Market Size of Cloud Billing Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 23.00 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Cloud Billing Market Analysis
Cloud Billing Market is expected to grow at a CAGR of 23% during the forecast period. With the growing instances of adoption of cloud computing, the demand for cloud billing solutions is also increasing. The major benefits provided by cloud billing solutions are cost benefits, higher scalability, secured services, and improved efficiency in operations.
- As the industry's technological landscape changes, businesses are looking for cost-effective ways to increase their competitiveness in the market. Cloud billing solutions are cost-efficient as they help in reducing the cost of resources and the IT infrastructure, thus driving the demand for the cloud billing system.
- Also, the massive growth in e-commerce and virtualized workplaces is increasing the need for simplified operations and billing process transparency, further driving the market growth. Also, the growth of the cloud-based POS system is giving rise to cloud billing in the retail sector.
- The growing requirement for lower capital and operational expenditures is projected to propel the cloud billing industry forward in the future years. Billing developed from a discrete back-office product to an integral component of the complete quote-to-cash process with the arrival of the cloud. Cloud billing enables organizations to save money while providing exceptional customer service. According to Flexera research, in the last year, 89% of firms desire multiple-hybrid cloud. As a result, the growing need for cheaper capital and operational expenses drives the expansion of the cloud billing industry.
- However, the transition from on-premises to cloud-based billing solutions, especially in small and medium firms, is expected to hinder the market growth. This is due to the costs involved with the transformation and privacy and data security issues related to cloud billing solutions.
- The COVID-19 outbreak had a favorable influence on the cloud billing business. Due to the worldwide lockdown, cloud billing systems have become popular as businesses implement new and inventive invoicing ways. The popularity of cloud-based billing systems increased significantly during the COVID-19 pandemic due to their cheap cost and scalability.
Cloud Billing Industry Segmentation
Cloud Billing refers to the process of generating bills from resource usage data using a set of predefined billing policies. Cloud-based billing solutions manage the difficulty associated with the delivery of digital and non-digital services and provide robust support for integration. The purpose of a cloud billing solution is to provide an interface for generating usage bills. The Cloud Billing Market is segmented by Deployment (Public Cloud, Private Cloud, Hybrid Cloud), Component (Platform, Services), End-user Industry (Retail, Power & Energy, Healthcare, Telecommunications, BFSI, Other End-user Industry), and Geography (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
By Deployment | |
Public Cloud | |
Private Cloud | |
Hybrid Cloud |
By Component | |
Platform | |
Services |
By End-user Industry | |
Retail | |
Power & Energy | |
Healthcare | |
Telecommunications | |
BFSI | |
Other End-user Industries |
Geography | ||||||
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Cloud Billing Market Size Summary
The cloud billing market is poised for significant growth, driven by the increasing adoption of cloud computing and the need for cost-effective, scalable, and efficient billing solutions. As businesses seek to enhance their competitiveness, cloud billing systems offer substantial cost savings by reducing resource and IT infrastructure expenses. The rise of e-commerce and virtual workplaces has further fueled the demand for streamlined operations and transparent billing processes. The transition from traditional billing methods to cloud-based solutions is transforming billing from a back-office function to a crucial part of the quote-to-cash process, enabling organizations to deliver exceptional customer service while optimizing costs. Despite the challenges posed by the transition for small and medium enterprises, the market is expected to expand, supported by technological advancements and the growing need for lower capital and operational expenditures.
North America is anticipated to lead the cloud billing market, bolstered by the presence of major solution providers and a robust retail sector. The region's innovative retail environment and widespread adoption of cloud solutions make it a key player in the market. The increasing retail sales in the United States are likely to drive demand for cloud billing systems to handle large transaction volumes. The competitive landscape is becoming more fragmented, with numerous solution providers entering the market and existing players forming strategic partnerships to maintain their competitive edge. Companies like Oracle and Aria Systems are enhancing their offerings to meet the evolving needs of businesses, while collaborations such as Gentrack's partnership with Pulse Energy highlight the industry's focus on leveraging cloud billing solutions for operational efficiency and growth.
Cloud Billing Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Increasing Adoption of Cloud Computing
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1.1.2 Growth in E-commerce Platforms
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1.2 Market Restraints
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1.2.1 Transition From On-Premise to Cloud-Based Solutions
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1.2.2 High Costs Involved and Data Privacy Issues
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2. MARKET SEGMENTATION
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2.1 By Deployment
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2.1.1 Public Cloud
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2.1.2 Private Cloud
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2.1.3 Hybrid Cloud
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2.2 By Component
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2.2.1 Platform
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2.2.2 Services
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2.3 By End-user Industry
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2.3.1 Retail
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2.3.2 Power & Energy
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2.3.3 Healthcare
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2.3.4 Telecommunications
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2.3.5 BFSI
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2.3.6 Other End-user Industries
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.2 Europe
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2.4.2.1 United Kingdom
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2.4.2.2 Germany
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2.4.2.3 France
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2.4.2.4 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 India
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2.4.3.3 South Korea
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2.4.3.4 Rest of Asia-Pacific
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2.4.4 Latin America
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2.4.4.1 Brazil
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2.4.4.2 Mexico
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2.4.4.3 Rest of Latin America
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2.4.5 Middle East & Africa
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2.4.5.1 United Arab Emirates
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2.4.5.2 South Africa
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2.4.5.3 Saudi Arabia
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2.4.5.4 Rest of Middle East & Africa
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Cloud Billing Market Size FAQs
What is the current Cloud Billing Market size?
The Cloud Billing Market is projected to register a CAGR of 23% during the forecast period (2024-2029)
Who are the key players in Cloud Billing Market?
Orbitera, Inc., Microsoft Corporation, SAP SE, ARIA Systems, Inc. and Telefonaktiebolaget LM Ericsson are the major companies operating in the Cloud Billing Market.