Cloud Billing Market is estimated to grow from USD 5.68 Billion in 2016 to USD 16.59 Billion by 2021, at expected CAGR of 23.9% from 2016 to 2021, as per a report by MarketsandMarkets.
The drivers for this growth are high demand for billing operations, centralized, and convergent billing solutions and the growing need to lower capital and operating expenditure.
Advancement in cloud technology has increased the customer base significantly in the billing market and raised the demand for cloud billing. Among the various types of cloud service billing, SaaS-based services are becoming more popular due to its capability to offer easy customization and innovative functionality.
Customer retention and customer feedback are the two most important factors companies are focusing on, thereby increasing the application of customer management in the Cloud Billing Market. Moreover, cloud billing not only helps in retaining the customers but also delivers value by establishing healthy customer-provider relationship.
The media and entertainment industry
The media and entertainment industry is witnessing a potential growth in the Cloud Billing Market across regions owing to the increase in the adoption of digital channels. Moreover, the telecommunications and ITES sector has always been at the forefront while adopting cloud-based technologies to serve their customers better.
APAC would mature faster
North America is expected to hold the largest market share in 2016 while APAC would be the fastest maturing in terms of CAGR. Factors such as top mandatory government regulations, increasing need to focus on customer relationship management, rising cloud-based solution are the major factors supporting the growth of Cloud Billing Market in APAC.