NEW YORK, Oct. 14, 2021 /PRNewswire/ -- As per the findings of Zion Market Research study, subscription and billing management industry amassed revenue about US$ 6.03 billion in 2020 and is slated to accrue earnings worth approximately US$ 15.1 billion by 2028. The subscription and billing management market is projected to register highest gains of approximately 15.7% in 2021-2028. Moreover, need for consumer retention, data security & compliance, need for agility & flexibility in subscription & billing will drive growth of subscription and billing management market.
Increase in acceptance of subscription models and necessity of reducing subscriber churn will steer growth of subscription and billing management market over upcoming years. Need for adhering to compliance will steer expansion of subscription and billing management market over years ahead. Apparently, increase in adoption of subscription-driven B2B business models in industries ranging from financial solutions to manufacturing will prompt growth of subscription and billing management industry during assessment period. Furthermore, right subscription billing management activities facilitated building of flexible consumption model and this will create new growth avenues for subscription and billing management market.
In addition to this, surging requirement for upgrading legacy tools will steer growth of subscription and billing management industry. Apparently, rise in penetration of electronic media & equipment along with humungous demand for new subscription management tools & billing software will proliferate size of subscription and billing management market over forecast timespan. Use of subscription and billing management activities can reduce costs along with enhancing operational efficiency.
Massive Acceptance of Subscription Business Models to Push Market Growth By 2028
Large-scale use of subscription models & billing management activities in media & entertainment, utilities, and public sector will drive expansion of subscription and billing management market in foreseeable future. With service providers in these industries projected to offer high quality & timely solutions to clients, market for subscription and billing management market is projected to expand in foreseeable future. Humungous acceptance of subscription & billing management software product will proliferate growth of subscription and billing management market. In addition to this, need for reducing operating costs and demand for cloud-based software will enlarge scope of subscription and billing management industry in years ahead.
North America to Contribute Majorly Towards Overall Market Size By 2028
Growth of subscription and billing management market in North America during assessment period is owing to presence of leading telecom service providers as well as subscription & billing management dealers in countries such as Canada and the U.S. Additionally, a prominent increase in acceptance of bring your own device and cloud-based solutions has resulted in increase in automation of subscription methods in a slew of industries across the U.S., thereby driving regional market trends. Apart from this, a large number of firms based in sub-continent invest more on procurement of subscription & billing software and focus highly on implementation of this software through use of smartphone & cloud. Such moves are projected to contribute majorly towards subscription and billing management market revenue of the region.
The subscription and billing management market is offering lucrative opportunities to a large number of new entrants. This has made it competitive and hence to retain leading edge in market & position in business, existing players are trying to offer differentiated services as well as implement effective service recovery strategies to retain their current customers along with acquiring new ones. Thus, there is cut-throat competition among business rivals to optimize their market share through various new service offerings.
This, in turn, will contribute humungously towards market profit in coming decade. Some of these key players leveraging industry space are profiled in the study and include BillingPlatform, cleverbridge, Netsuite, Inc., Fusebill, Aria Systems, Inc., JustOn, Oracle Corporation, Recurly, Zuora, Inc., Chargify, Computer Sciences Corporation, SaaSOptics, Cleverbridge AG, Digital River, Fastspring, Cerillion PLC, Gotransverse, Avangate B.V., Zuora, and SAP SE.
This review is based on a report by Zion Market Research, titled, "GlobalSubscription and Billing Management Market- by Component (Software and Services), by Deployment (On-Premises and Cloud), by Enterprise (Small and Medium Enterprises (SMEs) and Large Enterprises), and by End-User Industry (Retail, BFSI, IT & Telecom, Healthcare, Media & Entertainment, and Others): Industry Perspective, Comprehensive Analysis, and Forecast, 2021–2028"
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