Cloud Billing Market Size & Growth Analysis (2023 - 2030)

The global cloud billing market size is expected to reach the value of USD 160 billion by 2030 with a CAGR of 17% throughout the forecast period 2023 - 2030. 

Cloud billing is termed as producing bills from resource data usage using a set of terms and conditions. Cloud services are available in three types like platform as a service, software as a service, and infrastructure as a service. Database processing, online storage of data, and web-based email services are some examples of cloud services. Cloud billing solutions combine traditional billing solutions with cloud technology and allow billing for both digital and non-digital services. 

Cloud billing has wide applications like providing protecting customer’s data, supporting the number of transactions, and also provides high service availability. The cloud billing market also provides many advantages which include developed customer experience and removal of patches and promotions. 

MARKET DRIVERS

Factors driving the cloud billing market include technological advancements and the majority of the companies concentrating on augmenting technological solutions. The demand for less monetary and operating expenses escalates the cloud billing market growth globally. 

The factors responsible for the cloud billing market include growing cloud services adoption and the increasing demand for efficient and transparent mechanisms for cloud billing. The increasing demand for centralized and convergent billing solutions and growing demand for billing operations fuel the market growth. 

MARKET RESTRAINS

Factors restraining the cloud billing market include inadequate bandwidth and low access to high-speed internet, and shortage of administrative frameworks and industry standards. Data breaches and cyberattacks hinder market growth.

COVID-19 Impact on Cloud Billing Market

The recent novel coronavirus (COVID-19) has created a positive effect on the cloud billing market. The cloud billing market has gained more popularity due to the sudden pandemic period, particularly usage-based billing. Enterprises are experiencing a bright future over cloud services and billing. Due to the lockdown period, different manufacturing firms paused their ongoing operations, and hence some are making use of some of the cloud services.

CLOUD BILLING MARKET REPORT COVERAGE

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Segmentation Analysis

The research report on the global Cloud Billing Market is segmented and sub-segmented based on type, application, and industry verticals. 

Cloud Billing Market - By Type

• Subscription Billing
• Metered Billing
  • Cloud Services BillingSoftware as a Service (SaaS)
  • Platform as a Service (PaaS)
  • Infrastructure as a Service (IaaS)
• Provisioning

By type, the software as a service (SaaS) segment is expected to hold the majority of the cloud billing market. 

Cloud Billing Market - By Application

•    Customer Management
•    Revenue Management
•    Account Management

By application, the customer management segment dominates the cloud billing market across the timeline period.

Cloud Billing Market - By Industry Verticals

• Banking, Financial Services, and Insurance (BFSI)
• Retail
• Education
• Public Sector and Utilities
• Healthcare and Life Sciences
• Manufacturing
• Media and Entertainment
• Telecommunication and ITeS
• Others 

The telecommunication industry vertical segment dominates the cloud billing market. The segment growth owes to the huge rise in subscribers and the 5G appearance has motivated the increasing demand for the services. 

The retail segment is expected to hold a maximum amount of share. The rise in the number of digital documents such as invoices and bills. 

Regional Analysis

North America is to dominate the cloud billing market with the highest share over the timeline period. The region's growth attributes to the existence of different solution providers. 80% of the North American companies use a complicated deployment model in the cloud i.e.,51% of the hybrid and 21% of the multi-cloud strategy. The growing execution of cloud-based technology together with a superior entry for client demand boosts the cloud billing market growth throughout the region. The U.S. cloud billing market is predicted to grow with a prominent CAGR due to increasing economical development and considerable infrastructure results in revenue growth across the region. Technologically, the U.S is an advanced country with good sound knowledge and the existence of a huge number of TSPs, CSPs, and the presence of large key players like AWS, Microsoft, and IBM contribute to the majority of the cloud billing market growth. The Canadian cloud billing market is anticipated to provide opportunities for service providers and cloud billing solutions. 

Europe contributes a tremendous share in the cloud billing market over the forecast period. The European cloud billing market is augmenting at a higher rate and the initiatives taken by the European government. 

However, the cloud billing market in Asia-Pacific is said to be the quickest growing region globally. The market growth in the region owes to the familiarity of the services among the small and medium businesses, and advantages like scalability and price play a vital role. The rising adoption of cost-effective technology by small and medium enterprises along with large ones. 

Latin America is the second highest and quickest growing region followed by Asia-Pacific with a quick CAGR pace. Nearly 90% of the Latin American companies are either high or medium adopters of cloud, as per Accenture Research. On January 26, 2022, IBM disclosed that Technology Solutions Providers have chosen IBM Cloud in bringing their solutions to life and drive innovation. 

The Brazilian cloud billing market is said to grow with a CAGR of 34% during the historical period 2023 - 2030. The market in Brazil owes to the rise in demand for centralized payment services and billing. Due to the adaptability and stretchability of the billing solutions, quick adoption of cloud billing solutions is made in Brazil. 

The Middle East & Africa is anticipated to have quick growth in the upcoming years. UAE is likely to hold a major share in the cloud billing market. The companies in UAE are quickly feeling the market globally. Also, the organizations in UAE started adopting cloud billing solutions, and the cloud billing market is likely to have high perforation and implementation over the forthcoming years. The African countries are adapting to shift their economy and education system by upgrading their entrance to mobile connectivity and public cloud. 

Cloud Billing Market Key Players

Oracle (US), SAP (Germany), Salesforce(US), Zuora(US), Aria System(US), BillingPlatform(US), Recurly(US), Jamcracker(US), Cerillion(UK), CGI(Canada), ConnectWise(US), Zoho(India), AppDirect(US), CloudBilling(Netherlands), Chargebee(US), RecVue(US), Cloud Assert(US), CloudXchange.io(India), and Chargify(US) are some key players involved in the global cloud billing market. 

Recent Happenings in the global Cloud Billing Market

• On December 21, 2022, Zuora to help Siemens Healthineers AG to introduce newly repeated streams from Digital Health Solutions Portfolio using Zuora billing and Zuora Revenue. 
• In July 2022, the launch of Aria Marketplace Suite took place by Aria Systems to expand their monetization and billing platform that allows B2C and B2Bmarketplace providers to upgrade their marketplace operations.
• In February 2022, Majesco announced the release of Electronic Billing and Payments (EBP), a new digital online billing and payment app. 
• In November 2022, SalesForce acquired Vlocity. The purchase helps SalesForce to gain the ownership of cloud industry. Vlocity offers cloud billing solutions.