The traditional billing systems are on the edge of being displaced by the advanced cloud-based billing platforms. Cloud billing is basically the process to generate bills by implementing some set of billing policies. Billing module is design is such a way that it will use service oriented architecture that cover different functional requirement like conversion policies, payment schemes, security standards etc.
The global demand for cloud billing services
The reports by the WGR revealed significant figures about the global cloud billing services. The industry was marked at $8.13 billion way back in 2017. The industry is poised to grow at a compound annual growth rate of 21.9 percent and will reach a figure of $48.4 billion by the year 2026. The latest billing norms and implementation of standardized rules have propelled the growth of the industry leap and bound.
Understanding the leading factors
Developmental laws imposed by the government characterizes the cloud billing service industry. The demand for advanced, low-cost billing solutions along with the growing need of billing solutions have helped companies to grow at a steady fast rate. But there exist multiple factors that inhibit the growth of the industry. From the continuously evolving market segment to hectic, time-consuming solutions, every other element has limited the growth opportunities of the market.
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Critical geographical regions like North America has been crucial for the growth of the industry. While North America represented the highest growth, the Asia Pacific region reported future growth opportunities. Important nations like Taiwan, China, and India, serve the most significant markets. The latest billing norms imposed by the countries have positively helped the cloud billing market. Other prominent regions include geographies like Mexico, Canada, Italy, German, and Japan, among several others.
The notable players
Some of the biggest companies working in the domain include names like Amazon Web Services (AWS), Zuoro Inc., Computer Sciences Corporation (CSC), Amdocs, Oracle Corporation among many other prominent companies in the space. The rapidly growing innovative startups have also been giving a run for the buck in the domain. A lot many companies are expected to consolidate as the field becomes statured with the addition of new players.
Major end-users and applications
The cloud billing solutions cover a range of issues for their end customers. Primary applications include revenue management, customer management, account management among several other innovative solutions. Speaking of end-users, the end-users have a fair long list to its name. From retail stores to healthcare and life sciences service providers, every organization needs billing platforms. Other notable names include media and entertainment houses, manufacturing industries, telecommunication, and ITeS industries.
The platform is available for both large scales as well as small scale service providers. To take a step further, the service can be delivered as Platform as a service (PaaS), Software as A Service (SaaS) as well as Infrastructure as A Service (IaaS).
The global cloud billing service is a vast domain with users at every nook and corner in the industry. The industry represents excellent potential and is about to boom in the next few years down the line. The service has already made a significant presence in countries like India, where strict laws have been laid down for every item.
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