New York, April 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Subscription & Billing Management Global Market Report 2023" - https://www.reportlinker.com/p06319915/?utm_source=GNW
The global subscription & billing management market grew from $5.79 billion in 2022 to $6.58 billion in 2023 at a compound annual growth rate (CAGR) of 13.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The subscription & billing management market is expected to grow to $11.15 billion in 2027 at a CAGR of 14.1%.
The subscription & billing management market includes revenues earned by entities by providing software and services that automate procedures like subscription creation, evaluation, and billing data preparation.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The subscription & billing management refers to providing subscription and billing management software and services to individual companies used to manage the complete customer’s journey from price setup to signing up for a product or paid service. The subscription and billing administration aids in trial management, credit assignment, refunds, and mid-cycle subscription modifications for subscribers.
North America was the largest region in the subscription & billing management market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the subscription & billing management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of payment of subscription & billing management are fixed and variable.Fixed payment subscription & billing management provides subscription & billing management software and services for a fixed subscription plan.
A fixed subscription includes a fixed payment for a fixed period of services, usually 12 months.The components of subscription & billing management are software and services deployed in the cloud or on-premises of the organization.
Small, medium and large-scale enterprises in aerospace and defense, automotive and transportation, banking, financial services and insurance, building, construction and real estate, consumer goods and retail, education, energy and utilities, government and public sector, healthcare and life sciences, information technology, media and entertainment, telecommunication and travel and hospitality industries use subscription & billing management.
The growing penetration of electronic media and devices is expected to drive the growth of the subscription & billing management market.Using electronic media and devices such as mobile devices and laptops by customers provides greater access to the use of products or services over the internet, which requires better management of subscription and billing of customers.
Furthermore, Internet traffic has rocketed the numerous digital activities due to lockdowns and restrictions provoked by the COVID-19 pandemic.According to Gartner, a US-based consulting firm, in 2021, 125 million additional laptops and tablets are anticipated to be in use.
Therefore, the increasing penetration of electronic media and devices will drive subscription and billing management.
Advanced technologies and cloud platform implementations are a key trend is gaining popularity in the subscription & billing management market.Major companies operating in the subscription and billing management market are focused on providing technologically-advanced solutions to strengthen their market position.
These companies are implementing next-generation subscription and billing technologies into their software and services, such as computing, big data, and analytics, machine learning, cybersecurity, backup, application development, DevOps, marketing automation, analytics management system, and others to help with hardware optimization, enhanced security while reducing the IT and other on-going expenses for the companies.For instance, in February 2022, TCS and MATRIXX Software partnered up to provide a comprehensive next-generation subscription management platform for CSPs with the cloud-native.
This complete solution will assist Communication Service Providers (CSPs) in transforming their prepaid and postpaid businesses, improving customer experience, and driving growth.
In November 2021, Visma, a Norway-based software company, acquired Upodi for an undisclosed amount.Through this acquisition, Visma will expand its subscription management software offering and continue optimizing its subscription-based business models to meet increasing demands in the market.
Upodi is a Danish-based subscription management and recurring billing platform company.
The countries covered in the subscription & billing management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The subscription & billing management market research report is one of a series of new reports that provides subscription & billing management market statistics, including subscription & billing management industry global market size, regional shares, competitors with a subscription & billing management market share, detailed subscription & billing management market segments, market trends and opportunities, and any further data you may need to thrive in the subscription & billing management industry. This subscription & billing management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06319915/?utm_source=GNW
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