Cloud Billing Market Overview:
Cloud billing is now in vogue due to low capital required to implement cloud in day-to-day services. Market Research Future (MRFR) reports that the global cloud billing market can touch USD 20 Bn mark by 2023. It can expand at a 25% CAGR during the forecast period (2017-2023).
The rise is expected as Cloud Billing Market has simplified the traditional billing process by blending digital technology with non-digital services.
The focus is primarily on enhancing customer experience. While doing so, it further reduces infrastructural, and IT expenses. Major factors driving the cloud billing market forward are rapid urbanization, development in lifestyle, and increase in the middle-class population base.
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Drivers and Restraints:
Business scaling and cost reduction are the market boosters for cloud billing. Cloud billing service pivots around cloud technology and addresses the needs of developing business models effectively. It also enables industries to streamline billing process and accurate in generating bills while managing a much more extensive database in real-time compared to that of traditional systems. Moreover, by simplifying the entire payment procedure, it gives industries an extra edge over their rivals.
However, the probability of information hacking poses a real threat. Dependence on third-party operation is still a major concern. These factors have deferred the growth rate of cloud billing market, globally.
This simple billing procedure has lured in new verticals, such as healthcare. The market is continuously experiencing upgradation. Amazon has revolutionized the market by offering per second pricing. Monetization models have been revamped by various companies to make the market more dynamic.
Several companies are seeking a way to increase the customer satisfaction level and make them comfortable with cloud billing services. For instance, Telinta has enabled Voice over Internet Protocol (VoIP) service which can charge in a user-friendly manner and offer discounts and promotions, etc. Others, such as Utilibill, an Australian firm, is providing a tool to customize everything.
Companies, such as Aria and Zuora believe that immediate turnaround and simpler communication are about to become the new rage. Hence, technological advances in the cloud billing sector are expected in the coming years.
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The segmentation of the global cloud billing market is based on type, application, deployment, providers, organization size, and end-users.
Type-based segmentation comprises subscription billing, cloud service billing, metered billing, provisioning, and others. As of now, metered billing fetches in the largest market share and is likely to do so in coming years.
By application, the market is segmented into account management, revenue management, customer management and others.
Deployment-wise segmentation of the market includes public cloud, private cloud, and hybrid cloud. The most common way of deployment is public clouds. Public clouds are cheaper, need no maintenance and highly reliable compared to private and hybrid clouds. Government agencies and financial institutions prefer private clouds. Its design makes it more flexible and secured. Hybrid cloud can reap the benefit of both the worlds as it gives the organization more control.
Provider-based segmentation has managed service providers, communication service providers, network operators and others.
By organization size, the market is segmented into small-and-medium enterprises (SME) and large enterprises. SMEs are expected to score better during the forecast period as SMEs are finding the technology more comfortable to adopt.
By end-users, the market can be segmented into BFSI, retail, manufacturing, logistics, media & entertainment, education among others. Retail is gaining prominence in this segment owing to its numerous advantages. It creates an easy point-of-sale in the software helping customers monitor the performance of the retail store. BFSI sectors are also using various cloud billing methods to create a better customer-centric work ambiance. Media & entertainment sector is also experiencing a sharp growth and expected to play a significant role during the forecast period.
Geographically, the global cloud billing market has been segmented into North America, Europe, Asia Pacific and Rest-of-the-World (RoW).
North America is leading the market as a surge in the adoption of cloud technology is taking the market forward. The region is expected to showcase a rapid growth during the forecast period.
Europe is second in the market as the region. Low cost of deployment solutions, flexibility, and convenient billing service have influenced Europe in adopting the technology.
Asia Pacific can be expected to record the maximum growth rate and can boost the overall market demand in an unprecedented way.
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The burgeoning global cloud billing market has various key players continuously creating simpler payment methods, such as Zuora Inc. (U.S.), Amdocs (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), IBM Corporation (U.S.), NEC Corporation (Japan).
In addition, various companies are establishing themselves as innovators, such as Utilibill (Australia), Verizon Wireless (U.S.), Chargebee (U.S.), BMC Software (U.S.), Comverse Technology, Inc. (U.S.).
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