Cloud Billing Market - To Witness Excellent Revenue Growth, Emerging Trends And Overview Along With Competitive Landscape

High demand for billing operations, centralized and convergent billing solutions and the need to lower capital and operating expenditure are driving the market.

(EMAILWIRE.COM, August 14, 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.

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.

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.