In the Report “Cloud Billing Market: By Type (Subscription Billing, Metered Billing, Cloud Service Billing, Provisioning); By Application (Customer, Revenue, Account); By Verticals (BFSI, Retail, Education, Public Sector & Utilities, Healthcare, others); By Geography - (2018-2023)” published by IndustryARC, the market is driven by the growing need to deploy low cost, convenient, and flexible billing solutions.
North America continues to lead with major growth in the Cloud Billing Market
North America is the foremost region for cloud billing market, witnessing a revenue of $1.35 billion in 2017. The market is predicted to reach $3.9 billion by 2023. The higher level of adoptions for this market is basically due to high acceptance of cloud server applications in various industry verticals. The region to lead the market is Europe, generating revenue of $3401 million in 2023 and growing at a CAGR of 17.79% throughout the forecast period. Germany and U.K. are the dominant regions for cloud billing market in this region. Asia-Pacific is the fastest growing region at a CAGR of 22.87% for the forecast period of 2018-2023.
Selected Type and Deployment Model Analysis done in the full Report:
Depending upon the type of cloud of billing, it is segmented into subscription billing, metered billing, cloud service billing, and provisioning. Metered billing is one of the major types of cloud billing market, which generated revenue of $1.24 billion in 2017 and is estimated to grow at a CAGR of 20.22% by 2018-2023, owing to the multifold adoption of SaaS, PaaS and IaaS in the future. It is followed by cloud service billing, which generated revenue of $1.083 billion by 2017 and is projected to reach $3.36 billion by 2023. Global cloud service billing market was analyzed to be dominated by laaS with a share of 55.4% of global value in 2017. This is analyzed to be followed by SaaS, and PaaS with a share of 24.3% and 20.3% respectively. However, SaaS vertical is analysed to witness the highest growth of 25% during 2018-2023 for the adoption of online application software in the B2C sphere in the future. Subscription and provision billing is set to witness the lowest growth owing to the tough competition from the other types of cloud billing solution integrated with similar features.
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Excerpts on Market Growth Factors
• Increasing adoption of real time billing solutions as well as cloud service providers are creating opportunities for the market. Example: increase in mobile subscribers for using the facility of real time billing is creating a huge scope for the cloud billing software market.
• Adoption of public clouds among the SMEs and, private and hybrid clouds by large enterprises, is set to drive various DCIM and Operation solutions in the future including cloud billing solutions.
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Key players of the Cloud Billing Market
The Global Cloud Billing Market study across various end user industries is incorporated in the report. Amazon and SAP AG are the dominant players of Global Cloud Billing Market, with a share of 23% and 20% respectively. Amazon’s major development is Amazon Elastic Compute Cloud, Amazon Virtual Private Cloud, AWS Cloud Trail, AWS Cloud HSM, etc. and SAP’s services in SAP Hybris Revenue Cloud. IBM accounted for 14% of share which is the third highest revenue in the global market. Oracle has been developing new software for the cloud technologies including billing for the media and entertainment industry. Some of the major applications of Oracle Corporation are as follows: Oracle Infrastructure (IaaS), Oracle Platform (Paas), Oracle Application (SaaS) and Oracle Database (DaaS). Aria Systems, Chargify, MagnaQuest, MetraTech are few more companies having equal level of combined share in the market.
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