The Cloud Billing Market size is estimated to grow from USD 5.68 Billion in 2016 to USD 16.59 Billion by 2021, at expected Compound Annual Growth Rate (CAGR) of 23.9% from 2016 to 2021.
High demand for billing operations, centralized, and convergent billing solutions and the growing need to lower capital and operating expenditure is increasing the demand for cloud billing in the market.
“Cloud Service Billing is expected to grow at the highest CAGR during the forecast period”
Cloud carrier billing is anticipated to develop at the highest CAGR in the course of the forecast duration. Advancement in cloud era has extended the client base appreciably inside the billing marketplace and raised the call for for cloud billing. Among the diverse kinds of cloud provider billing, SaaS-primarily based offerings are becoming more popular because of its capability to offer clean customization and revolutionary functionality.
“Customer Management is expected to gain prominent traction during the forecast period”
The cloud billing market is anticipated to grow at an excellent CAGR at some stage in the forecast length. Customer retention and patron comments are the two maximum crucial elements businesses are that specialize in, thereby growing the software of customer control in the cloud billing market. Moreover, cloud billing no longer only allows in retaining the clients but additionally gives you value by organising healthful customer-company relationship.
“Media & Entertainment and Telecommunication & ITES are expected to grow at the highest CAGR during the forecast period. “
The media and leisure enterprise is witnessing a ability boom in the cloud billing market throughout areas attributable to the growth in the adoption of virtual channels. Moreover, the telecommunications and ITES quarter has usually been at the forefront while adopting cloud-primarily based technologies to serve their customers better.
“APAC is expected to witness a high growth potential during the forecast period”
North America is expected to keep the largest market proportion in 2016 while APAC would be the fastest maturing in phrases of CAGR. Factors which includes pinnacle obligatory government guidelines, increasing want to focus on consumer courting management, rising cloud-based solution are the fundamental elements helping the increase 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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