BANGALORE, India, Jan. 4, 2022 /PRNewswire/ -- Subscription and Billing Management Market is Segmented By Deployment Type - Cloud Based, On-premises, By Application - Large Enterprises, SMEs. It is published in Valuates Reports under the Software Category.
The global Subscription and Billing Management market size is projected to reach USD 7430.1 million by 2027, from USD 3967.6 million in 2020, at a CAGR of 8.9% during 2021-2027.
Major Factors Driving The Growth of The Subscription And Billing Management Market Are
Rising adoption of subscription business models, increasing demand for minimizing subscriber churn and enhancing customer retention, expanding requirement for compliance, and increasing need for modernizing old systems are all likely to drive Subscription and Billing Management market expansion.
During the forecast period, the subscription and billing management market will develop due to the increased use of subscription-driven B2B business models in industries ranging from financial solutions to manufacturing.
In addition, proper subscription billing management activities aided in the development of a flexible consumption model, which would open up new growth opportunities for the subscription and billing management market.
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TRENDS INFLUENCING THE GROWTH OF SUBSCRIPTION AND BILLING MANAGEMENT MARKET
The widespread adoption of subscription models and billing management in media and entertainment, utilities, and the public sector will propel the subscription and billing management market forward in the near future. The market for subscription and billing management is expected to grow in the near future, as service providers in these industries are expected to give high-quality and fast solutions to clients. Subscription and billing management market growth will be propelled by the widespread acceptance of subscription and billing management software. In addition, in the coming years, the desire to reduce operating expenses and the demand for cloud-based software will broaden the scope of the subscription and billing management sector.
The Subscription and Billing Management Market is predicted to grow in response to the growing demand to save time and cost. A recurring billing platform is set up to keep track of subscriptions, payment details, and schedules in order to compile and send bills to clients on a regular basis, send emails and notifications, and even retry failed payments without the need for manual intervention. Automating and standardizing these operations minimizes the need for manual labor, reduces the amount of time spent on these duties, and lowers administrative costs dramatically.
Subscription billing solutions typically have built-in tracking tools that help organizations better understand customer behavior and, as a result, increase engagement, customer happiness, and retention. The business may segment customers based on their preferences and determine the best ways to engage each group when you have access to a large amount of customer data. This feature is predicted to boost the Subscription and Billing Management Market's growth.
Several global subscription and billing management service providers also provide automatic payment alternatives or periodic bill payments, which can be accomplished by attaching a user's credit or debit cards or bank account. This emphasizes the importance of adding a high level of security to each invoicing and payment procedure in order to gain a customer's trust and avoid legal and financial ramifications in the event of fraud or hacking. Many competitors in the worldwide subscription and billing management industry additionally offer loyalty benefits and other services to entice customers to use their services. Value addition thus becomes a key trend in the Subscription and Billing Management market.
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SUBSCRIPTION AND BILLING MANAGEMENT MARKET SHARE ANALYSIS
Based on the size, SMEs are expected to be the most lucrative segment. Companies that don't have their own cloud services partner with other cloud service providers to offer SMEs cloud-based subscription and billing management software. The availability of low-cost capabilities aids SMEs in surviving and thriving in the service sector. This allows SMEs to enhance client engagement and sales by delivering effective services and perks.
Based on region, North America is expected to be the most lucrative region. Because of the presence of the world's largest telecom service providers and subscription & billing management suppliers in North America, the subscription & billing management market is likely to generate optimum revenue prospects for vendors. With the rise in acceptance of Bring Your Own Device (BYOD) and cloud-based applications, subscription processes have become more automated.
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Market By Company
- SAP
- Oracle
- Netsuite
- Computer Sciences
- Zuora
- Avangate
- Aria Systems
- Cleverbridge
- Cerillion
- Fastspring
Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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SIMILAR REPORTS :
- The global Subscription and Billing Management Software market size is projected to reach USD 11920 million by 2028, from USD 4021 million in 2021, at a CAGR of 16.6% during 2022-2028.
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