Virtualized workplaces and simplified operations along with accelerated performance are expected to drive the growth of the global cloud billing market over the forecasted period. Increasing businesses adopting service-oriented culture and offering consumer-oriented services are anticipated to drive the market. Increasing need of providing transparency in charging process is anticipated to favor market growth. Flexibility to up-scale with increase in number of the customers is expected to add to its growth.
Benefits such as flexibility and scalability are expected to boost its demand. The need to comply with the changing business environment is expected to favor industry growth over the specified period of time. Global adoption of such solutions or services across verticals for both digital and non-digital services is expected to boost its growth in the future.
Demand for enhanced process, lower capital, and operational expenses, convergence, and centralization are anticipated to favor its growth. Benefit such as real time management of a large amount of data is anticipated to propel the market growth over the forecast period. These solutions help in avoiding over and under-charging by supporting dynamic price plans, granular billing, and sophisticated rating, by extending support for variable billable units.
High demand for improved billing operations is one of the major key factors for the growth of the global cloud billing market. Such services describe the pattern of purchasing enhancing the customer experience, streamlining the process, and making it easy for the operator to understand and track the data.
The Small and Medium Businesses (SMB) are expected to be the major customer-base over the specified period owing to its cost-effective nature. Time consumption and higher maintenance charges may hinder its growth over the forecast period.
Industry can be segmented based on verticals as Banking & Financial Service & Insurance (BFSI), retail, public sector and utilities, telecom, IT and media, healthcare, and transportation and logistics. It can also be segmented based on type as embedded, subscription, convergent, metered, cloud service, and professional service. Industry can also be segmented based on deployment models as public, private, and hybrid.
On the basis of providers, it can be segmented into cloud service providers, managed service providers, and communication service providers & network operators. On the basis of applications, it can be segmented into revenue management, customer management, and account management.
Bundles service or merged service may boost industry growth over the forecast period. These solutions help in decreasing the large upfront costs, and multi-tenant billing systems are maintained by the vendor.
Cloud service includes both functional as well as non-functional requirements. The functional requirement includes payment schedules, policies, conversion functions, and user IDs. The non-functional requirement includes security, standards, and scalability. The flexibility of using services such as Platform as a Service (PaaS), Infrastructure as a Service (IaaS) and Software as a Service (SaaS), anytime and anywhere has created many business opportunities across various verticals.
Infrastructure as a Service (IaaS) provides virtualized computing resources over the Internet. Software as a Service (SaaS), describes any service, where user or consumer or customer can access software applications over the internet. Platform as a service (PaaS) provides a platform allowing customers to develop, manage, and run web applications without any complexity of maintaining and building the infrastructure typically associated with launching and delivering an app.
Asia Pacific is expected to witness growth over the specified period of time owing to adoption of these services in small and medium business. Scalability and cost are expected to play a major role in purchase decision over the forecast period.
Key players include Amazon Web Services (AWS), Aria Systems, Amdocs, Blusynergy, Blueoss, CSC, CGI Group, Cerillion, and Cloudability. Other prominent vendors include Chargebee, Comverse, Csg International, Comarch, Globetom, Interworks, IBM, Monexa, Metratech, Mphasis, Oracle, NEC Corporation, SAP, Redknee, Utilibill, Talligent, and Zuora.
In July 2014, Ericsson announced the acquisition of MetraTech to enhance its cloud and enterprise billing capabilities. In May 2013, Mphasis announced the launch of Billin as a Service (BaaS) to accelerate operational efficiency and improve customer service.
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In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.