefits including simple & transparent billing, predictable pricing to scale with your business, low adoption barriers, and others. Additionally, many customers appreciate the affordability and flexibility associated with the pay-per-use-based business model, which is driving the growth of this segment.
Cloud Billing Market By Deployment
Based on deployment, the market can be segmented into public, private, and hybrid. The public segment accounted for the largest market share in 2019 followed by hybrid deployments. However, the private segment is expected to grow at the highest CAGR during the forecast period owing to the rising security & privacy concerns associated with public clouds.
Cloud Billing Market By User Type
Based on user type, the market can be segmented into individuals and enterprises. The enterprise segment is further classified into SMEs and large enterprises. Large enterprises held the largest market share in 2019. However, SMEs are expected to grow at the highest CAGR owing to the decreasing prices of cloud-based services and rising awareness among startups.
Cloud Billing Market By End-Use Industry
Based on end-use industry, the market can be segmented into BFSI, transportation, healthcare, manufacturing, government, and retail. BFSI accounted for the largest market share and is expected to show its dominance over the next few years. The growth of this segment can be attributed to high adoption by the insurance & banking sector. Also, increasing preference for digital payments is supplementing the market growth for this segment.
Cloud Billing Market By Region
Based on region, the global cloud billing market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America accounted for the largest market share in 2019 followed by Europe. The market growth in this region can be attributed to the fast adoption rate of the latest technologies and the presence of key leaders in the region. Also, shifting preference toward the pay-per-use business model is supplementing the growth in this region.
Cloud Billing Market Prominent Players
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.