(I-BusinessNews.Com, July 26, 2019 ) According to new market research report “Subscription and Billing Management Market by Solution (Subscription Order Management, Billing Mediation, Pricing and Quote Management), Service (Professional and Managed), Deployment (Cloud and On-Premise), User Type, Vertical – Global Forecast to 2021″, The subscription and billing management market is expected to reach USD 6.01 Billion by 2021, at a CAGR of 15.7% during the forecast period.
Subscription and billing management is growing gradually and is being adopted by users to standardize processes for both subscriptions and billing management. The continuous developments in this technology and its solutions have also encouraged users to adopt subscription and billing solutions and services.
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Subscription order management and billing mediation are expected to be the largest contributor in the global subscription and billing management market during the forecast period
Rise in demand among enterprises for better management of order and billing mediation processes across all industry verticals is the major factor driving the growth of this market. The subscription order management and billing mediation solutions are expected to be the highest contributors in the solutionsÂ segment due to the increase in the adoption of cloud technology. Furthermore, these segments are expected to jointly contribute the highest revenue during the forecast period.
The public sector & utilities and media & entertainment industry vertical is expected to show significant growth rate in terms of adoption of subscription and billing solutions and services
Managing multiple resources and meeting customer requirements has become the most important aspects of the public sector & utilities and media & entertainment sector. The concept of subscription and billing management has led the industry to focus on making order, billing, and transactions more robust and efficient.
Furthermore, in these industries, clients demand and expect high quality services to be delivered on-time. Therefore, the need for robust, efficient order, billing, and payment processes is encouraging the industry to adopt subscription and billing solutions.
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With growing technological advancements in the countries of North America, the region is expected to be the largest market for subscription and billing management solutions during the forecast period.
North America has predominately been a very concerned region regarding the adoption of subscription and billing solutions and services. The high adoption of digital technology across all major industries has helped the subscription and billing management market to grow in North America, particularly in the U.S. and Canada. Furthermore, the market is in the emerging stage in the regions of Asia-Pacific (APAC), Latin America, and Middle East and Africa (MEA). Therefore, these regions exhibit immense scope for the adoption of subscription and billing solutions. Additionally, the growing technological developments in the field of cloud, analytics, and the emergence of mobile technologies have led to the high adoption of subscription and billing solutions in major industries, such as public sector & utilities and media & entertainment.
The subscription and billing management market consists of major players, such as SAP SE (Germany), Oracle Corporation (U.S.), NetSuite, Inc. (U.S.), Computer Sciences Corporation (CSC) (U.S.), and Zuora (U.S.). There is also a significant presence of other niche players such as Avangate (U.S.), Aria systems, Inc. (U.S.), cleverbridge (Germany), Cerillion plc (U.K.), and FastSpring (U.S.) in this market.
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