New York, Feb. 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cloud Billing Global Market Report 2022" - https://www.reportlinker.com/p06229766/?utm_source=GNW
, and Amazon Web Service Inc.
The global cloud billing market is expected to grow from $5.92 billion in 2021 to $7.21 billion in 2022 at a compound annual growth rate (CAGR) of 22.0%. The change in growth trend is mainly due to the growing demand for cloud billing owing to its lower operating costs. The market is expected to reach $15.21 billion in 2026 at a CAGR of 20.5%.
The cloud billing market consists of sales of cloud billing services by entities (organizations, sole traders, and partnerships) that are engaged in the providing of cloud-based billing solutions.The term cloud billing refers to a combination of cloud computing and electronic billing.
Several firms are broadening their horizons by implementing an on-premises billing infrastructure. Cloud billing is transforming the computer system, allowing for greater billing flexibility and easier data access.
The main types of cloud billing are subscription billing, metered billing, cloud service billing, provisioning, and others.Subscription billing is a billing strategy that allows businesses to bill customers for a certain product or service on a set schedule.
The different deployment types include private cloud, public cloud and are employed in large enterprises, SMEs. It is used in account management, revenue management, customer management, others and is implemented in various verticals such as BFSI, telecommunications and ITES, consumer goods and retail, healthcare and life sciences, and others.
The rising need for lower capital and operating expenditure is expected to drive the growth of the cloud billing market in the forecast period.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.
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 November 2020, Salesforce, an American cloud-based software company launched Revenue Cloud, based on multi-cloud billing technology to help companies to track revenue lifecycle. Revenue Cloud, which is part of Salesforce Customer 360 platform, combines the existing partner relationship management (PRM), CPQ and Billing, and B2B commerce solutions into a single solution for the firm.
In February 2020, Salesforce, an American cloud-based software company that provides customer relationship management service acquired Vlocity Inc. for $1.3 billion. With its acquisition of Vlocity Inc., Salesforce is taking ownership of the industry cloud. Vlocity Inc. is a US-based software company that offers cloud billing solutions.
North America was the largest region in the cloud billing market in 2021.Asia Pacific is expected to be the fastest region in the forecast period.
The regions covered in in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the cloud billing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06229766/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
