Global Subscription and Billing Management Market 2024, Forecast To 2033
26 Feb, 2024
The subscription and billing management market has witnessed rapid growth, increasing from $6.4 billion in 2023 to $7.22 billion in 2024, with a CAGR of 12.8%. Historical growth is attributed to the shift to subscription-based models, the emergence of SaaS and cloud services, consumer demand for flexibility, the introduction of IoT and connected devices, and regulatory compliance and security concerns. Projections indicate rapid growth to $12.36 billion in 2028, with a CAGR of 14.4%. The forecasted growth is fueled by continuous innovation, adoption of subscription models in new industries, scalability and flexibility requirements, expansion of partner ecosystems, and a focus on enhancing customer experience.
Global Subscription and Billing Management Market Key Driver
The growing penetration of electronic media and devices is anticipated to drive the subscription & billing management market. Increased usage of electronic media and devices necessitates effective subscription and billing management. Gartner reported a surge in laptop and tablet use, with an estimated 125 million additional devices in 2021. The rising prevalence of electronic media and devices is set to drive the subscription & billing management market.
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The subscription & billing management market covered in this report is segmented –
1) By Payment: Fixed, Variable
2) By Component: Software, Services
3) By Deployment Type: Cloud, On-Premises
4) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
5) By Industry: 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, Travel And Hospitality
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North America was the largest region in the subscription & billing management market in 2023. 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, Africa
Major Subscription and Billing Management Industry Players
Zuora Inc.; Aria Systems; Gotransverse; BillingPlatform; cleverbridge AG; SAP SE; Apttus Corporation; Oracle Corporation; NetSuite, Inc.; LogiSense Corporation; BLUSYNERGY BUSINESS SERVICES LLP; Cerillion Technologies Limited; Recurly Inc.; Computer Sciences Corporation; Transverse LLC; Chargebee Inc.; Chargify LLC; SaaSOptics LLC; Chargezoom Inc.; PaySimple Inc.; Zoho Corporation Pvt. Ltd.; AppFrontier LLC; Chargefox Pty Ltd; Billsby; ChargeKeep Inc.; Rebilly; Vindicia; Spreedly; Cheddar; Paddle; Subscription DNA; PayClix
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Subscription and Billing Management Market Overview
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.
Subscription and Billing Management Global Market Report 2023 provides data on the global subscription and billing management market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The subscription and billing management market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.