NEW YORK, October 14, 2021 / PRNewswire / – According to Zion Market Research’s findings, the subscription and billing management industry has accumulated revenues of approximately US $ 6.03 billion in 2020 and is expected to generate revenues of around $ 15.1 billion by 2028. The subscription and billing management market is expected to register the highest gains of around 15.7% in 2021-2028. Additionally, the need for consumer loyalty, data security and compliance, the need for agility and flexibility in subscriptions and billing will drive the growth of the subscription and billing management market.
The increase in the acceptance of subscription models and the need to reduce the churn rate will drive the growth of the subscription and billing management market in the years to come. The need to adhere to compliance will guide the expansion of the subscription and billing management market in the years to come. Apparently, the increased adoption of subscription-driven B2B business models in industries ranging from financial solutions to manufacturing will drive the growth of the subscription and billing management industry during the evaluation period. In addition, the appropriate subscription billing management activities have facilitated the construction of a flexible consumption model, which will create new growth avenues for the subscription management and billing market.
In addition to this, the growing need to upgrade legacy tools will drive the growth of the subscription and billing management industry. Apparently, the increasing penetration of media and electronic equipment along with the huge demand for new subscription management tools and billing software will cause the subscription and billing management market size to proliferate over the period of time. forecast. Using subscription and billing management activities can reduce costs while improving operational efficiency.
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Massive acceptance of subscription business models to drive market growth by 2028
The large-scale use of subscription models and billing management activities in media and entertainment, utilities and the public sector will lead to the expansion of the subscription management and billing management market in the foreseeable future. As service providers in these industries are expected to deliver high quality and timely solutions to customers, the subscription and billing management market is expected to expand for the foreseeable future. The massive acceptance of the subscription and billing management software product will proliferate the growth of the subscription and billing management market. In addition to this, the need to reduce operating costs and demand for cloud-based software will expand the reach of the subscription and billing management industry in the years to come.
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North America Mainly contribute to the overall size of the market by 2028
Growth of the subscription and billing management market in North America during the evaluation period is due to the presence of major telecommunications service providers as well as subscription and billing management resellers in countries such as Canada and the United States In addition, a significant increase in the acceptance of bringing in your own device and cloud-based solutions has led to an increase in the automation of subscription methods in a large number of industries. across the United States, thus driving regional market trends. Apart from this, a large number of companies based in the subcontinent are investing more in the purchase of subscription and billing software and have a strong focus on the implementation of this software through the use of smartphones and cloud. Such measures are expected to make a major contribution to the revenue of the region’s subscription management and billing market.
The subscription and billing management market offers lucrative opportunities to a large number of new entrants. This has made it competitive and, therefore, to maintain its market lead and commercial position, existing players are trying to offer differentiated services and implement effective service recovery strategies to retain their current customers. and acquire new ones. Thus, there is fierce competition among competing companies to maximize their market share through various new service offerings.
This, in turn, will contribute immensely to the profit of the market over the next decade. Some of these key players exploiting the industry space are featured 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 BV, Zuora and SAP SE.
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This review is based on a report by Zion Market Research, titled “Global Subscription and billing management market by component (software and services), by deployment (on-premises and cloud), by enterprise (small and medium-sized enterprises (SMEs) and large enterprises) and by end-user industry (commerce Retail, BFSI, IT & Telecommunications, Healthcare, Media & Entertainment & Others: Industry Outlook, Full Analysis & Forecast, 2021-2028“
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The report segments the global subscription and billing management market as follows:
- Billing mediation
- Manage subscription orders
- Financial customer service and dispute management
- Price and quote management
- Small and medium-sized enterprises (SMEs)
- Large companies
By end user industry
- IT and Telecom
- Health care
- Media and entertainment
- North America
- Great Britain
- Rest of Europe
- Asia Pacific
- South Korea
- South East Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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