The rise in demand for cost-effective billing solutions and the transition to the latest technology will fuel the Cloud Billing Market demand
Vancouver, Nov. 15, 2023 (GLOBE NEWSWIRE) — The global Cloud Billing Market is forecasted to be worth USD 19.13 Billion by 2032, according to a current analysis by Emergen Research. Cloud billing software is witnessing an increased demand owing to the real-time benefits along with increased scalability and flexibility. The growth in international student mobility and rising government initiatives, as well as funding, are fueling the demand for market growth.
The need for lower OPEX and CAPEX is also one of the benefits provided by the market. Companies are constantly trying to lower their operating cost and capital expenditure, which has accelerated the adoption of cost-effective measures for restructuring the current business models. The emergence of advanced innovative cloud technology has also added traction to the market. The cloud permits organizations to streamline their billing process, thus improving the overall customer experience. The deployment of cloud billing solutions reduces IT resources and infrastructure required through the minimal need for integration and expensive hardware.
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However, certain factors such as cyber-attacks and theft have hindered the demand for the market product. Cloud billing software processes important information about the customer. The data is highly confidential and can impact the enterprise if stolen.
Scope of Research
|The market size value in 2019||USD 2.56 Billion|
|CAGR (2023 – 2032)||16.7%|
|The revenue forecast in 2032||USD 19.13 Billion|
|Base year for estimation||2022|
|Forecast period||2023 – 2032|
|Quantitative units||Volume in Tons, Revenue in USD Thousand, and CAGR from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Component, Billing Type, Deployment Type, Service Model, Organization Size, Vertical, Region.|
|Regional scope||North America; Europe; Asia Pacific; Central & South America; MEA.|
|Country scope||U.S.; Canada; Mexico; U.K.; Germany; France; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia; South Africa; Turkey.|
|Key companies profiled||SAP, Oracle, Aria Systems, Recurly, Cerillion, ConnectWise, Salesforce, Zuora, Chargify, and AppDirect.|
|Customization scope||10 hrs of free customization and expert consultation|
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MAJOR COMPANIES and Market Share Analysis
The market for Cloud Billing is fairly fragmented, with many small as well as medium-sized manufacturers, which account for a major global share of the market. The manufacturers involved in the market are desegregated across the value chain. The key companies of the market are well-equipped with large manufacturing facilities and are also engaged in various research & development activities. Some of the prominent players in the Cloud Billing industry include:
- Aria Systems
In July 2020, Aria Systems, announced the launch of Aria Marketplace Suite, an extension to the Aria monetization and billing platform that enables B2C and B2B marketplace providers to streamline their digital marketplace operations
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Some Key Highlights from the Report
- Cloud billing solutions provide several other benefits, such as the ability to easily accommodate price changes, calculate usage charges, and the ability to track third-party billing and payouts correctly.
- The private cloud makes it possible to take advantage of the cloud, gaining transparency without the compromise of privacy. Clients benefit from the economies of scale while sharing costs with other enterprises.
- Platform as a Service is a type of cloud computing in which service providers deliver services platform to clients, allowing them to run, develop, and manage business applications without building and maintaining the infrastructure.
- Large enterprises are adopting cloud billing solutions to reduce their overall cost. The adoption of advanced technologies in these enterprises and substantial capital is encouraging them to switch to cloud-based services.
- Cloud services allow BFSI organizations to leverage an available and efficient network of a wide array of servers. Organizations are able to eliminate the huge capital cost of running and maintain complex IT facilities. Cloud billing also reduces the upfront cost of hardware procurement significantly.
- North America held a larger share as it is the most promising region for the cloud billing market. The region is heavily impacted by the COVID-19 virus, and the U.S. is expected to be a major contributor to the market. The increasing adoption of the latest cloud-based technology is also impacting the market in the region
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Emergen Research has segmented into the global Cloud Billing Market on the component, billing type, deployment type, service model, organization size, vertical, and region:
- Component Outlook (Revenue, USD Billion; 2019-2032)
- Billing Type Outlook (Revenue, USD Billion; 2019-2032)
- Deployment Type Outlook (Revenue, USD Billion; 2019-2032)
- Service Model Outlook (Revenue, USD Billion; 2019-2032)
- Organization Size Outlook (Revenue, USD Billion; 2019-2032)
- Large Enterprises
- Small and Medium-Sized Enterprise
- Vertical Outlook (Revenue, USD Billion; 2019-2032)
- Consumer Goods and Retail
- Media & Entertainment
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
- North America
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About Emergen Research
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