The Business Research Company’s Cloud Billing Global Market Report 2021: COVID-19 Implications and Growth
LONDON, GREATER LONDON , UK, July 28, 2021 /EINPresswire.com/ — The rising need for lower capital and operating expenditure is expected to drive the growth of the cloud billing market in the forecast period. With the advent of the cloud, billing transitioned from a separate back-office product to an essential component of the entire quote-to-cash procedure. Cloud billing allows businesses to save costs while also allowing them to give excellent customer service. For instance, according to a Flexera report published in 2021, 93% of companies are using some type of cloud-based system, and 73% preparing to optimize existing cloud usage for cost savings. Therefore, the rising need for lower capital and operating expenditure fuels the growth of the cloud billing market.
The global cloud billing market size is expected to grow from $4.76 billion in 2020 to $5.92 billion in 2021 at a compound annual growth rate (CAGR) of 24.2%. The change in growth trend is mainly due to the growing demand for cloud billing owing to its lower operating costs. The cloud billing market is expected to reach $12.40 billion in 2025 at a CAGR of 20.3%.
North America was the largest region in the cloud billing market in 2020. Asia Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the cloud billing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Major players in the cloud billing industry are Aria System Inc., Amdocs Inc, Oracle Corporation, NEC Corporation, Jamcracker, IBM Corporation, CGI Group Inc., SAP SE, Zuora Inc., BillingPlatform Corp., Recurly, Cerillion, ConnectWise, AppDirect, Chargebee, RecVue, Chargify, Salesforce, Orbitera Inc., and Amazon Web Service Inc.
The cloud billing market consists of sales of cloud billing services by entities (organizations, sole traders, and partnerships) that are engaged in the providing of cloud-based billing solutions. The term cloud billing refers to a combination of cloud computing and electronic billing. Several firms are broadening their horizons by implementing an on-premises billing infrastructure. Cloud billing is transforming the computer system, allowing for greater billing flexibility and easier data access.
The global cloud billing market is segmented by type into subscription billing, metered billing, cloud service billing, provisioning, others, by deployment type into private cloud, public cloud, by organization size into large enterprises, SMEs, by application into account management, revenue management, customer management, others, and by vertical into BFSI, telecommunications and ITES, consumer goods and retail, healthcare and life sciences, others.
Cloud Billing Global Market Report 2021: COVID-19 Implications and Growth is one of a series of new reports from The Business Research Company that provides cloud billing global market overview, forecast cloud billing global market size and growth for the whole market, cloud billing global market segments, and geographies, cloud billing market trends, cloud billing market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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