Services Industry Overview

The SIP trunking service market consists of sales of session initiation protocol (SIP) trunk and related services by entities (organizations, sole traders, and partnerships) that is offered by a communications service provider that uses the ability to give voice over IP (VoIP) connectivity between the on-premises phone system and public switched telephone network (PSTN). The SIP trunking service is used for call establishment, administration and teardown. SIP trunks are sold as a replacement for the digital primary rate interface (PRI), which is based on time-division multiplexing (TDM).

The main types of SIP trunking services are hosted and on-premise. A hosted private branch exchange (PBX) allows users to use PBX features including automated attendant, automatic call distribution, voicemail, and call transfer without having to own or operate all of the essential equipment on the premises. Calls are routed to extensions through a PBX, which allows the VoIP service provider to manage all essential equipment and software. The different sizes of organizations include small businesses, mid-sized businesses, and large enterprises. It is implemented in various verticals such as BFSI, healthcare, and life sciences, telecommunications & IT, government and public sector, manufacturing, consumer goods and retail, media & entertainment, others.

The global session initiation protocol (SIP) trunking services marketis expected to grow from $11.29 billion in 2020 to $13.03 billion in 2021 at a compound annual growth rate (CAGR) of 15.4%. The change in growth trend of the SIP trunking service market is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The SIP trunking service market is expected to reach $20.67 billion in 2025 at a CAGR of 12.2%.

The reduction in communication costs is contributing to the growth of the SIP trunking service market. Switching over to SIP (session initiation protocol) provides benefits to the businesses such as lower cost, flexible bandwidth allocation, better video and audio quality, and so on. According to Atlantech Online, a US-based company offering telephone, internet, and data center services to business and government organizations, on average a company can save up to 20% to 60% of the communication cost by switching to SIP. The SIP call charges are lower which range from $1.67 to $15 per month per channel. Therefore, the reduction in communication cost is expected to drive the growth of the SIP trunking service market over the coming years.

Cloud-based SIP trunking service is a key trend gaining popularity in the SIP trunking service market. SIP trunking service providers offer cloud-based SIP or VoIP (Voice over IP) that can be bought and maintained virtually without any hassle. It has reduced service cost, the provider takes all the responsibility for SIP trunks, bandwidth and the best part of a cloud-based SIP trunk is that the system can be accessed from anywhere at any time. For instance, according to Onsip, a unified communication service provider, small businesses that migrate to VoIP might save costs up to 40% on local calls and 90% on international calls.

In March 2021, Sangoma Technologies Corporation, a Canada-based voice, and unified communications solution provider acquired StarBlue Inc. from Star2Star Holdings, LLC for an undisclosed amount. This acquisition of StarBlue Inc. will allow Sangoma Technologies to broadcast a set of cloud-native Containers as a Service (CaaS) and solutions to the industry. It will also enable Sangoma Technologies Corporation to grow and evolve in the group of leading cloud service companies. Star2Star Communications is a US-based company that offers communications services by providing telephone voice and data communications. It has been constantly delivering and innovating solutions for the betterment of business communications.

Major players in the Session Initiation Protocol (SIP) trunking services marketare 8x8 Inc., Verizon Communications, 3CX, AT&T Inc, Bandwidth, BT Group plc, CenturyLink, Colt Inc., Flowroute, Fusion Connect, Inc., GTT Communications Inc., IntelePeer Inc., Level 3 Communications, Mitel Networks Corporation, Net2Phone, Nextiva Inc., NTT Communications Corporation, Rogers Communications, Tata Communications Ltd., Telstra Inc., Twilio Inc., Vodafone Group PLC, Vonage Holdings Corporation, Voyant Communications LLC., West Corporation, Allstream Inc., Plivo Inc, Ringcentral Inc., Sangoma Technologies Corporation, ShoreTel Inc., and Sprint Corporations.

