The Cloud Billing Market revenue attained a valuation of $3902.35m, in 2017. Furthermore, the cloud billing market is poised to accelerate with a CAGR of 19.07% over the forecast period, as stated by the analyst of IndustryARC. Extensive adoption of cloud globally coupled with the growing demand for paperless billing operations is accelerating the growth of the cloud billing market.
The market report is titled: “Cloud Billing Market: By Type (subscription billing, metered billing, cloud service billing, provisioning, convergent billing); by deployment type (SaaS, PaaS, IaaS); by End-User Industry (banking, educational, public, others); By Geography - Forecast (2018-2023).” The report offers an in-depth assessment of the competitive landscape, market drivers, operation analysis, market trends, application analysis, product types, associated trends, market life cycle analysis, supply and demand analysis of the global cloud billing market.
Cloud Billing Market: Leading Segments
Based on the type of cloud billing, metered billing covered a major share in the global cloud billing market and generated a revenue of $1,246m in 2017. Moreover, the demand for this segment is projected to upsurge at a CAGR of 20.22% by 2023. Metered billing model is employed for the (IaaS) Infrastructure-As-A-Service which is growing significantly. For instance, in the U.S., IaaS computing market revenue is growing at a rate of 40% since 2011 and is anticipated to rise more than 25% through 2019.
In 2017, North America dominated the global cloud billing market. The region witnessed revenue of $1,365.5m and is anticipated to grow at a CAGR of 18.14% during the forecast period. Global giants such as Amazon.com, Inc., and Google LLC of this industry headquartered in the U.S.are well-positioned to dominate the cloud computing market. Their innovative and viable technological solutions provide them with a competitive edge in the cloud billing market. Moreover, according to the U.S. Bureau of Economic Analysis (BEA), Canada is the top cloud computing export market of the U.S. as of 2016, which represents the huge demand for cloud billing in the Canada market. These trends in North America are augmenting the growth of the cloud billing market.
Cloud Billing Market: Disruptive Trends and Growth Drivers
• Connected solutions, hardware, platforms, and networks are gaining traction in the smart IoT value chain. The demand for these IoT devices which uses cloud-based solutions is driving the growth of the cloud service billing market.
• New tools and features enabled in the cloud billing systems are allowing the customers to provide ease of access and flexibility. These characteristics in customer billing management are boosting the cloud billing market.
• At present, organizations are reducing their investments in the infrastructure and concentrating to increase the profitability of their businesses. They are enabling cloud-based infrastructure services to achieve their targets. In addition, efficient data retrieval is also augmenting the demand for the cloud billing market.
Cloud Billing Market: Key Players
Currently, the leading players operating in the global cloud billing market are Amazon, SAP AG, IBM, Aria Systems, Chargify, MagnaQuest, and MetraTech. These companies provide end-to-end application services, big data services, on-demand, self-subscription, and public subscription billing services customized to their respective business needs.
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About IndustryARC: IndustryARC is a research and consulting firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.