Bharatbook.com announces a report on “Cloud Billing Market by Type - Global forecast to 2021”. Account Management is expected to have the largest market share during the forecast period because the major part of account management include customer handling and managing their account.
Growing demand for billing operations, centralized and convergent billing solutions and the need for lower capital and operating expenditure are driving the cloud billing market
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 cloud billing market is driven by factors such as increased adoption of cloud technology by Small and Medium Enterprises (SMEs) and the organization’s inclination toward subscription-based billing and pay-per-use model.
Subscription Billing is expected to have the highest market share during the forecast period
Subscription billing is expected to have the largest market share during the forecast period. Cost efficiency for customers is the major advantage of the subscription billing as it charges customers based on the products and services they utilize. Moreover, its ability to predict the revenue of the business process helps companies to further plan their business has contributed to its popularity.
Account Management is expected to gain the largest market share during the forecast period
Account Management is expected to have the largest market share during the forecast period because the major part of account management include customer handling and managing their account. Cloud billing solutions and services help organizations maintain a better professional relationship with their customers and solve their issues. This advantage of cloud billing has led to its penetration in the account management area.
North America to have the largest share of the market, whereas APAC the highest growth rate
North America is expected to hold the largest market share in 2016 while APAC is the fastest maturing in terms of CAGR. APAC has a variety of billing systems and the criticality of billing is much higher due to its diverse nature. This is one of the major factors supporting the growth of cloud billing in this region to avoid security issues and IT glitches. Moreover, at the same time, cloud emergence and mandatory government regulation is boosting the growth of Cloud Billing Market in the APAC region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of profiles of primary participants is given below as:
• By Company Type: Tier 1 – 18%, Tier 2 – 31%, and Tier 3 – 51%
• By Designation: C level – 42%, Director level – 33%, Others – 25%
• By Region: North America – 47%, Europe – 31%, APAC – 14%, ROW- 8%
Real-time billing, pay per use billing model, SaaS-based offerings, and customer-relationship management are some of the upcoming trends in the cloud billing market. Moreover, this would also help the organizations to avoid the vendor lock-ins, thereby enabling customers to have the flexibility to deploy various cloud-based applications and offerings from multiple vendors through a seamless interface. The increasing demand for cloud managed services among SMEs has further enhanced the demand for it across many verticals.
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