2014-01-29 12:40:05 - Cloud Billing Market: Global Advancements, Market Forecasts & Analysis 2013-2018 - a new market research report on companiesandmarkets.com
The global cloud billing market is suggested to have reached a value of around $2.4 billion at the beginning of 2013, and is forecast to grow to a total of $9.6 billion by 2018. This suggests a CAGR growth rate of around 31.9% between 2013 and 2018.
The need for cost effective business processes is soaring as organizations aim to gain a competitive edge in the industry. Cloud billing solutions ensure cost efficiency as it reduces the IT resources and infrastructure required for the billing function. As businesses realize the impact of efficient billing processes on customer satisfaction and retention, the demand for cloud billing solutions is increasing.
Cloud billing is a result of evolution of cloud technology, thereby enabling automation of
the billing function by addressing the intricacies related to the billing process. Though the regulatory and compliance standards confine the adoption of cloud billing solutions, businesses are gradually realizing the benefits of lean billing processes for customer retention. The global adoption scenario of cloud billing solutions across verticals for digital as well as non-digital services is an indication of optimistic growth as early adopters advocate the benefits of this service.
While organizations across the verticals look forward to integrate the cloud billing solutions into their mainstream work scenarios, the billing solution providers aim to gain competitive advantage in the emerging market by designing feature rich solutions and better visibility by undertaking innovative marketing strategies such as referral programs and free trials. Major forces driving the cloud billing market are the increasing Capex pressure, businesses adopting service oriented culture and offering consumer oriented services, the reporting feasibility the cloud billing solutions deliver and the market trend of employing cloud technology.
In terms of geographies, North America (NA) is expected to be the biggest market in terms of revenue contribution, while Asia-Pacific (APAC) is expected to experience increased market traction, during the forecast period.
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