Overview and Scope
Subscription billing management is the comprehensive process of overseeing and controlling all aspects of recurring products or services sold through subscription-based pricing models. It ensures accurate and timely billing, integrates with payment gateways, and supports multiple pricing models to streamline operations, enhance customer satisfaction, and drive business growth.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The subscription billing management market report table of contents includes:
1. Executive Summary
2. Subscription Billing Management Market Characteristics
3. Subscription Billing Management Market Trends And Strategies
4. Subscription Billing Management Market – Macro Economic Scenario
5. Global Subscription Billing Management Market Size and Growth
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32. Global Subscription Billing Management Market Competitive Benchmarking
33. Global Subscription Billing Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Subscription Billing Management Market
35. Subscription Billing Management Market Future Outlook and Potential Analysis
36. Appendix
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