Zion Market Research has published a new report titled “Subscription and Billing Management Market by Component (Software and Services), by Deployment (On-Premises and Cloud), by Enterprise (Small and Medium Enterprises (SMEs) and Large Enterprises), and by End-User Industry (Retail, BFSI, IT & Telecom, Healthcare, Media & Entertainment, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’. According to the report, the global subscription and billing management market was valued at USD 3.8 billion in 2018 and is expected to reach USD 10.5 billion by 2025, at a rate of 15.5% between 2019 and 2025.
The increasing adoption of subscription and billing management solutions in the retail sector is likely to fuel the subscription and billing management market growth in the future. Various retailers are focusing on using these solutions to automate their billing processes and retain customers. Top market players are offering tailored solutions to retailers that help them in increasing revenue, both in-store and online. The demand for these solutions is on the rise due to the massive e-commerce sales. In 2017, the worldwide e-commerce sales were USD 2.30 trillion as compared to USD 1.84 trillion in 2016. With increasing online retailing, the need for solutions to automate bills is also rising. These aforementioned factors are expected to drive the growth of the global subscription and billing management market over the estimated timeframe.
Browse through 111 Tables & 30 Figures spread over 168 Pages and in-depth TOC on “Global Subscription and Billing Management Market, 2018: Industry Size, Share, Trends, Growth, Analysis Share and Forecast 2025”.
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The subscription and billing management solutions enable banks and financial institutes to improve operations, deliver enhanced price execution, and meet their revenue goals. Rising investments made in technology by numerous banks are driving the market for subscription and billing management. JP Morgan, Bank of America, Citigroup Inc., Morgan Stanley, etc. are spending on technology to automate numerous processes. In 2018, these banks announced their tech budget, i.e., USD 10.8 billion, USD 16 billion, and USD 8 billion, respectively.
The global subscription and billing management market is segmented on the basis of the component, deployment, enterprise, and end-user industry. By deployment, the global subscription and billing management market is bifurcated into on-premises and cloud. Software and services comprise the component segment of the global subscription and billing management market. Small & medium enterprises (SMEs) and large enterprises form the enterprise segment of the subscription and billing management market. The end-user industry segment includes retail, BFSI, IT and telecom, healthcare, media and entertainment, and others. The media and entertainment sector is likely to grow significantly over the forecast timespan, owing to the escalating demand for online streaming of movies and web series.
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North America is projected to hold an important share of the global subscription and billing management market over the estimated time span. The U.S. is estimated to make major contributions to this regional market. Various retailers in the country are opting to use online platforms to increase their sales. The U.S. retail e-commerce sales in 2018 were valued at USD 504.6 billion as compared to USD 446.8 billion in 2017. Customers are shifting to online shopping, which has made retailers opt for solutions that would help them to automate bills and manage customer disputes. Furthermore, the presence of top market players, such as Netsuite, Inc., Oracle Corporation, and Computer Sciences Corporation, in the region is likely to further propel the region’s subscription and billing management market over the forecast timeframe.
The Asia Pacific subscription and billing management market is expected to grow considerably in the future. China and India are anticipated to make major contributions toward this regional market growth, owing to the adoption of new technology in the healthcare industry. The hospital industry in India is projected to reach about USD 132.8 billion by 2022. In 2017, the total number of doctors in India was about 840,000. Healthcare institutes are focusing on investing in technology to streamline their processes. Furthermore, it is expected that IT investments in China’s hospital systems will reach USD 9.76 billion by 2022.
“Subscription and Billing Management Market by Component (Software and Services), by Deployment (On-Premises and Cloud), by Enterprise (Small and Medium Enterprises (SMEs) and Large Enterprises), and by End-User Industry (Retail, BFSI, IT & Telecom, Healthcare, Media & Entertainment, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”
The European BFSI sector is regarded as the most attractive industry for the subscription and billing management market. The UK is one of the major countries that the major market players are targeting. Various banks and financial institutes in the region are focusing on spending on technology to simplify the services offered to their customers. In 2018, “Nationwide Building Society”, one of UK’s top financial institutes announced to invest about USD 5.41 billion on technology in the next five years. Furthermore, German Fintech companies witnessed investments worth USD 1.1 billion in 2018. These investments are projected to rise as customers are using mobile banking for transactions, applying for insurance, etc.
The Latin American region is likely to make notable contributions toward the global subscription and billing management market in the future owing to the rising demand for online movies and music streaming in Brazil and Argentina. Netflix and Amazon Prime are focusing on creating series in regional languages to expand their business in this region, which is likely to further fuel this regional market growth over the estimated time period.
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Some key players of the global subscription and billing management market are Netsuite, Inc., Computer Sciences Corporation, Fastspring, Cerillion PLC, Aria Systems, Inc., Cleverbridge AG, Avangate B.V., Zuora, Inc., Oracle Corporation, and SAP SE among others.
The report segments the global subscription and billing management market into:
Global Subscription and Billing Management Market: Deployment Analysis
Global Subscription and Billing Management Market: Component Analysis
- Billing Mediation
- Subscription Order Management
- Financial customer Care and Dispute Management
- Pricing and Quote Management
Global Subscription and Billing Management Market: Enterprise Analysis
- Small and Medium Enterprises (SMEs)
- Large Enterprises
Global Subscription and Billing Management Market: End-User Industry Analysis
- IT and Telecom
- Media and Entertainment
Global Subscription and Billing Management Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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As one of the lead news writers at the concepts news, Hiren’s specialization lies in the science, technology, Health & business domains. His passion for the latest developments in cloud technology, connected devices, nanotechnology, and virtual reality, among others, shines through in the most recent industry coverage he provides. Hiren’s take on the impact of digital technologies across the technology, health and business domains gives his writing a fresh and modern outlook.