HYDERABAD, India and WILMINGTON, Delaware, August 21, 2017 /PRNewswire/ --
According to the Report "Cloud Billing Market: By Type (Subscription Billing, Metered Billing, Cloud Service Billing, Provisioning); By Application (Customer, Revenue, Account Management); By Deployment Model (Software as a Service, Platform as a Service, and Infrastructure as a Service); By Industry Verticals (BFSI, Retail, Education, Public Sector & Utilities, Healthcare & Life Sciences) & By Region-Forecast (2016-2022), published by IndustryARC, the market to reach $9.34 billion by 2022 http://industryarc.com/Report/16303/cloud-billing-market.html
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Cloud billing can be defined as the process of generating bills from the resource usage data with the help of predefined data sets and billing policies. Cloud billing offers low cost of ownership, ability to add new services emerging in the dynamic environment, set of connectors, device and independent access to billing information. The cloud billing system enables users to easily manage and retrieve data from various locations and, also helps in serving their customers in a better manner. Globally, a shifting focus from the product centric approach to the customer centric approach is expected to propel the growth of market during the period of study.
Cloud billing solutions include 'Data Centre Infrastructure Management' (DCIM) and other operation solutions which are majorly employed for generating the invoice for the clients based on individual resource utilization and policy. The demand for these services is expected to witness substantial growth in various SME's across the globe.
According to a recent report published by IndustryARC, the Cloud Billing Market is growing with CAGR of 19.07% throughout the forecast period from 2017 to 2022 and is estimated to generate revenue of $9.34 Billion by 2022. Growing demand for billing operations and convergent billing solutions coupled with the increasing need to lower capital and operating expenditures boosted the revenues for this market.
In 2016, metered billing held the largest market share of 30% and is likely to continue its dominance and estimated to reach about $3.12 Billion by the end of 2023. Increasing adoption of public cloud by the SME's owing to the high capital cost in house data centers has been analyzed as one of the major factor that drives the cloud billing market.
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The market is all set to exhibit robust development with a broad range of applications in various industry verticals which include banking financial & insurance sector, retail, education, public sector & utilities, and many others. Telecom sector is projected to continue its dominance in the cloud billing market owing to increasing number of telecommunication industries and is estimated to witness a high growth rate during the forecast period and projected to reach about $2.15 Billion by the end of 2022, while BFSI segment is estimated to witness a growth rate of CAGR 18.4% during the forecast period from 2017-2022.
North American region dominated cloud billing market in 2016. APAC region is estimated to grow at a highest CAGR of 22% during the forecast period owing to a rapidly development of retail business network and growing technological adoption in various business practice across the region.
The Major Players in this Market Include
- Amazon Web Services, Inc. (U.S.)
- Computer Sciences Corporation (U.S.)
- Oracle Corporation (U.S.)
- IBM Corporation (U.S.)
- NEC Corporation (Japan)
Different market players are adopting different strategic initiatives include partnerships, acquisitions, product launches and collaborations majorly to augment entry into related markets and enhance core competencies through additions to product portfolio as well as leveraging capabilities of acquired companies to gain a foothold in the emerging markets.
The cloud billing Market study across various industry verticals is incorporated in the report
- Banking, Financial Services, and Insurance
- Public Sector and Utilities
- Healthcare and Life Sciences
- Media and Entertainment
- Telecommunication and ITeS
The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.
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