Subscription and Billing Management Market to grow 6.01 Billion USD by 2021
According to a new market research
report "Subscription and Billing
Management Market by Solution (Subscription Order Management,
Billing Mediation, Pricing and Quote Management), Service (Professional and
Managed), Deployment (Cloud and On-Premise), User Type, Vertical - Global
Forecast to 2021", The
subscription and billing management market is expected to reach USD 6.01
Billion by 2021, at a CAGR of 15.7% during the forecast period. Subscription
and billing management is growing gradually and is being adopted by users to
standardize processes for both subscriptions and billing management. The
continuous developments in this technology and its solutions have also
encouraged users to adopt subscription and billing solutions and services.
Browse 71
market data Tables and 67 Figures spread through 160 Pages and in-depth TOC on
"Subscription and Billing Management Market by Solution (Subscription
Order Management, Billing Mediation, Pricing and Quote Management), Service
(Professional and Managed), Deployment (Cloud and On-Premise), User Type,
Vertical - Global Forecast to 2021"
Subscription
order management and billing mediation are expected to be the largest
contributor in the global subscription and billing management market during the
forecast period
Rise in demand among enterprises for better management of order and
billing mediation processes across all industry verticals is the major factor
driving the growth of this market. The subscription order management and
billing mediation solutions are expected to be the highest contributors in the
solutions’ segment due to the increase in the adoption of cloud technology.
Furthermore, these segments are expected to jointly contribute the highest
revenue during the forecast period.
The public
sector & utilities and media & entertainment industry vertical is
expected to show significant growth rate in terms of adoption of subscription
and billing solutions and services
Managing multiple resources and meeting customer requirements has become
the most important aspects of the public sector & utilities and media &
entertainment sector. The concept of subscription and billing management has
led the industry to focus on making order, billing, and transactions more
robust and efficient.
Furthermore, in these industries, clients demand and expect high quality
services to be delivered on-time. Therefore, the need for robust, efficient
order, billing, and payment processes is encouraging the industry to adopt
subscription and billing solutions.
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With growing technological advancements
in the countries of North America, the region is expected to be the largest
market for subscription and billing management solutions during the forecast
period.
North America
has predominately been a very concerned region regarding the adoption of
subscription and billing solutions and services. The high adoption of digital
technology across all major industries has helped the subscription and billing
management market to grow in North America, particularly in the U.S. and
Canada. Furthermore, the market is in the emerging stage in the regions of
Asia-Pacific (APAC), Latin America, and Middle East and Africa (MEA).
Therefore, these regions exhibit immense scope for the adoption of subscription
and billing solutions. Additionally, the growing technological developments in
the field of cloud, analytics, and the emergence of mobile technologies have
led to the high adoption of subscription and billing solutions in major
industries, such as public sector & utilities and media &
entertainment.
The
subscription and billing management market consists of major players, such as
SAP SE (Germany), Oracle Corporation (U.S.), NetSuite, Inc. (U.S.), Computer
Sciences Corporation (CSC) (U.S.), and Zuora (U.S.). There is also a
significant presence of other niche players such as Avangate (U.S.), Aria
systems, Inc. (U.S.), cleverbridge (Germany), Cerillion plc (U.K.), and
FastSpring (U.S.) in this market.
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