Subscription Billing Management Global Market Report 2022: Sector to Reach $14.1 Billion by 2028 at a CAGR of 15.7%

DUBLIN, March 7, 2023 /PRNewswire/ -- The "Global Subscription Billing Management Market Size, Share & Industry Trends Analysis Report by End-use, Organization Size, Deployment Type, Component, Regional Outlook and Forecast, 2022-2028" report has been added to  ResearchAndMarkets.com's offering.

The Global Subscription Billing Management Market size is expected to reach $14.1 billion by 2028, rising at a market growth of 15.7% CAGR during the forecast period.

Key Market Players

• Oracle Corporation
• SAP SE
• Zuora Inc.
• BluSynergy
• Recurly, Inc.
• Gotransverse
• Cleverbridge GmbH
• LogiSense Corporation
• Aria Systems, Inc.
• Conga (Thoma Bravo, LP)

The customer may have already paid for the items or services listed on the invoice. Some sellers note in large, capitalized characters on an invoice whether it has been paid to avoid misunderstandings and the subsequent unneeded interactions between buyer and seller.

A bill is a sales statement from the perspective of the seller. From the viewpoint of the buyer, a bill is a transaction invoice. The document identifies the buyer and seller, even though the word 'invoice' suggests a financial obligation.

In conjunction with recurrent payments, subscription billing refers to the automatic, recurring billing procedure that takes place after a customer joins up to utilize a service.

This could involve receiving a bill each month for a subscription to a magazine, streaming service, SaaS item, 'box of the month, 'or other recurring services of a similar nature. Regular charges are made to customers, but they are free to stop at any moment. The amount owing to the client is automatically transferred from their account to the company instead of being harassed for payment regularly. The client receives a receipt, but other than that, nothing happens in the transaction.

COVID-19 Impact Analysis

The economy was severely impacted by the abrupt emergence of the COVID-19 pandemic. Subscription billing companies are persevering to be resilient despite these supply chain limitations, operational setbacks, and a circumstance of a worldwide recession.

Additionally, the impact of subscriptions for B2B and B2C software and information services is minimal. However, several industries, such as consumer Internet of Things (IoT), travel and hospitality, commercial IoT services, sports-related assistance, and technology for small businesses are seeing a detrimental impact on their growth. The COVID-19 pandemic is also estimated to have an impact on the market expansion because of the uneven adoption of subscription services across different industries.

Market Growth Factors

Increase in subscription-based business model adoption

There has been an increase in B2B and B2C firms' subscription-based recurring income. Businesses are increasingly using subscription as a service (SAAS) because clients want to rent software rather than purchase it. A majority of online buyers are engaged in subscription programs and get items on a recurrent basis.

Notable technological businesses such as Uber, Spotify, Apple, and Google LLC are transitioning from a static and linear product offering to a subscription-based model to promote consistent, predictable, and recurring income. The media and entertainment industry have had the most significant rise in subscriptions over the past few years. This is augmenting the growth of the subscription billing management market.

Customer demand for adaptability of subscription

The demand for greater purchasing freedom among customers has also grown. As the economic effects of the pandemic caused havoc on the finances of many people, it became more important than ever for consumers to be able to purchase and pay for exactly what they wanted and would utilize. Customers looking to save money rushed to product-as-a-service agreements, which strengthened subscription models.

However, it also raised the demand for pay-per-use and other utilization subscription options. Under these systems, customers may personalize their purchases to receive only what they need, when they need it. Customers like the versatility; for companies, the reduced initial investment encourages customers to remain and try new things, especially during times of transition.

Market Restraining Factors

Growing Competition among the companies

Subscription billing is an emerging business model that is rapidly gaining the traction of a significant number of people all over the world. It offers a lot of savings as well as convenience to the customer.

However, due to the increasing trend and adoption of subscription billing all over the world, the market players entering the sector is also increasing at an exponential rate.

There is a large number of service providers penetrating the market, which is beneficial for customers. However, these market players are encountering a number of challenges owing to this. Hence, this factor is playing a major role in impeding the growth of the subscription billing management market.

Scope of the Study

Market Segments Covered in the Report:

By End-use

• BFSI
• Retail & E-Commerce
• Media & Entertainment
• IT & Telecom
• Healthcare & Life Sciences
• Others

By Organization Size

• Large Enterprises
• SMEs

By Deployment Type

• Cloud
• On-premise

By Component

• Software
• Subscription Order Management
• Quote & Pricing Management
• Credit & Collection Management
• Receivables Management
• Dispute Management & Others
• Service

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

For more information about this report visit https://www.researchandmarkets.com/r/5ltkxa

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets