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Global Cloud Billing Market Comprehensive Study: Forecasted Market Size And Growth Rate
Cloud Billing Market
The Business Research Company offers in-depth market insights through Cloud Billing Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The cloud billing market size has grown rapidly in recent years. It will grow from $7.74 billion in 2023 to $8.85 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to increased demand for subscription-based services, scalability requirements of growing businesses, need for efficient and centralized billing systems, expansion of digital transformation initiatives, growing demand for cost optimization and efficiency in business operations.
The cloud billing market size is expected to see rapid growth in the next few years. It will grow to $16.79 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%. The growth in the forecast period can be attributed to growing adoption of hybrid and multi-cloud environments, increasing focus on real-time billing and invoicing, emphasis on compliance and security in cloud billing, increasing demand for sustainable and eco-friendly cloud billing solutions, growing demand for cloud billing solutions in the retail, healthcare, and telecommunications sectors. Major trends in the forecast period include integration of artificial intelligence in billing processes, integration of blockchain for secure and transparent transactions, demand for personalized and customizable billing experiences, continuous evolution of pricing models, increasing collaboration between cloud service providers and billing solution providers.
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Market Segmentation:
The cloud billing market covered in this report is segmented -
1) By Type: Subscription Billing, Metered Billing, Cloud Service Billing, Provisioning, Other Types
2) By Deployment Type: Private Cloud, Public Cloud
3) By Organization Size: Large Enterprises, SMEs
4) By Application: Account Management, Revenue Management, Customer Management, Other Applications
5) By Vertical: BFSI, Telecommunications And ITES, Consumer Goods And Retail, Healthcare and life sciences, Other Verticals
Major Driver - Growing Demand For Cost Efficiency Drives Cloud Billing Market
The rising need for lower capital and operating expenditure is expected to drive the growth of the cloud billing market in the coming years. With the advent of the cloud, billing transitioned from a separate back-office product to an essential component of the entire quote-to-cash procedure. Cloud billing allows businesses to save costs while also allowing them to give excellent customer service. For instance, according to a Flexera report published in 2021, 93% of companies are using some type of cloud-based system, and 73% preparing to optimize existing cloud usage for cost savings. Therefore, the rising need for lower capital and operating expenditure fuels the growth of the cloud billing market.
Competitive Landscape:
Major companies operating in the cloud billing market report are Aria System Inc., Amdocs Inc., Oracle Corporation, NEC Corporation, Jamcracker Inc., IBM Corporation, CGI Group Inc., SAP SE, Zuora Inc., BillingPlatform Corp., Recurly Inc., Cerillion plc, ConnectWise LLC, AppDirect Inc., Chargebee Inc., RecVue Inc., Chargify Inc., Salesforce. com Inc., Orbitera Inc., Amazon Web Services Inc., ChargeOver Inc., Fusebill Inc., Chargezoom LLC, Gotransverse Inc., SaaSOptics LLC, Cheddar Inc., PayStand Inc., Invoiced Inc., Zoho Corp., Paddle Ltd.
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Top Trend - Tech Advancements Drive Cloud Billing Market's Evolution
Advancements in technology are shaping the cloud billing market. Major companies operating in the cloud billing sector are focused on developing technological solutions for cloud billing to accelerate business growth. For instance, in May 2023, FinOps Foundation a US-based provider of financial operations on cloud launched FinOps Open Cost and Usage Specification (FOCUS) a technological initiative to develop and maintain an open specification for how cloud usage, billing, and pricing information is shown. FOCUS will facilitate collaboration among key cloud providers, FinOps tool manufacturers, significant SaaS providers, and the most sophisticated FinOps organisations, many of whom struggle to manage heterogeneous terminology, pricing, and billing ideas across billing sources. It would also provide a single FinOps-serviceable format for cloud billing data, as opposed to the various FinOps tools and platforms currently in use, each with its own method of summarising, normalising, or reporting such data.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Cloud Billing Market Characteristics
3. Cloud Billing Market Trends And Strategies
4. Cloud Billing Market - Macro Economic Scenario
5. Cloud Billing Market Size And Growth
…..
27. Cloud Billing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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