The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Cloud Billing Market Report. The growth sectors of the Cloud Billing Market Report are identified with precision for a better growth perspective.
Cloud billing is now in vogue due to low capital required to implement cloud in day-to-day services. Market Research Future (MRFR) reports that the global cloud billing market can touch USD 20 Bn mark by 2023. It can expand at a 25% CAGR during the forecast period (2017-2023). The rise is expected as cloud billing has simplified the traditional billing process by blending digital technology with non-digital services.
The focus is primarily on enhancing customer experience. While doing so, it further reduces infrastructural, and IT expenses. Major factors driving the cloud billing market forward are rapid urbanization, development in lifestyle, and increase in the middle-class population base.
Drivers and Restraints:
Allowance of bBusiness flexibility scaling and cost reduction are the market boosters for cloud billing. Cloud billing service pivots around cloud technology and addresses the needs of developing business models effectively. It also enables industries to streamline billing process and is accurate in generating bills while managing a much more extensive database in real-time compared to that of the traditional systems. Moreover, by simplifying the entire payment procedure, it gives industries an extra edge over their rivals.
However, the probability of information hacking poses a real threat. Dependence on third-party operation is still a major concern. These factors have deferred the growth rate of cloud billing market, globally.
This simple billing procedure has lured in new verticals, such as healthcare. The market is continuously experiencing upgradation. Amazon has revolutionized the market by offering per second pricing. Monetization models have been revamped by various companies to make the market more dynamic.
Several companies are seeking a way to increase the customer satisfaction level and make them comfortable with cloud billing services. For instance, Telinta has enabled voice Voice over internet Internet protocolProtocol (VoIP) service that which can charge in a user-friendly way manner and offer discounts and promotions, etc. Others, such as Utilibill, an Australian firm, is providing a tool to customize everything.
Companies, such as Aria and Zuora believe that immediate turnaround and simpler communication are about to become the new rage. Hence, sophisticated technologyical advances in the cloud billing sector has become the new buzzwordare expected in the coming years.
The burgeoning global cloud billing market has various key players continuously creating simpler payment methods, such as Zuora Inc. (U.S.), Amdocs (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), IBM Corporation (U.S.), NEC Corporation (Japan).
In addition, various companies are establishing themselves as innovators, such as Utilibill (Australia), Verizon Wireless (U.S.), Chargebee (U.S.), BMC Software (U.S.), Comverse Technology, Inc. (U.S.).
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