The subscription billing management global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Subscription Billing Management Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The subscription billing management market size has grown rapidly in recent years. It will grow from $6.44 billion in 2023 to $7.66 billion in 2024 at a compound annual growth rate (CAGR) of 18.9%. The growth in the historic period can be attributed to growing demand for customer-centric billing experience, growing popularity of digital subscriptions, increasing need for upgrading legacy systems, expansion in emerging markets, and growing integration of consumer data for enhanced customer experience.
The subscription billing management market size is expected to see rapid growth in the next few years. It will grow to $15.46 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The growth in the forecast period can be attributed to growing use of social media, rising inclination towards subscription-based business models, rising adoption of subscription-driven business models, increasing focus of businesses on increasing customer retention by reducing the subscriber churn rate, the need for reduction in complex monetization models and reducing billing errors due to the increase in size of customers. Major trends in the forecast period include product innovation, incorporation of machine learning capabilities, integration of enhanced technologies such as artificial intelligence, internet of things, and blockchain, implementation of cloud billing platforms, advancements in subsciption billing management solutions.
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Scope Of Subscription Billing Management Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Subscription Billing Management Market Overview
Market Drivers –
The growing use of social media is expected to propel the growth of the subscription billing management market going forward. Social media platforms offer a diverse range of content, including text, images, videos, and live streams. With the convenience of accessing social media apps anytime and anywhere, people are spending more time on these platforms to stay connected, entertained, and informed. Subscription billing management for social media enables platforms to diversify revenue streams, improve user engagement, and build long-term relationships with their audience. For instance, in January 2022, according to a report published by We Are Social, a UK-based media agency, and Hootsuite, a Canada-based software company, the global social media user base is projected to reach 4.62 billion in 2022, accounting for approximately 58.4% of the world’s population, reflecting a growth of over 10% in the past year, with 424 million individuals joining social media platforms in 2021. Therefore, the growing use of social media is driving the growth of the subscription billing management market.
Market Trends –
Major companies operating in the subscription billing management market are focused on providing comprehensive solutions, such as billing software, to streamline subscription management processes, improve billing accuracy, and enhance the customer experience. Billing software is a type of technology that enables businesses to manage and automate financial-related tasks, such as invoicing, collecting payments, and calculating taxes. For instance, in September 2023, Zoho, an India-based provider of subscription billing management, launched Zoho Billing. Zoho Billing stands out as a comprehensive billing solution designed for the needs of expanding businesses. It offers users unparalleled flexibility to experiment with pricing strategies and enables swift market entry. Zoho Billing empowers businesses by granting them complete control over their billing processes, enabling proactive seizing of opportunities and swift response to market dynamics.
The subscription billing management market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: Cloud, On-Premise
3) By Organization Size: Large Enterprises, Small And Medium Enterprises
4) By End-User: Banking, Financial Services, and Insurance (BFSI), Retail And E-Commerce, IT And Telecom, Media And Entertainment, Healthcare, Other End Users
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Regional Insights –
North America was the largest region in the subscription billing management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the subscription billing management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the subscription billing management market are Amazon Web Services Inc., Oracle Corporation, SAP SE, Salesforce Inc., Square Inc., Stripe Inc., Zoho Corporation Pvt. Ltd, Recurly Inc., Invoicera Inc., Apttus Corporation, Checkout Inc., Chargebee Inc., Zuora Inc., Aria Systems Inc., Cleverbridge, Muvi LLC, BillingPlatform Corp, RecVue Inc., BluLogix LLC, Tridens Technology, Billsby, LogiSense Corporation, Stax, Chargify LLC, Gotransverse LLC, Pabbly, ChargeOver Inc., Subbly Ltd., BluSynergy
Table of Contents
1. Executive Summary
2. Subscription Billing Management Market Report Structure
3. Subscription Billing Management Market Trends And Strategies
4. Subscription Billing Management Market – Macro Economic Scenario
5. Subscription Billing Management Market Size And Growth
…..
27. Subscription Billing Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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