The global convergent billing market is anticipated to register a CAGR of 22.1% over the period between 2019 and 2025. The market is expected to grow due to the increased use of telecom services by a larger customer base due to the development of a single billing platform providing an integrated view of all the services and product offerings to the consumers. The system enables consumers to contact call centers and receive a single customer invoice or a unified view of the bill and make a single payment for all the services.
The use of service convergent billing systems has helped service providers improve the quality of their communication services by helping in reducing the time needed to advertise new services and has also improved the customer service with real-time billing to better personalize the telecom experience. However, the incompatibility of legacy systems with converged networks could hinder the growth prospects of the convergent billing market to a certain extent. Communication service providers are partnering with over-the-top service providers and investing in new infrastructure to resolve this problem.
The convergent billing system market is segmented on the basis of solutions, services, deployment, and region. The solutions segment is further segmented into customer relationship management, settlement and payment management, mediation, and voucher management. The customer relationship management segment accounted for the largest market share as the telecom end-use industry has now become more customer-centric and the major market players are focusing on retaining their existing customers.
On the basis of services, the convergent billing market is classified into consulting, managed, and customization services. The managed services segment is expected to grow at the highest rate as several enterprises prefer to outsource their billing and payment functions to concentrate on their prime functions.
On the basis of deployment, the convergent billing market is segmented into the cloud and on-premise. Convergent billing systems are being increasingly deployed through the cloud as they provide several benefits on fronts such as flexibility of use and cost. The cloud deployment segment is further gaining momentum as cloud deployment improves the real-time customer experience.
The Asia Pacific region holds the largest market share, thanks to the presence of countries having a large subscriber base of communication service providers such as India and China. The increased competition among communication service providers in the Asia Pacific region has led to an increased demand for convergent billing systems.
According to the Telecommunications Act in the U.S., regulatory barriers to entry in the telecom market have been removed which has opened the market for new competitors. This has led to the entry of a large number of communication service providers in the region, thereby increasing the competition in the market.
The key players in the convergent billing market are ALE International, AMDOCS, Huawei Technologies Co., Ltd., IBM Corporation, Elitecore Technologies Pvt. Ltd., SAP SE, and Redknee Solutions Inc. Leading players are focussing on enhanced customer service to maintain their market positions.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.
"The quality of research they have done for us has been excellent."
Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.