North America was the largest region in the Session Initiation Protocol (SIP) trunking services marketin 2020. Europe was the second-largest market in the SIP trunking services market. The regions covered in the SIP trunking service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the SIP trunking services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The global session initiation protocol (SIP) trunking services market is segmented -

1) By Type: Hosted, On Premise

2) By Organization Size: Small Businesses, Mid-Sized Businesses, Large Enterprises

3) By End User: BFSI, Healthcare And Life Sciences, Telecommunications And IT, Government And Public Sector, Manufacturing, Consumer Goods And Retail, Media And Entertainment, Others

Employment Services Market Definition

The employment services market consists of sales of employment services and related goods by entities (organizations, sole traders and partnerships) that list employment vacancies and refer applicants for employment; provide executive search, recruitment, and placement services; supply workers to clients' businesses for limited periods of time to supplement the workforce of the client; or provide human resources and human resource management services to their clients’ businesses and households. Employment services involves offering a variety of human resources services to corporates/businesses on a contract or partnership basis. These services include offering temporary workers to other firms, assisting employers in finding suitable employees, and providing clients with human resources services. Employment service providers charge a fee to companies when they successfully place suitable employees with employers. Fees tend to vary widely from one firm to another, as they are at the discretion of the employment service providers. There are two types of employment service fees, employer-paid fees and applicant-paid fees. With employer-paid fees, the employer pays the fee to the firm. Applicant-paid fees are less common and are normally claimed as a portion of a worker's hourly pay during the term of a contract.

The semiconductor intellectual property (IP) market consists of sales of semiconductor intellectual property and related services by entities (organizations, sole traders, and partnerships) that provide integrated circuit layout design that is the intellectual property of its creator or party. Semiconductor IP is a piece of design that is a reusable unit of logic or functionality or a layout of a design that is developed with the idea of licensing it to many vendors for using it as a building block in different chip designs. There is a license fee for its usage or royalty for every device made using that piece of IP.

The main types of design IP in semiconductor intellectual property (IP) are processor IP, interface IP, memory IP, and others. The processor IP offers an intellectual property right for the design of the processor. Processors are typically produced in the form of soft IP and analog blocks. The different IP cores involve softcore, hardcore and include various revenue sources such as royalty, licensing. It is implemented in several sectors such as consumer electronics, telecom, automotive, healthcare, and others.

The global semiconductor intellectual property (IP) market is expected to grow from $4.60 billion in 2020 to $5.06 billion in 2021 at a compound annual growth rate (CAGR) of 10%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The semiconductor IP market is expected to reach $7.02 billion in 2025 at a CAGR of 8.5%.

The growing adoption of connected devices is expected to contribute to the growth of the semiconductor IP market in the forecast period. Physical objects that can communicate with one another and other systems over the internet are referred to as connected devices. Internet of Things (IoT) is generally referred to as connected devices. These are physical objects that connect with other devices through the internet or various ways such as WiFi, NFC, Bluetooth, mobile networks. IoT devices are manufactured using electronics such as semiconductors, microprocessors, and other chips. According to Norton, a US-based antivirus and anti-malware software developing company estimates that in 2021 there are around 11.6 billion IoT devices used, and it will grow to 21 billion IoT devices by 2025. The growing adoption of connected devices or IoT devices will drive the semiconductor IP market.

New technology launches are a key trend gaining popularity in the semiconductor IP market. Key players in the market are focusing on new technological innovations to maintain a comparative advantage over competitors in the industry. For example, in June 2020, Imagination Technologies, a UK-based semiconductor company, announced the launch of IMG iEW400, the latest IP based on Ensigma Wi-Fi technology. The iEW400 integrates RF and baseband and is intended for low-power and battery-powered applications such as the internet of things (IoT), wearables, and wearables. Further, in February 2020, Synopsys, a US-based electronic design automation company that focuses on silicon design and verification, silicon intellectual property, and software security and quality announced the launch of a new DesignWare ARC communications IP subsystem for wireless narrowband IoT designs. The DesignWare ARC IoT Communications IP Subsystem has a low-power ARC EM11D Processor for effective RISC and DSP performance, which is crucial for IoT applications that require low-bandwidth connectivity.

In September 2020, NVIDIA, a US-based semiconductor company acquired Arm Limited from SoftBank Group Corp (SBG) and the SoftBank Vision Fund, for $40 billion. Under this deal, NVIDIA will expand Arm’s IP licensing portfolio with NVIDIA technology. Arm Limited is a UK-based company offering semiconductor IP.

