A global cloud billing market measure is evaluated to develop from $ 5.68 billion out of 2016 to $16.59 billion by 2021, at an expected CAGR of 23.9% from 2016 to 2021.North America is required to hold the biggest piece of the overall industry in 2016 while APAC is the quickest developing as far as CAGR.
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North America is expected to hold the largest market share in 2016 while APAC is the fastest maturing in terms of CAGR. APAC has a variety of billing systems and the criticality of billing is much higher due to its diverse nature.
This is one of the major factors supporting the growth of cloud billing in this region to avoid security issues and IT glitches. Moreover, at the same time, cloud emergence and mandatory government regulation is boosting the growth of cloud billing market in the APAC region.
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In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of profiles of primary participants is given below as:
- By Company Type: Tier 1 – 18%, Tier 2 – 31%, and Tier 3 – 51%
- By Designation: C level – 42%, Director level – 33%, others – 25%
- By Region: North America – 47%, Europe – 31%, APAC – 14%, ROW- 8%
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- This report segments the cloud billing market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub segments across different verticals and regions.
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Account Management is expected to have the largest market share during the forecast period because the major part of account management includes customer handling and managing their account. Cloud billing solutions and services help organizations maintain a better professional relationship with their customers and solve their issues.
This advantage of cloud billing has led to its penetration in the account management area.
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Real-time billing, pay per use billing model, SaaS-based offerings, and customer-relationship management are some of the upcoming trends in the cloud billing market. Moreover, this would also help the organizations to avoid the vendor lock-ins, thereby enabling customers to have the flexibility to deploy various cloud-based applications and offerings from multiple vendors through a seamless interface.
The increasing demand for cloud managed services among SMEs has further enhanced the demand for it across many verticals.
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