Subscription Billing Management Market Worth $17.95 Billion By 2030

Subscription Billing Management Market Growth & Trends

The global subscription billing management market size is expected to reach USD 17.95 billion by 2030, registering a CAGR of 16.1% during the forecast period, according to a new report by Grand View Research Inc. The growing adoption of the billing management and subscription models in utilities, media & entertainment, and the public sector will create more growth opportunities for the subscription billing management industry during the forecast period.

Service providers in these industries are focused on providing high-quality and better solutions to clients. Additionally, the desire to reduce operating expenses and the demand for cloud-based software would further broaden the scope of the market for subscription billing management.

Several subscription billing management service providers also provide periodic bill payments, which can be obtained by attaching the user's debit and credit cards or bank account. This ensures that greater importance is needed on adding a high level of security to each payment process to gain more trust from the customer and avoid financial ramifications in the event of hacking or fraud.

The subscription model is also gaining importance across the travel industry. Travel companies are shifting to this model to offer cheaper travel to frequent travelers and save their time at ticket counters. Major commercial airlines are making efforts to introduce subscription services to boost customer loyalty and retention. For instance, in October 2019, Delta airlines announced the launch of a paid membership option named SkyMiles Select for members of SkyMiles. SkyMiles Select is an annual membership worth USD 59, which provides travelers unlimited priority boarding, a special bag tag, and eight free onboard drinks every year.

The outbreak of the COVID-19 pandemic had a moderately positive impact on the demand for subscription billing management software. Companies worldwide are expected to adapt to new customer norms and new business models. They need to respond to long-term social changes, including how customers select products and channel preferences. Changes in customer behavior are expected to accelerate the need to integrate enhanced digital payment solutions into subscription billing management platforms.

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Subscription Billing Management Market Report Highlights

• Subscription order management held the largest share in the software segment, as it helps companies in winning new customers by providing subscriptions containing the appropriate mix of products, recurring and one-time services, and third-party content

• Professional services held the largest share in the services segment as they help businesses in installing the software, aligning the software with the existing systems, and operating the software efficiently

• The cloud segment is expected to continue its dominance over the forecast period, as cloud deployment can potentially make the subscription management process more efficient

• Various factors, such as the increasing adoption of cloud-based solutions across the U.S., have resulted in the increased automation of subscription methods in the North American regional market

Subscription Billing Management Market Segmentation

Grand View Research has segmented the global subscription billing management market based on software, services, deployment, enterprise size, end-use, and region:

Subscription Billing Management Software Outlook (Revenue, USD Million, 2017 - 2030)

• Credit And Collection Management

• Receivables Management

• Quote And Pricing Management

• Subscription Order Management

• Dispute Management

• Others

Subscription Billing Management Services Outlook (Revenue, USD Million, 2017 - 2030)

• Professional Services

• Managed Services

Subscription Billing Management Deployment Outlook (Revenue, USD Million, 2017 - 2030)

• Cloud

• On-premise

Subscription Billing Management Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)

• Large Enterprises

• Small & Medium Enterprises

Subscription Billing Management End-use Outlook (Revenue, USD Million, 2017 - 2030)

• BFSI

• Retail & E-Commerce

• IT & Telecom

• Media & Entertainment

• Healthcare

• Others

Subscription Billing Management Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • U.K.

• Asia Pacific

  • China

  • India

  • Japan

• Latin America

  • Brazil

• Middle East & Africa

List of Key Players in the Subscription Billing Management Market

• Aria Systems, Inc.

• Oracle

• BluSynergy

• SAP SE

• Conga

• Recurly, Inc.

• Gotransverse

• cleverbridge

• Zuora Inc.

• LogiSense Corporation