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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Scope Of Subscription Billing Software 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 Software Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the subscription billing software market are developing innovative technologies, such as e-invoicing to increase their profitability in this market. An e-invoicing service refers to a platform that enables businesses to electronically exchange invoices primarily over the Internet. For instance, in March 2022, Chargebee, a US-based software company, launched the e-invoicing service. Chargebee is a subscription management and recurring billing software company that offers industry-leading eInvoicing compliance automation as part of its billing automation services. They provide tools to automate electronic invoicing, ensure compliance with global eInvoicing regulations, and connect with regional eInvoicing networks directly to validate company identifiers and mandatory information at the checkout stage.
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
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Regional Insights –
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.
Key Companies –
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., Zoho Corporation Pvt. Ltd., 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.
Table of Contents
1. Executive Summary
2. Subscription Billing Software Market Report Structure
3. Subscription Billing Software Market Trends And Strategies
4. Subscription Billing Software Market – Macro Economic Scenario
5. Subscription Billing Software Market Size And Growth
…..
27. Subscription Billing Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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