Major players in the semiconductor intellectual property market are Arm Holdings, Synopsys, Cadence Design Systems, CEVA Inc., Imagination Technologies, eMemory Technology Incorporated, Rambus, Mentor Graphics, Faraday Technology, Lattice Semiconductor, Achronix Semiconductor, Dolphin Integration, Open-Silicon, Xilinx, Sonics Inc., Fujitsu, MediaTek, VeriSilicon Holdings, Wave computing, Silvaco, and Intel.

Asia Pacific was the largest region in the semiconductor intellectual property (IP) market in 2020. North America was the second-largest market in the semiconductor intellectual property market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the semiconductor intellectual property market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The global semiconductor intellectual property market is segmented -

1) By Design IP: Processor IP, Interface IP, Memory IP, Others

2) By IP Core: Soft Core, Hard Core

3) By Revenue Source: Royalty, Licensing

4) By Industry Vertical: Consumer Electronics, Telecom, Automotive, Healthcare, Others

The delivery drone services market consists of sales of drone services by entities (organizations, sole traders, and partnerships) that are engaged in providing contactless delivery services. Delivery drones are unmanned aerial vehicles (UAVs) capable of carrying lightweight packages. The delivery drone service providers offer advanced services that help in various applications such as e-commerce, medical aids, food delivery, and others.

The different package sizes of delivery drone services are less than 2kg, 2kg to 5kg, more than 5kg. Delivery drones can deliver services in different ranges including less than or equals to 25 km and more than 25 km. Drones are used to deliver various products including e-commerce goods, medical aids, food delivery, and others. E-commerce allows companies and individuals to buy and sell goods online. Delivery drone services help companies in faster and contact-less delivery of goods to the consumers.

The global delivery drone services market is expected to grow from $1.57 billion in 2020 to $2.02 billion in 2021 at a compound annual growth rate (CAGR) of 28.4%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The delivery drone services market is expected to reach $5.32 billion in 2025 at a CAGR of 27.4%.

The increasing demand for drone deliveries during COVID-19 is expected to propel the growth of the delivery drone services market in the coming years. During COVID-19, contactless distribution is expanding and drones play a crucial role in ensuring the companies and clients contact as little as needed. Drones are heading to the sky in massive numbers during the pandemic to bring vital goods and drugs to the population under lockdown. For instance, in March 2021, Gavi, an international organization that aimed at increasing vaccine equality around the world revealed that Zipline, a US-based company that designs, manufactures, and operates delivery drones has teamed with the Government of Ghana to assist delivery of the much-anticipated COVAX vaccinations. Zipline has been an important part of Ghana's health system, particularly when it came to providing much-needed support for COVID-19 testing in remote areas during the pandemic's peak.

Rising approvals are shaping the delivery drone services market. Over the last several years, drones have become extremely prevalent as many individuals and organizations are completely accepting and incorporating this technology into their business model. For instance, in April 2019, Wing, the drone shipping firm operated by Google's parent company Alphabet, became the first US organization to receive permission from the Federal Aviation Authority (FAA) to start testing deliveries. It has collaborated with Walgreens, which has a store across 78% of the US population within 5 miles. This means that almost 80% of the US would be in the range of Wing services if and when the technology was more extensively deployed.

In January 2019, FLIR, a US-based commercial company specializing in the design and production of thermal imaging cameras, components, and imaging sensors acquired Aeryon Labs for $200 million. With this acquisition, FLIR Systems will combine its current products with drone technology to provide solutions to several various issues. Aeryon Labs is a Canada-based company that provides drone delivery services.

Major players in the delivery drone services market are Airbus SAS, Flirtey, Zipline, United Parcel Service, Uber Technologies Inc, Amazon Prime Air, Zomato, EHANG, FedEx, Wing Aviation LLC, Deutsche Post AG, Boeing, Cheetah Logistics Technology, DHL International GmBH, Drone Delivery Canada Corp, Manna Aero, Matternet Inc., Rakuten Drone, and JD.COM.

Asia-Pacific was the largest region in the delivery drone services market in 2020. The regions covered in the delivery drone services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the delivery drone services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The global delivery drone services market is segmented -

1) By Package Size: Less Than 2kg, 2kg To 5kg, More Than 5kg

2) By Range: Less Than Or Equal To 25 km, More Than 25 km

3) By Application: E-Commerce, Medical Aids, Food Delivery, Others

The drone servicing/repair market consists of sales of drone services and related repairs by entities (organizations, sole traders, and partnerships) that provide various types of services such as surveillance, monitoring, aerial photography, mapping, and others. Drone services, also referred to as unmanned aerial vehicle (UAV) services are centered on flying robots that may be commanded remotely or operated autonomously utilizing software-controlled flight plans in their embedded devices.

