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Subscription Billing Software Market Report 2024 - Subscription Billing Software Market Growth And Trends
Subscription Billing Software Market
According to The Business Research Company's, The subscription billing software market size has grown rapidly in recent years. It will grow from $6.40 billion in 2023 to $7.63 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth in the historic period can be attributed to widespread adoption of cloud technology, increased automation of subscription processes, growing preference for subscription-based revenue models, shift from one time product sales to recurring revenue streams, demand for customer centric billing experiences.
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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Market Drivers and Trends:
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.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
Oracle Corporation, SAP SE, Salesforce Inc., Stripe Inc., Billwerk GmbH, HubSpot Payments, Zoho Corporation Pvt. Ltd, 2Checkout.com Inc., 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.
Subscription Billing Software Market 2024 Key Insights:
• 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%.
• Growing Demand For Cloud-Based Services Boosting Subscription Billing Software Market
• Innovative E-Invoicing Solutions Drive Profitability In Subscription Billing Software Market
• North America was the largest region in the subscription billing software market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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