Cloud Billing Market: : Drivers, Restraints, Opportunities and Challenges - 2021

The cloud billing market size is estimated to grow from USD 5.68 Billion in 2016 to USD 16.59 Billion by 2021, at an estimated CAGR of 23.9% from 2016 to 2021.

(EMAILWIRE.COM, July 06, 2018 ) The cloud billing market is expected to grow from USD 5.68 Billion in 2016 to USD 16.59 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 23.9% during the forecast period. High demand for billing operations, centralized and convergent billing solutions and the need to lower capital and operating expenditure are driving the market.

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.
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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.

North America is expected to hold the largest market share in 2016 while APAC would be the fastest maturing in terms of CAGR. Factors such as top mandatory government regulations, increasing need to focus on customer relationship management, rising cloud-based solution are the major factors supporting the growth of cloud billing market in APAC.

The major service providers in the cloud billing 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.)

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