Cloud Billing Global Market Sees Growth Rate Of 22% Through 2022

2 Mar, 2022

The global cloud billing market size is expected to grow from $5.92 billion in 2021 to $7.21 billion in 2022 at a compound annual growth rate (CAGR) of 22.0%. The change in the market 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 $15.21 billion in 2026 at a CAGR of 20.5%.

What is the Global Cloud Billing Market?

he 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.

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What drives the Global Cloud Billing Market?

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.

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Global Cloud Billing Market Segments
The global cloud billing market is segmented:
By Type: Subscription Billing, Metered Billing, Cloud Service Billing, Provisioning, Others
By Deployment Type: Private Cloud, Public Cloud
By Organization Size: Large Enterprises, SMEs
By Application: Account Management, Revenue Management, Customer Management, Others
By Vertical: BFSI, Telecommunications and IT, Consumer Goods and Retail, Healthcare and Life Sciences, Others
By Geography: The regions covered in the cloud billing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global cloud billing market.

Cloud Billing Global Market Report 2022provides market size and growth forecasts for the global cloud billing market, global cloud billing market share, cloud billing market segments and geographies, cloud billing market competitive landscape including leading competitors’ revenues, profiles and market shares. The cloud billing market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Cloud Billing Industry Playersinclude 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. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.