DUBLIN--(BUSINESS WIRE)--The "Subscription & Billing Management Market by Component (Software and Services), Organization Size (SMEs and Large Enterprises), Deployment Type (Cloud and On-premises), Vertical (IT, Telecom, and Media & Entertainment), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The market is expected to grow from USD 4,054 million in 2020 to USD 7,813 million by 2025, at a CAGR of 14% during the forecast period.
Rising adoption of subscription business models to drive the demand for subscription & billing management software
Major factors expected to drive the growth of the subscription & billing management market include rising adoption of subscription business models, increasing demand for reducing subscriber churn and improving customer retention, growing need for adhering to compliances, and increasing need for upgrading legacy system. However, data synchronization complexities might hinder the growth of this market.
Based on organization size, the SMEs segment to grow at a higher rate during the forecast period
Companies without their own cloud services are partnering with other cloud service organizations to provide cloud-based subscription & billing management software to the SMEs. The availability of low-cost capabilities helps Small and Medium-sized Enterprises (SMEs) sustain and give stiff competition in the service market space. This enables SMEs to increase customer engagement by providing efficient services and benefits to increase their sales. The increasing focus on providing better customer experience and the growing need to automate manual accounting and financial processes is increasing subscription & billing management software adoption. The low cost and high adoption of cloud-based software is boosting the market growth.
Based on deployment type, the cloud segment to hold a larger chunk of the subscription & billing management market share during the forecast period
The cloud deployment type is expected to hold a higher market share, with an increase in the adoption of the cloud deployment model by the Software as a Service (SaaS) enterprises. Low set-up costs and high Return on Investment (RoI) are also driving the growth of the cloud segment. The cloud deployment model provides the instant accessibility of billing information from anywhere, thereby boosting the growth of the cloud segment. Cloud-based software increases agility and assists in rapidly launching new subscription services to meet customer demands. Therefore, the adoption of cloud is increasing at a rapid pace.
Among regions, Asia Pacific to grow at the highest CAGR during the forecast period
The APAC subscription & billing management market is expected to record the highest growth rate during the forecast period, the rapid development of IT in APAC, and growing technological advancements in this region. The developed countries in APAC, namely, Australia, Malaysia, Japan, and Singapore have expansively considered the usage of subscription & billing software to cater to the unparalleled needs of organizations in the region. The adoption of Machine-to-Machine (M2M) solutions in various industry verticals such as transportation, manufacturing, energy and utilities, and retail has further opened the doors for advanced subscription & billing management software.
Market Dynamics
Drivers
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Rising Adoption of Subscription Business Models
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Increasing Demand for Reducing Subscriber Churn and Improving Customer Retention
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Growing Need for Adhering to Compliances
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Increasing Need for Upgrading Legacy Systems
Restraints
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Data Synchronization Complexities
Opportunities
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Scalability of Saas Business Model
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ML to Optimize Subscription Billing
Challenges
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Cloud Data Security and Privacy Concerns
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In-House Subscription Billing Practice
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Lack of Consistent Recurring Payment Infrastructure
Companies Profiled
- Zuora
- Aria Systems
- Gotransverse
- Sage Intacct
- BillingPlatform
- 2Checkout
- Cleverbridge
- Recurly
- Digital River
- Oracle NetSuite
- FastSpring
- Juston
- Apttus
- Vindicia
- SaaSOptics
- Fusebill
- Zoho
- Chargebee
- Chargify
- SAP
- Salesforce
For more information about this report visit https://www.researchandmarkets.com/r/f230r8
