Press release
Subscription Billing Software Market Poised for 19.5 % Growth, Set to Hit $18.4 Billion by 2029
Subscription Billing Software Market
The subscription billing software market is set to benefit from the increasing uptake of cloud-based solutions. Cloud-based solutions refer to applications, resources or services that are accessed and managed over the internet, using remote servers and computing infrastructures maintained by third-party providers. These solutions offer scalability, enabling businesses to adjust their computing resources as per fluctuating needs. Subscription billing software leverages the adaptability and ease of cloud computing to effectively manage subscription plans, billing cycles, dynamic revenue monitoring, and invoicing across a vast range of devices and platforms. For example, Eurostat, a Luxembourg-based intergovernmental organization, reported in December 2023 that 45.2% of EU enterprises bought cloud computing services, primarily for email hosting, electronic file storage, and other needs. This marked an increase of 4.2 percentage points from 2021. As such, the mounting adoption of cloud-based solutions is fueling the expansion of the subscription billing software market.
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What is the projected compound annual growth rate (CAGR) of the subscription billing software market from 2025 to 2034, and what factors influence it?
The market for subscription billing software has been expanding at a brisk pace in recent times. This market is projected to increase from $7.63 billion in 2024 to $9.13 billion in 2025, reflecting a compound annual growth rate (CAGR) of 19.7%. Factors behind this growth in the historical period include the rising adoption of cloud technology, the automation of subscription procedures, an increasing inclination towards subscription-based revenue models, a transition from single-sale product models to continuous revenue streams, and a heightened demand for customer-focused billing experiences.
In the coming years, the market size for subscription billing software is projected to undergo swift expansion. It is predicted to attain a value of $18.65 billion in 2029, growing at a compound annual growth rate (CAGR) of 19.5%. This growth over the forecast period can be credited to the increasing customer needs for flexibility in procurement, the embracing of cutting-edge technologies for widening the market, emphasis on innovation through R&D, the addition of superior billing features, and efforts towards commercialization for pushing market growth. The forecast period will see trends like a heightened focus on usage-based billing for added flexibility, growing significance of security measures in payment procedures, expansion of subscription setups in the travel sector, the launch of subscription services by major airline companies, and a fast-growing need for tailored and efficient billing operations.
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How are the latest trends influencing the growth of the subscription billing software market?
Company giants in the subscription billing software sector are pioneering cutting-edge technologies, such as e-invoicing, intending to boost their market profits. E-invoicing service is essentially a platform that facilitates electronic exchange of invoices between businesses, primarily via the Internet. To illustrate, Chargebee, an American software company, rolled out its e-invoicing service in March 2022. Specializing in subscription management and recurring billing software services, Chargebee features top-notch eInvoicing compliance automation within its range of billing automation solutions. The firm offers applications that automate e-invoicing, ensure global eInvoicing compliance, and interface directly with local invoicing networks for validating company identifiers and essential checkout stage information.
What are the major segments of the subscription billing software market and their role in driving growth?
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
Subsegments:
1) By Cloud-Based: SaaS-based Billing Software, Cloud-based Subscription Management Software
2) By On-Premise: On-Premise Subscription Billing Software, On-Premise Subscription Management Software
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North America was the largest region in the subscription billing software market in 2024. The regions covered in the subscription billing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the subscription billing software market?
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.,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.
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What Is Covered In The Subscription Billing Software Global Market Report?
•Market Size Forecast: Examine the subscription billing software market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the subscription billing software market for a structured understanding.
•Key Players Overview: Analyze major players in the subscription billing software market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the subscription billing software market.
•Segment Contributions: Evaluate how different segments drive overall growth in the subscription billing software market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the subscription billing software market.
•Industry Challenges: Identify potential risks and obstacles affecting the subscription billing software market.
•Competitive Landscape: Review strategic developments in the subscription billing software market, including expansions, agreements, and new product launches.
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