The main types of drone servicing or repair are drone platform service, MRO, training, and education. The drone platform service companies are engaged in providing global distribution, easy monetization, and partner integrations services. Platform service for drones develops, expands, and monetizes the apps using drone deploy capability. It includes different solutions such as enterprise solutions, point solutions and provides short-duration service, long duration service. It is used in aerial photography and remote sensing, data acquisition and analytics, mapping and surveying, 3D modeling, inspection and environmental monitoring, others and is employed in various sectors such as oil and gas, agriculture, logistics, media and entertainment, utility and power, others.

The global drone servicing/repair market is expected to grow from $5.77 billion in 2020 to $8.61 billion in 2021 at a compound annual growth rate (CAGR) of 49.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The drone servicing/repair market is expected to reach $43.68 billion in 2025 at a CAGR of 50.1%.

The growing adoption of precision agriculture practices is expected to drive the growth of the drone servicing or repair market in the coming years. Precision farming is a farming management approach that emphasizes the use of contemporary technology at all stages of the process. Precision farming technologies enable the identification of heterogeneous zones as well as the management of the variability that comes with a varied field. Drones are becoming more significant in precision farming, allowing farmers to lead the way in environmentally friendly farming practices while also safeguarding and growing profits. For instance, precision agricultural techniques, which can aid farmers in making better decisions, have advanced greatly in recent years, with the global industry expected to reach $43.4 billion by 2025. Therefore, the growing adoption of precision agriculture practices propels the growth of the drone servicing or repair market.

The growing technological advancements are an emerging trend in the drone servicing or repair market. Major companies operating in the drone servicing or repair sector are focused on developing technological solutions for drone services to strengthen their position. For instance, in October 2019, AAR, a US-based provider of aerospace products and services to commercial airlines declared the incorporation of Donecle drone technology into its maintenance, repair, and overhaul (MRO) operations. The AAR MRO facility in Miami is the first in the company's global network to deploy fully automated drone technology that improves operational and cost savings, with the pilot phase yielding improvements in speed and precision. The drone can securely undertake end-to-end visual inspections of B737 and A320 airplanes in about an hour using laser positioning.

In January 2021, AgEagle Aerial Systems Inc., a US-based drone systems and solutions provider acquired MicaSense, Inc. from Parrot for $23 million. This acquisition will empower AgEagle to drive true innovation and advancements of commercial drone systems and solutions for several high-growth industry segments. MicaSense, Inc. is a US-based provider of high-quality drone-based cameras to a global market.

Major players in the drone servicing/repair market are Airware, Cyberhawk Innovations Ltd, Terra Drone Corporation, Sky-Futures Ltd, Prioria Robotics Holdings Inc, Sharper Shape Inc, Sensefly Ltd, Phoenix Drone Services, Dronedeploy, Unmanned Experts Inc, Identified Technologies, The Sky Guys, Skylark Drones Private Limited, and Edall Systems.

North America was the largest region in the drone servicing/repair market in 2020. Europe was the second-largest region in the drone servicing/repair market. The regions covered in the drone servicing/repair market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the drone servicing/repair market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The global drone servicing/repair market is segmented -

1) By Type: Drone Platform Service, MRO, Training And Education

2) By Duration Of Service: Short Duration Service, Long Duration Service

3) By Solution: Enterprise Solutions, Point Solutions

4) By Application: Aerial Photography And Remote Sensing, Data Acquisition And Analytics, Mapping And Surveying, 3D Modeling, Inspection And Environmental Monitoring, Others

5) By End Use Industry: Oil And Gas, Agriculture, Logistics, Media And Entertainment, Utility And Power, Others

The NDT and inspection market consist of sales of NDT and inspection services by entities (organizations, sole traders, and partnerships) that are engaged in testing and inspection services. Non-destructive testing (NDT) is the method of examining, testing, or assessing products, parts, or assemblies for discontinuities or discrepancies in functionality without sacrificing the part's or system's serviceability. NDT techniques are used in production lines, on-site inspections, and fabrication units to maintain product reliability, manufacturing process, uniform quality level, and attain lower product costs.

