Cloud Billing Market Growth Boost by Growing Need for Paperless Subscription Billing Operations
New York, US, Nov. 21, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Cloud Billing Market Research Report: Information By Type, Deployment, End User, Region – Forecast till 2030”, The cloud billing market will touch USD 13.23 billion at a 16.40% CAGR by 2030, as per the new latest for forecast report.
Cloud Billing Market Overview
Adoption of IoT to offer Robust Opportunities
The processing sectors, including oil and gas, chemical, and others, have started utilizing IoT technology in recent years. IoT aids in enhancing the effectiveness of cloud billing. Due to the IoT system’s integration with cloud billing, there has been an increase in demand for its adoption in various businesses. IoT can therefore be used to boost cloud billing’s effectiveness and performance, which will cut maintenance costs and foster a safer working environment, ultimately driving the cloud billing market.
Key players profiled in the global cloud billing market report include,
- Zuora Inc. (US)
- IBM Corporation (US)
- Cerillion (UK)
- AMDOCS (US)
- Oracle (US)
- Amazon Web Services Inc. (US)
- NEC Corporation (Japan)
- SAP SE (Germany)
- Aria Systems Inc. (US)
- Cloudability (US)
- Jamcracker Inc. (US)
- FinancialForce (US)
- ReckNap (US)
- CLOUD ASSERT LLC (US)
- Tridens d.o.o. (Slovenia).
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Cloud Billing Market Growth Drivers
The growing need for paperless subscription billing operations will bolster market growth during the assessment period. Cloud billing is a method to generate bills for clients that are based on resource usage data & policy.
High Investment Cost to act as Market Restraint
The high investment cost over on premises billing may act as a market restraint over the forecast period.
Rise in Cyber-attacks to act as Market Challenge
The rise in cyber-attacks and data breaches may remain as a market challenge over the forecast period.
|Market Size by 2030||USD 13.23 Billion|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Billing and profit data can provide major insights about the digital transformation project and can also assist in making an immediate impact by displaying Key Performance Indicators (KPIs).|
|Key Market Drivers||Lowering their capital expenditure and operating costs|
cost-saving and better business agility advantages attributes
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Cloud Billing Market Segmentation
The global cloud billing market is bifurcated based on deployment, end user, and type.
By type, metered billing will lead the market in the forecast period.
By deployment, public cloud will domineer this market in the assessment period.
By end user, media and entertainment will spearhead the market over the forecast period.
The COVID 19 has had an impact on the global market, according to the Cloud Billing Market Report. The COVID 19 has caused grief in 215 nations. Lead lockdown has been implemented in some nations to address these harmful impacts, which have hurt the cloud billing market. The cloud billing market segment has benefited from the epidemic. Because of the COVID-19 outbreak, businesses have changed their annual budgets and preferences in order to survive this pandemic, which has given usage-based billing solutions a boost in popularity. Additionally, businesses all over the world are substantially investing in cloud billing systems to maintain operations. Governments are offering financial aid packages to businesses in order to aid them cope with the pandemic, with an emphasis on SMEs in particular. As consumers move to take advantage of cloud advantages including growth and lower cost, the COVID-19 pandemic has also encouraged cloud adoption across industrial verticals. Despite the worldwide economic crisis, the COVID-19 pandemic has no negative effects on the growth of almost 50% of subscription businesses.
Cloud Billing Market Regional Analysis
North America to Head Cloud Billing Market
Due to the higher adoption of cloud billing solutions and services across industry verticals like BFSI, IT & Telecom, and media & entertainment, as well as the large number of cloud-based service providers offering IaaS, PaaS, and SaaS as well as major industry players operating in the region, North America is anticipated to contribute the utmost to the global cloud billing market.
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Due to the availability of cutting-edge ICT infrastructure across industries like telecoms, BFSI, and IT, North America is anticipated to have the largest share. Due to necessary regulatory requirements, the region is also seeing strong adoption of cloud-based billing solutions.
For instance, the North American government has mandated cloud governance in order to ensure secure cloud migrations. The region now has the safest cloud services thanks to this. Additionally, the US and Canada, which both have significant vendors are responsible for the majority of the contribution to the region’s development of cloud billing services and solutions. Due to the concentration of significant solution providers in North America, the region is anticipated to lead the cloud billing market throughout the forecast period. Additionally, the area has consistently been at the cutting edge of technology usage.
Additionally, when it comes to the adoption of the cloud for various business operations across end-user sectors, North America has consistently led the market. The expansion of the region is facilitated by the availability of numerous solution suppliers. In North America, 80% of firms use a complex architecture for cloud deployment, including 21% of multi-cloud and 51% of hybrid approaches. The region’s cloud billing industry is expanding due to the increased use of cloud-based technologies and a better entry for customer demand. As a result of regional revenue growth brought on by economic expansion and large infrastructure investments, the cloud billing industry in the United States is predicted to expand quickly.
APAC to Have Favorable Growth in Cloud Billing Market
Furthermore, Asia Pacific is predicted to have significant growth due to the importance that nations like Japan, China, Korea, and Taiwan attach to cloud-based billing services and solutions. Additionally, according to the IDC analysis, more people would likely use public cloud services in Asia Pacific in the near future. The market for cloud billing in the region will continue to expand as a result of these expanding public cloud service characteristics. American businesses are ideally situated to maintain their dominance in cloud billing.
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The market expansion in this nation is being fueled by elements like highly inventive and competitive technology and high levels of competence that have been giving American businesses expanding their operations abroad a competitive advantage. Scalability and affordability are expected to play a big part in the global expansion of these technologies. Government-mandated regulations, the need to concentrate on customer relationship management, and the rising adoption of cloud-based solutions are the main factors propelling market expansion in the Asia-Pacific region.
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