Cloud Billing Market Estimated At 16 Billion By 2021
According to a new market research report published by market research company MarketsandMarkets, “Cloud Billing Market by Type (Subscription Billing, Metered Billing), Providers (CSP, Telecom and Communication Provider, & MSP), Application (Customer, Revenue, & Account Management, Organization Size, Vertical, and by Region – Global forecast to 2021,” the market size is estimated to grow from $5.68 Billion in 2016 to $16.59 Billion by 2021, at expected Compound Annual Growth Rate (CAGR) of 23.9 percent from 2016 to 2021.
“Cloud Service Billing is expected to grow at the highest CAGR during the forecast period“
Cloud service billing is expected to grow at the highest CAGR during the forecast period. Advancement in cloud technology has increased the customer base significantly in the billing market and raised the demand for cloud billing. Among the various types of cloud service billing, SaaS-based services are becoming more popular due to its capability to offer easy customization and innovative functionality.
“Customer Management is expected to gain prominent traction during the forecast period“
The Cloud Billing Market is expected to grow at an impressive CAGR during the forecast period. Customer retention and customer feedback are the two most important factors companies are focusing on, thereby increasing the application of customer management in the Cloud Billing Market. Moreover, cloud billing not only helps in retaining the customers but also delivers value by establishing healthy customer-provider relationship.
“Media & Entertainment and Telecommunication & ITES are expected to grow at the highest CAGR during the forecast period. “
The media and entertainment industry is witnessing a potential growth in the Cloud Billing Market across regions owing to the increase in the adoption of digital channels. Moreover, the telecommunications and ITES sector has always been at the forefront while adopting cloud-based technologies to serve their customers better.
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