The cloud billing market size is estimated to grow from USD 5.68 billion in 2016 to USD 16.59 billion by 2021, at an estimated CAGR of 23.9% from 2016 to 2021. The report on the global cloud billing market has been segmented by billing type, provider, application, organization size, industry vertical, and region. The report provides an in-depth analysis of market drivers, restraints, opportunities, and analysis of the key players in the cloud billing ecosystem along with their profiles and recent developments. It indicates the rate of growth and implementation of services across various geographical boundaries. Increasing need for cloud billing solutions and need for lower capital and operating expenditure are driving the demand for cloud billing market.
SaaS based offerings, pay-per-use model, and subscription management are the upcoming trends in the cloud billing market. These would help organizations with cost optimization and allow them to pay based on their usage of the billing solutions resulting in reduced costs and implementation issues. The demand of cloud service billing is rising due to the increasing cloud penetration in the market. Moreover, customer management is another requirement of the organization to deploy cloud billing solutions in the organization.
North America holds the largest market share in 2016 while APAC is fastest maturing in terms of CAGR. Factors such as mandatory government regulations, increasing need to focus on customer relationship management, rising cloud-based solutions are the major factors supporting the growth of the cloud billing market in APAC.
Media & Entertainment and Telecommunications & ITES are expected to grow at high CAGRs during the forecast period.
The media and entertainment industry is witnessing a potential growth in the cloud billing market across regions owing to the increase in the adoption of digital channels. Moreover, the telecommunication and ITES sector has always been at forefront in adopting cloud-based technologies to serve their customers better.
Although there are many drivers contributing to the growth of the cloud billing market ,there exist a few challenges as well. Lack of awareness is one of the major restraints to the growth of the market. Solution providers such as Amazon Web Service, Inc., IBM, Oracle, NEC Corporation, and Zuora among many others are expected to target opportunities in a more proactive manner and benefit from the emerging cloud and demand for the adoption of real-time billing. .
