Overview and Scope
Subscription billing software refers to programs that automate recurring billing, manage customer subscriptions, handle payment processing, enhance customer communications, and streamline workflows. It enables businesses to streamline billing processes, ensure timely payments, and offer self-service capabilities for customers to manage their subscriptions efficiently.
Sizing and Forecast
The subscription billing software market size has grown rapidly in recent years. It will grow from $6.40 billion in 2023 to $7.63 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth in the historic period can be attributed to widespread adoption of cloud technology, increased automation of subscription processes, growing preference for subscription-based revenue models, shift from one time product sales to recurring revenue streams, demand for customer centric billing experiences.
The subscription billing software market size is expected to see rapid growth in the next few years. It will grow to $15.61 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The growth in the forecast period can be attributed to growth in customer requirements for flexibility in purchasing, adoption of innovative technologies for market expansion, emphasis on research and development for innovative products, introduction of advanced billing features, focus on commercialization efforts for market growth. Major trends in the forecast period include increased focus on usage based billing for more flexibility, growing importance of security in payment processes, expansion of subscription models in the travel industry, introduction of subscription services by major airlines, accelerated need for personalized and efficient billing processes.
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Segmentation & Regional Insights
The subscription billing software market covered in this report is segmented –
1) By Type: Cloud Based, On-Premise
2) By Functionality: Billing And Invoicing, Revenue Management, Subscription Management, Payment Management, Financial Reporting, Other Functionalities
3) By Application: Large Enterprises, Small And Medium Enterprises (SMEs)
4) By Vertical: Information Technology And Telecommunication, Banking Financial Services And Insurance, Healthcare, Retail, Media And Entertainment, Other Verticals
North America was the largest region in the subscription billing software market in 2023. The regions covered in the subscription billing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing adoption of cloud-based solutions is expected to propel the growth of the subscription billing software market going forward. Cloud-based solution refers to services, applications, or resources that are delivered, accessed, and managed over the internet, utilizing remote servers and computing infrastructure hosted by third-party providers. The adoption of cloud-based solutions offer scalability, allowing businesses to easily adjust their computing resources according to changing demands. Subscription billing software harnesses the flexibility and convenience of cloud computing to effectively handle subscription plans, billing cycles, invoicing, and dynamic revenue monitoring across a wide array of devices and platforms. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, 45.2% of EU enterprises purchased cloud computing services, mostly to host their email systems, store electronic files, and accomplish other tasks. The purchases of cloud computing services by EU enterprises increased by 4.2 percentage points in 2023 compared to 2021. Therefore, the growing adoption of cloud-based solutions is driving the growth of the subscription billing software market.
Key Industry Players
Major companies operating in the subscription billing software market are Oracle Corporation, SAP SE, Salesforce Inc., Stripe Inc., Billwerk GmbH, HubSpot Payments, Zoho Corporation Pvt. Ltd., 2Checkout.com Inc.,Recurly Inc., Zuora Inc., Digital river Inc., FreshBooks, Maxio LLC, ChargeOver, Chargebee Inc., Cleverbridge AG, ReCharge Payments Inc., Aria System Inc., Invoicera Technologies Pvt. Ltd., Fusebill Inc., VeryConnect Ltd., BluSynergy LLC, SaaSOptics LLC, Pabbly Technologies Pvt. Ltd.
The subscription billing software market report table of contents includes:
1. Executive Summary
2. Subscription Billing Software Market Characteristics
3. Subscription Billing Software Market Trends And Strategies
4. Subscription Billing Software Market – Macro Economic Scenario
5. Global Subscription Billing Software Market Size and Growth
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32. Global Subscription Billing Software Market Competitive Benchmarking
33. Global Subscription Billing Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Subscription Billing Software Market
35. Subscription Billing Software Market Future Outlook and Potential Analysis
36. Appendix
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