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Subscription and Billing Management Market Analytical Overview and Growth Opportunities by 2031 | Adroit Market Research

03-01-2023 01:31 PM CET | IT, New Media & Software

Press release from: Adroit Market Research

Subscription and Billing Management Market

Subscription and Billing Management Market

A sort of software called subscription and billing management is used to speed up the payment process for companies that provide subscription services and depend on recurring payments. Subscription and billing management solutions automate the billing procedure to lower the possibility of errors, increase client satisfaction, and give companies access to comprehensive reporting tools. Businesses can customise subscription packages, automate billing, provide customer self-service options, manage subscriptions across various payment platforms, process payments in real-time, automatically generate invoices and receipts, and apply discounts thanks to subscription and billing management solutions.

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The market for subscription services and bile management is anticipated to expand at a CAGR of 16.7% and will be worth USD 13.8 billion in 2029. The need for better customer experiences and insights, the need to reduce billing errors, the rise in subscription-based services, and technological advancements are the main causes of this growth.
The market for subscription and billing management is expanding as a result of the rising popularity of subscription-based services.

Based on product, the market for subscription and billing management is segmented into services and solutions. Due to their capacity to manage billing procedures with more precision and efficiency, solutions are predicted to dominate the industry. Additionally, it is anticipated that the market for subscription and billing management will expand due to the increasing adoption of cloud-based solutions for managing customer accounts and billing.

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Due to their simplicity and affordability, fixed payment solutions are anticipated to have a larger market share. Businesses can streamline the entire billing process with these fixed payment solutions while avoiding the confusion that comes with various payment options. Furthermore, fixed payment options are perceived as being more dependable than variable payment options, and they give companies better insight into their billing procedure.

Given the increasing adoption of payment solutions and technologies, such as cloud-based payments and digital wallets, the banking and financial services sector is anticipated to experience the fastest revenue growth among these during the forecast period. On-premises and on-cloud sectors make up the subscription and billing management market, depending on deployment. Given that cloud-based solutions offer better scalability, quicker deployment, and cost savings, the on-cloud segment is anticipated to experience the highest CAGR growth of all of these during the forecast period.

Due to the presence of numerous subscription-based businesses in nations like Canada, Mexico, and the US, North America is anticipated to hold the greatest regional market share for subscription and billing management in 2020. Additionally, it is anticipated that the increased use of cutting-edge technologies in subscription-based businesses, such as artificial intelligence (AI), machine learning (ML), and analytics, will support the expansion of the subscription and billing management market in this area.

The Oracle Subscription Management Cloud Service, a full suite of cloud-based billing, pricing, rating, and subscription management tools, was introduced by Oracle Corporation in March 2022. The Subscription Invoicing Cloud, a comprehensive platform for subscription administration and billing, was introduced by Salesforce in June 2022. AWS Subscription Management, which offers users a full suite of subscription-based services for managing subscriptions across various AWS accounts, was announced by Amazon Web Services in August 2022.

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𝐆𝐞𝐭 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

Adroit Market Research is an India-based business analytics and consulting company. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a markets size, key trends, participants and future outlook of an industry. We intend to become our clients knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code- Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.

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