The main techniques of non-destructive testing (NDT) and inspection include magnetic particle testing, ultrasonic testing, visual testing, liquid penetrant testing, eddy-current testing, radiographic testing, acoustic emission testing, and others. Ultrasonic testing (UT) is a non-destructive test procedure for detecting cracks and defects in parts and components using sound waves. The methods used in NDT inspection include visual inspection, surface inspection, volumetric inspection, and others. These services are used by manufacturing, oil & gas, aerospace, public infrastructure, automotive, power generation, and other verticals.

The global NDT and inspection market is expected to grow from $7.03 billion in 2020 to $7.40 billion in 2021 at a compound annual growth rate (CAGR) of 5.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The NDT and inspection market is expected to reach $11.16 billion in 2025 at a CAGR of 10.8%.

Rapid growth in industrialization and urbanization across the globe is expected to propel the growth of the NDT and inspection market in the coming years. China’s urban population, for instance, reached 60.3% of the total population in 2019, while India’s urban population accounted for 34.5% of the total population in the same year. The high-pace manufacturing industries including the aerospace sector, are investing in NDT and inspection services for frequent quality inspections, detection of infrastructure failures, and others. The companies are also partnering with NDT service providers to carry out third-party inspection services to maintain product quality and production efficiency. For instance, in June 2019, SGS, a Swiss-based provider of inspection services agreed with TD Aerospace, a Morocco-based provider of metallic tubes and ducts for the aerospace sector, to integrate its NDT services into the TDM’s production process. Therefore, the rapid growth in industrialization and urbanization across the globe propels the growth of the NDT and inspection market.

Technological advancement is a key trend shaping the NDT and inspection market. Major companies operating in the NDT and inspection field are focused on developing technological solutions for NDT and inspection to strengthen their position. For instance, in March 2019, YXLON International a Germany-based provider of inspection systems and services launched new x-ray systems for the Semicon industry which offers automated 2D and 3D inspection of bumps, and locate, identify, measure failures with the highest standards.

In July 2019, Sintavia, a US-based additive manufacturer for the aerospace, defense, and space industry acquired NDT services provider QC Laboratories, Inc. for an undisclosed amount. The acquisition is expected to boost Sintavia NDT's capabilities in commercial aerospace applications, especially for surface finish conformance testing. QC Laboratories, Inc. is a US-based company involved in offering industrial and commercial non-destructive testing services.

Major players in the non-destructive testing and inspection market are MISTRAS Group, Acuren Inspection Inc, YXLON International, Fprimec Solutions Inc, Baker Hughes, Applied Technical Services, TEAM Inc., SGS Group, Applus Services, Bureau Veritas S.A., and Intertek Group plc.

North America was the largest region in the NDT and inspection market in 2020. The regions covered in the NDT and inspection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the non-destructive testing (NDT) and inspection market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The global non-destructive testing and inspection market is segmented -

1) By Technique: Magnetic Particle Testing, Ultrasonic Testing, Visual Testing, Liquid Penetrant Testing, Eddy-Current Testing, Radiographic Testing, Acoustic Emission Testing, Others

2) By Method: Visual Inspection, Surface Inspection, Volumetric Inspection, Others

3) By Vertical: Manufacturing, Oil And Gas, Aerospace, Public Infrastructure, Automotive, Power Generation, Others

The alternative data market consists of sales of alternative data by entities (organizations, sole traders, and partnerships) that provide alternative data and helps in finding out the market insight. Alternative data is characterized as non-traditional data that can give an indicator of a firm future performance other than conventional sources such as corporate filings, analyst predictions, and management instructions. This information can be utilized in pre-trade investment evaluation as well as to assist investors in monitoring the financial health of a firm, industry, or nation.

The main types of alternative data are credit and debit card transactions, email receipts, geo-location (foot traffic) records, mobile application usage, satellite and weather data, social and sentiment data, web scraped data, and web traffic. It is implemented in various verticals such as automotive, BFSI, energy, industrial, IT and telecommunications, media and entertainment, real estate and construction, retail, transportation and logistics.

