The global Cloud
Billing Market size is
expected to grow from USD 3.0 billion in 2020 to USD 6.5 billion by 2025, at a
Compound Annual Growth Rate (CAGR) of 16.6% during the forecast period according
to report published by MarketsandMarkets. The key factors that are expected to drive the growth of the
market are the need for lower OPEX and CAPEX and increasing revenue leakages
across industries.
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Solutions
segment to hold a larger market size during the forecast period
Cloud billing solutions are tools that perform the billing
of cloud-based software and infrastructure and act as a single source of
invoicing. Cloud billing solutions include features such as the ability to
easily accommodate new SKUs or pricing changes, calculate usage charges, and
track third-party billing & payouts. For instance, it can combine solutions
such as Microsoft Office 365, Azure, and Cisco into one billing engine and
eliminate disparate portals and invoices.
SMEs
segment to grow at the highest CAGR during the forecast period
Organizations with less than 1,000 employees are
categorized under the SMEs segment. They have a low marketing budget and often
lack the resources and capabilities required for effective marketing
orchestration. Customer data is important for any organization. SMEs, with
their limited marketing budget, try to scale up their business through
cost-effective marketing techniques to generate maximum RoI from their
marketing spend. The intense competitive market scenario has encouraged SMEs to
invest in cloud billing solutions & services and derive insights from a
large pool of data for their business growth.
Consumer
goods & retail vertical to grow at the highest CAGR during the forecast
period
The consumer goods & retail vertical is adopting
advanced technologies such as cloud computing, Big Data analytics, DevOps,
digital stores, and social networks at a high rate. The various factors driving
this adoption are the rising purchasing power of customers and the increasing
customer expectations, leading to existing customer retention and new customer
acquisition. Online retailing and cloud technologies have significantly
disrupted the retail & consumer goods vertical, leading to the adoption of
cloud computing mainly for storage, backup, and security services. Cloud
computing services enable retailers to access customer data with just one click
from any store located anywhere, leading to better customer service delivery.
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North
America to account for the highest market share during the forecast period
Stable economic conditions and increasing SaaS adoption are
expected to offer major significant drivers for the cloud billing market in
North America. The US is estimated to hold the largest share of the North
America cloud billing market in 2020, and the trend is expected to continue
until 2025. It is a technologically advanced country due to the high level of
technology awareness and the presence of a large number of CSPs, TSPs, and
MSPs. The presence of giant cloud players, such as Microsoft, AWS, and IBM (all
headquartered in the US), contributes to the growth of cloud computing in the
US.
The
major players in the cloud billing market are Oracle (US), SAP (Germany),
Salesforce (US), Zuora (US), Aria System (US), OneBill (US), BillingPlatform
(US), Recurly (US), Jamcracker (US), Cerillion (UK), CGI (Canada), ConnectWise
(US), Zoho (India), AppDirect (US), CloudBilling (Netherlands), Chargebee (US),
RecVue (US), Cloud Assert (US), CloudXchange.io (India), and Chargify (US). The
study includes an in-depth competitive analysis of key players in the cloud
billing market with their company profiles, recent developments, COVID-19
developments, and key market strategies.
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