The cloud billing market size is estimated to grow from USD 5.68 billion in 2016 to USD 16.59 billion by 2021, at an estimated CAGR of 23.9% from 2016 to 2021. The cloud billing market is driven by factors such as increased adoption of cloud technology by Small and Medium Enterprises (SMEs) and the organization’s inclination toward subscription-based billing and pay-per-use model.
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Subscription billing is expected to have the largest market share during the forecast period. Cost efficiency for customers is the major advantage of the subscription billing as it charges customers based on the products and services they utilize.
Moreover, its ability to predict the revenue of the business process helps companies to further plan their business has contributed to its popularity.
Account Management is expected to have the largest market share during the forecast period because the major part of account management include customer handling and managing their account.
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This advantage of cloud billing has led to its penetration in the account management area.
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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.
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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