Cloud billing is expected to have a global market worth US$ 16.8 billion by 2032, growing gradually at a CAGR of 15.2% from US$ 3.5 billion in 2021. Due to the growth of the cloud billing market, the much-discussed cloud-optimized billing component may now provide a bill-generating interface.
By imposing specific criteria, cloud billing is a technique that aids firms in the creation of bills. Authors commonly mention functional requirements like payment methods, quote services, and other requirements when explaining the desire for cloud billing service modules. When defining the term "cloud billing," non-functional criteria like fault tolerance, security, and other factors are taken into consideration.
By needing less integration and expensive hardware, cloud billing solutions reduce the amount of IT resources and equipment needed by enterprises. They also reduce the danger of vendor lock-in for billing activities. These billing solutions result in low capital and operating expenses since they replace human methods.
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Business intelligence (BI) is becoming more influential in the present marketplace as brick and mortar companies work to gather comprehensive data on their operations. The most important element of a billing system is revenue. Revenue data may offer insights into revenue leakages by highlighting discrepancies between sales statistics and product use.
By analysing the effects of system changes on KPIs, billing and revenue data may provide advantages like immediate insights into the health of a digital transformation project and the capacity to make appropriate modifications. Analytics in cloud billing may be useful for managing complex financial structures and parameters, analysing customer purchasing patterns, developing and implementing new pricing models, and other tasks.
The largest market share for cloud billing is anticipated to be in North America over the projection period. The most potential cloud billing market is expected to be in North America for key businesses like telephony, IT, BFSI, and telecoms. North America is significantly impacted by COVID-19.
The lockout has caused a number of manufacturing businesses to discontinue operations, and as a result, they are using less cloud services.This report divides North America into two sections: the United States and Canada.It is anticipated that the US will play a sizable role in the expansion of the North American cloud billing market.It is anticipated that Canada's cloud billing solutions and service providers would expand significantly.
- The solutions from the cloud billing market are expected to grow at the fastest CAGR of 15.1% in the component sector.
- The public cloud is expected to grow at a high rate in the deployment type sector of the cloud billing market, with a CAGR of 15.0%.
- The market size for cloud billing in the United States is expected to reach US$ 6 Billion by 2032, growing at a CAGR of 15.0% during the research period.
- United Kingdom is expected to reach a market size of US$ 693.9 Million in cloud billing by 2032, with a CAGR of 13.9% during the research period.
- China’s cloud billing market is expected to be worth US$ 1.2 Billion by 2032, with a CAGR of 14.5% over the forecast period.
- Japan is expected to have a market size for cloud billing of US$ 1 Billion by 2032, with a CAGR of 13.4% during the research period.
- By 2032, South Korea is expected to reach a market size of US$ 606.7 Million in cloud billing, with a CAGR of 13.0% during the research period.
Companies that provide cloud billing services have been seen extending their company by adding new items to their existing portfolio. Many organizations are effectively putting forward their brand value through proven business tactics such as acquisitions, collaborations, and so on and are investing heavily to maintain a competitive advantage in the cloud billing market.
Oracle, Salesforce, Sap, Zuora, And Aria Systems are among the most important cloud billing market participants.
- Aria Marketplace Suite was introduced in July 2020 by Aria Systems. B2B and B2C marketplace companies may use Aria Marketplace Suite to simplify their operations. Aria Marketplace Suite provides cloud billing market operations with revenue and product management capabilities, as well as a smooth billing and payment experience.
- SAP made enhancements to SAP Subscription Billing in September 2020. Sending alerts before and after an allowance expires, finishing outstanding subscriptions, establishing allowance pricing, and setting cancellation notice dates are all possible with the new future.
By Billing Type:
- Usage Based
By Deployment Type:
- Private Cloud
- Public Cloud
By Service Model:
By Organization Size:
- Large Enterprises
- Consumer Goods Retail
- Media Entertainment
- North America
- Asia Pacific
- Middle East and Africa(MEA)
- Latin America