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According to Market Research Future, the global Cloud Billing Market Segments has been segmented based on component, type, deployment, and region/country.
The process of generating bills using resource data with predefined billing policies is referred to as cloud billing. The purpose of having a cloud billing component is to provide an interface for generating usage bills. The end users of the cloud billing service module enable service-oriented architecture that comprises both functional and non-functional requirements. The functional requirements include a quote service, conversion functions & policies, payment schemes, and user identification, whereas the non-functional requirements include security, scalability, standards, and fault tolerance. The cloud billing in an organization benefits by lowering overall investment, higher scalability & service availability, and secured services.
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- Based on type, the global Cloud Billing Market Segments has been divided into subscription billing, cloud service billing, metered billing, one-time, and provisioning.
- Based on deployment, the global Cloud Billing Market Segments has been divided into public cloud, private cloud, and hybrid cloud.
- By end user, the global Cloud Billing Market Segments has been divided into BFSI, IT & telecom, energy & utility, healthcare, media & entertainment, retail, transportation & logistics, and others.
- The Cloud Billing Market Segments has been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Regional Analysis
The global cloud billing market size is projected to register an exponential CAGR during the forecast period from 2020 to 2026. The geographic analysis of the market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
For the purpose of analysis, the North American market has been divided into the US, Canada, and Mexico. In terms of market size, it is expected to be the largest region globally to adopt cloud billing solutions and services. The US is projected to be the leading country-level market owing to adoption from media & entertainment, BFSI, IT & telecom, and sector.
While the cloud billing market in Europe is segmented into Germany, the UK, France, and the rest of Europe. Government initiatives to boost digital transformation, regulatory compliance, and rapid economic growth across countries such as the UK and Germany are the key factors driving the growth of the cloud billing market in the region.
Asia-Pacific is projected to report the highest growth rate, mainly due to the growth of emerging economies such as China and India at a fast pace. The regional market has been segmented into China, India, Japan, and the rest of the Asia-Pacific. China is the leading country-level market, while India is projected to be the fastest-growing country during the forecast period. The Chinese market is expected to report the highest market share, owing to factors such as a large number of enterprises across industry verticals adopting cloud billing solutions and services. Furthermore, the demand for usage-based subscription billing from end consumers is adding momentum to the market growth. Additionally, India is witnessing an increase in the number of technology providers willing to automate the billing services with the help of a cloud billing platform.
The market in the Middle East & Africa and South America is expected to register steady growth during the study period with the growing demand for cloud billing.
Key Players
According to MRFR analysis, Zuora Inc. (US), IBM Corporation (US), Cerillion (UK), AMDOCS (US), Oracle (US), Amazon Web Services, Inc. (US), NEC Corporation (Japan), SAP SE (Germany), Aria Systems, Inc. (US), Cloudability (US), Jamcracker, Inc. (US), FinancialForce (US), ReckNap (US), CLOUD ASSERT LLC (US), and Tridens d.o.o. (Slovenia) are the major players considered in the report. The key strategies adopted by most of the players are partnerships, agreements, and collaborations.
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