Convergent billing enables management of all the services and users for all the operators on a common platform. Convergent charging and billing solutions are commonly used in telecom industry. Rapid technological advancements in the telecommunications industry are giving way to changing patterns of customer demand and strong competition. All these factors are driving the demand for single billing platforms for the industry. This demand is driving the convergent billing market. Strong technological advancements and rise in the solutions and services in the market are expected to provide potential growth opportunities for the key players. Emerging regions are also expected to come across as the strong investment platforms for the potential players in the market.
Segmentation in Convergent Billing Industry
Researchers segment the global market on the basis of the types of solutions, services, and deployment models. Apart from that, they also analyze the growth trends and adoption trends for the convergent billing market across different geographic parts of the world. The types of solutions available in the market are divided into settlement and payment management, customer relationship management that includes charging and billing management, mediation, voucher management and other solutions. The basic types of services in the market include customization, managed and consulting services. Basic types of deployment include on-premise and hosted deployment. Major geographic regions studied by the researchers are categorized into North America, Latin America, Middle East, Africa, Europe and Asia Pacific.
Market Drivers, Restraints and Forecasts
The global convergence billing market is expected to be driven by overall rise in demand for the industry solutions and systems. This demand is driven by increased customer satisfaction and advantages of using these systems. Reduced overall costs and new unified services available in the market are also expected to create growth prospects in the market. De-regularization of the telecommunication market and legal billing systems are expected to be some of the restraining factors for the market. However, increasing demand for VAS and data services and growing influence of the cloud computing market are estimated to create potential growth opportunities for the market.
As per the latest research reports, the convergent billing market is expected to grow at an impressive CAGR of over 22% from 2014 to 2019. At the projected growth rate, the global industry is poised to grow from estimated $2.86 billion in 2014, in order to become worth more than $7.88 billion by the end of the year 2019. North America is expected to dominate the global market in terms of market shares. However, emerging markets are expected to witness highest growth rate during the forecasting period.