Global Cloud Billing Market Size Value Projected to Exceed USD 20.41 Billion By 2032, at 16.3% CAGR: Polaris Market Research

NEW YORK, Aug. 21, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Cloud Billing Market Share, Size, Trends, Industry Analysis Report, By Component (Solutions, Services); By Billing Type; By Deployment Type; By Service Model; By Organization Size; By Vertical; By Region; Segment Forecast, 2023 - 2032" published by Polaris Market Research in its research repository.

"According to research report, the global cloud billing market size/share was valued at USD 4.51 Billion in 2022 and is expected to touch USD 20.41 Billion By 2032, growing at a CAGR of 16.3% during the forecast period."

Report Summary:

Published Date: Aug 23

Number of Pages: 117

Base Year: 2022

Historical Data: 2019-2021

What is Cloud Billing? How Big is Cloud Billing Market Size?

• Overview

Cloud billing is a set of tools that help cloud-based service providers bill their clients and other channel users. Cloud billing usually manages several billing types, including subscription billing, recurring billing, and usage-based billing, amongst others. Depending on the specific requirements, cloud billing solutions can be hosted on-site or delivered as SaaS.

Cloud billing solutions have several benefits, including reduced licensing and services costs, increased scalability, flexible pricing, and enhanced security and data protection. As more and more organizations shift to cloud and cloud-based services, minimizing costs and optimizing workloads become important. The increase in cloud spending and challenges associated with complex cloud billing fuel the cloud billing market growth.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players Covered Are:

• Aria Systems
• AWS
• BillingPlatform
• Cerillion
• Chargebee
• Chargify
• CloudBilling
• Fusebill
• Google Cloud Platform
• Gotransverse
• Microsoft
• Oracle
• Recurly, Stripe
• Salesforce
• SAP
• Zuora

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Cloud Billing Market: Report Scope

Growth Drivers

• Flexibility and scalability of cloud models: Cloud billing tools are designed to efficiently handle the scalability and flexibility needs of cloud computing environments. The scalability and flexibility of cloud models are some of the primary drivers behind the rising cloud billing market demand.
• Ability to seamlessly scale up or down: The traditional on-premise software solutions require extensive planning and have comparatively high failure rates. In contrast, cloud solutions offer usage-based billing that allows organizations to start small and expand as per their requirements. This ability to scale up or down enables enterprises to seamlessly control and manage their billing processes based on resource usage.
• Incorporation of Artificial Intelligence (AI): Incorporating AI in cloud billing can enhance the overall accuracy and efficiency of these solutions. With artificial intelligence, repetitive, time-consuming, and error-prone tasks such as data entry can be easily automated. AI integration is expected to impact the cloud billing market size favorably.

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Top Trends Influencing the Market

• Introduction of the FOCUS initiative: To address the issues of lack of visibility and standardization in cloud billing, the FinOps Foundation has launched the FinOps Open Cost & Usage Specification (FOCUS) initiative. FOCUS is a standardized cloud cost data specification that helps unify costs across different cloud providers. That way, FinOps practitioners can allocate resources, control budgets, and forecast expenses effectively.

Key Segmental Analysis

• Solutions Segment is Anticipated to Experience the Fastest Growth

Cloud billing solutions can offer firms information about their resource consumption patterns and costs. Besides, they have advanced analytics and reporting tools that allow users to review usage data and streamline resource allocation. As a result, businesses can effectively manage their cloud spending and make more strategic decisions about resource usage. The ability to identify cost drivers and control spending are major drivers for the adoption of cloud billing solutions in the cloud billing market.

• Usage-based Segment Held the Largest Market Share

Usage-based billing allows users to pay for cloud services based on their actual resource usage. This model provides cost-saving opportunities as companies only pay for their actual consumption of resources. Besides, it removes the need for making upfront payments, allowing businesses to align expenses with their actual requirements.

• Public Cloud Segment is Projected to Witness a Larger Revenue Share

Public cloud platforms have several tools and services that allow rapid innovation and reduce time-to-market for organizations. These platforms provide users access to novel technologies like AI and ML without the need for significant upfront commitments. Firms can use these tools and technologies to develop and deliver innovative solutions faster, thereby bolstering the cloud billing market sales.

• SaaS Segment is Projected to Have Higher Growth Rate

Software as a Service (SaaS) cloud billing applications operate on a subscription model. With subscription-based SaaS models, users must pay a recurring fee for accessing and using the software. This revenue model needs efficient and automated billing processes, and cloud billing solutions are specifically developed to cater to this billing model type. The subscription-based nature of SaaS applications spurs the need for cloud billing tools that allow users to manage and streamline billing operations effectively.

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Geographic Analysis

• Asia Pacific: The cloud billing market in the Asia Pacific region is anticipated to witness a higher growth rate over the forecast period. The region's growth can be attributed to various factors, including the rising adoption of cloud and cloud-based services. Besides, rising investments by major firms further foster market development in the Asia Pacific.
• North America: North America is forecasted to witness a larger revenue share of the cloud billing market. The growing prevalence of cloud computing has opened new growth opportunities for cloud billing solutions in the region. According to the International Data Corporation (IDC), Canada's Information Communications Technology (ICT) industry is set to reach the USD 132.6 Bn mark by 2025. North America's stunning expansion is anticipated to be driven by the remarkable growth of cloud computing and improvements in customer experience.

Browse the Detail Report "Cloud Billing Market Share, Size, Trends, Industry Analysis Report, By Component (Solutions, Services); By Billing Type; By Deployment Type; By Service Model; By Organization Size; By Vertical; By Region; Segment Forecast, 2023 - 2032" with in-depth TOC: https://polarismarketresearch.com/industry-analysis/cloud-billing-market    

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Recent Developments

• In January 2023, California-based enterprise software company Zuora unveiled its new market-leading solution for both pay-as-you-go and hybrid billing models. The new solution offers both end-to-end billing and revenue recognition.
• In September 2022, system software company Aria Systems announced its new strategic partnership with leading global consulting, technology, and managed services provider Prodapt.

The Report Answer Questions Such As

• What is the current size of the cloud billing market?
• At what CAGR is the market expected to grow over the forecast period?
• Who are cloud billing market key players?
• What are the challenges and opportunities faced by businesses in the industry?
• Which segments accounts for the largest cloud billing market share?
• What are the recent developments and upcoming trends in the sector?

Polaris Market Research has segmented the cloud billing market report based on component, billing type, deployment type, service model, organization size, vertical and region:

By Component Outlook

• Solutions
• Services

By Billing Type Outlook

• Subscription
• Usage-based
• One-Time
• Others

By Deployment Type Outlook

• Private Cloud
• Public Cloud

By Service Model Outlook

• IaaS
• PaaS
• SaaS

By Organization Size Outlook

• Large Enterprises
• SMEs
• By Vertical Outlook
• BFSI
• IT
• Telecommunications
• Education
• Consumer Goods & Retail
• Media & Entertainment
• Healthcare
• Others

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research