The global alternative data market is expected to grow from $1.70 billion in 2020 to $2.41 billion in 2021 at a compound annual growth rate (CAGR) of 41.4%. The change in growth trend is mainly due to the growing demand for alternative data sources owing to the growing interest in stock market trading. The alternative data market is expected to reach $8.98 billion in 2025 at a CAGR of 39%.

The rising demand for alternative data from hedge funds is expected to propel the growth of the alternative data market in the coming years. Alternative data (or alt data) is non-financial data that predict financial results. Hedge funds and investment banks are among the top users of alt data as investors seek new data sources to provide speedier insight for improved decision-making. This is primarily since alternative data might aid in understanding the corporate performance and future consequences. According to Chain of Demand, a Hong Kong-based predictive analysis company, as of April 2019, over 400 companies were offering alternative data to hedge funds, with a projected profit of $1 billion. Therefore, the rising demand for alternative data from hedge funds drives the growth of the alternative data market.

The launch of next-generation platforms has emerged as a key trend in the alternative data market. Major companies operating in the alternative data sector are focusing on introducing next-generation platforms to deliver new and timely insights to researchers, analysts, and businesses. For instance, in October 2020, ESG Data Services Inc., a Canada-based alternative data provider launched the next generation AI-powered ESG data, research, and analytics platform-ESG Analytics. ESG Analytics is an API and web-based solution that uses artificial intelligence (AI) and broad-based alternative data sources to uncover opportunities and risks in social, environmental, and governance practices of companies, ETFs, and countries. Moreover, for investors going beyond the surface details that everyone else uses, ESG Analytics opens them to a world of deep and relevant analysis.

In January 2020, The Earnest Research Company, a US-based data analytics company has acquired Alpha Hat Inc. for an undisclosed amount. The acquisition would allow The Earnest Research Company to demonstrate the insights of the new data products of the highest quality and accuracy. Alpha Hat Inc. is a US-based, mobile geolocation intelligence provider that specializes in refining alternative data into actionable insights for investors.

Major players in the alternative data market are 1010Data Inc., Advan Research Corporation, Eagle Alpha Ltd., Preqin Ltd., Ravenpack International SL, The Earnest Research Company, Thinknum Inc., UBS Evidence Lab, YipitData, Dataminr Inc., M Science LLC, 7Park Data Inc., Convergence Inc., Geotab Inc, Jumpshot, JWN Energy, and Talkingdata.

North America was the largest region in the alternative data market in 2020. The regions covered in the alternative data market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the alternative data market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The global alternative data market is segmented -

1) By Data Type: Credit And Debit Card Transactions, Email Receipts, Geo-location (Foot Traffic) Records, Mobile Application Usage, Satellite And Weather Data, Social And Sentiment Data, Web Scraped Data, Web Traffic

2) By Industry: Automotive, BFSI, Energy, Industrial, IT And Telecommunications, Media And Entertainment, Real Estate And Construction, Retail, Transportation And Logistics

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. 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 global cloud billing market is expected to grow from $4.76 billion in 2020 to $5.92 billion in 2021 at a compound annual growth rate (CAGR) of 24.2%. The change in growth trend is mainly due to the growing demand for cloud billing owing to its lower operating costs. The cloud billing market is expected to reach $12.40 billion in 2025 at a CAGR of 20.3%.

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.

Major players in the cloud billing market are Aria System Inc., Amdocs Inc, Oracle Corporation, NEC Corporation, Jamcracker, IBM Corporation, CGI Group Inc., SAP SE, Zuora Inc., BillingPlatform Corp., Recurly, Cerillion, ConnectWise, AppDirect, Chargebee, RecVue, Chargify, Salesforce, Orbitera Inc., and Amazon Web Service Inc.

North America was the largest region in the cloud billing market in 2020. Asia Pacific is expected to be the fastest growing 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 countries covered in the cloud billing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The global cloud billing market is segmented -

1) By Type: Subscription Billing, Metered Billing, Cloud Service Billing, Provisioning, Others

2) By Deployment Type: Private Cloud, Public Cloud

3) By Organization Size: Large Enterprises, SMEs

4) By Application: Account Management, Revenue Management, Customer Management, Others

5) By Vertical: BFSI, Telecommunications And ITES, Consumer Goods And Retail, Healthcare And Life Sciences, Others