New York, April 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cloud Billing Global Market Report 2023" - https://www.reportlinker.com/p06229766/?utm_source=GNW
, Recurly, Cerillion, ConnectWise, AppDirect, Chargebee, RecVue, Chargify, Salesforce, Orbitera Inc., and Amazon Web Service Inc.,
The global cloud billing market grew from $7.01 billion in 2022 to $8.24 billion in 2023 at a compound annual growth rate (CAGR) of 17.5%. 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 cloud billing market is expected to grow to $15.85 billion in 2027 at a CAGR of 17.8%.
The cloud billing market includes revenues earned by entities by providing services such as On-Premise infrastructure, public cloud, virtual private cloud (VPC), hybrid cloud, multi-cloud.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.
Cloud billing refers to a combination of cloud computing and electronic billing.Many 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.
North America was the largest region in the cloud billing market in 2022.Asia-Pacific is expected to be the fastest region in the forecast period.
The regions covered in the cloud billing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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 service or product on a set schedule.
The different deployment types include private cloud, public cloud and are employed in large enterprises and SMEs. It is used in account management, revenue management, customer management, and 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 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.
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’s Customer 360 platform, combines the firm’s existing partner relationship management (PRM), CPQ and Billing, and B2B commerce solutions into a single solution.
In February 2020, Salesforce, an American cloud-based software company that provides customer relationship management services 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.
The countries covered in the cloud billing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, 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 cloud billing market research report is one of a series of new reports that provides cloud billing market statistics, including cloud billing industry global market size, regional shares, competitors with a cloud billing market share, detailed cloud billing market segments, market trends and opportunities, and any further data you may need to thrive in the cloud billing industry. This cloud billing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06229766/?utm_source=GNW
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