Cloud Billing Market Worth 16.59 Billion USD by 2021
Cloud Billing Market Worth 16.59 Billion USD by 2021
Aug 05, 2016, 11:30 ET from MarketsandMarkets
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PUNE, India, August 5, 2016 / PRNewswire /--
According to a new market research report " Cloud Billing Market by Type( Subscription Billing, Metered Billing), Providers( CSP, Telecom and Communication Provider, & MSP), Application( Customer, Revenue, & Account Management, Organization Size, Vertical, and by Region- Global forecast to 2021 ", published by MarketsandMarkets, the market size is estimated to grow from USD 5.68 Billion in 2016 to USD 16.59 Billion by 2021, at expected Compound Annual Growth Rate( CAGR) of 23.9 % from 2016 to 2021.
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Browse 64 market data Tables and 50 Figures spread through 151 Pages and in-depth TOC on " Cloud Billing Market "
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High demand for billing operations, centralized, and convergent billing solutions and the growing need to lower capital and operating expenditure is increasing the demand for cloud billing in the market.
" Cloud Service Billing is expected to grow at the highest CAGR during the forecast period "
Cloud service billing is expected to grow at the highest CAGR during the forecast period. Advancement in cloud technology has increased the customer base significantly in the billing market and raised the demand for cloud billing. Among the various types of cloud service billing, SaaS-based services are becoming more popular due to its capability to offer easy customization and innovative functionality.
" Customer Management is expected to gain prominent traction during the forecast period "
The Cloud Billing Market is expected to grow at an impressive CAGR during the forecast period. Customer retention and customer feedback are the two most important factors companies are focusing on, thereby increasing the application of customer management in the Cloud Billing Market. Moreover, cloud billing not only helps in retaining the customers but also delivers value by establishing healthy customer-provider relationship.
" Media & Entertainment and Telecommunication & ITES are expected to grow at the highest CAGR during the forecast period. "
The media and entertainment industry is witnessing a potential growth in the Cloud Billing Market across regions owing to the increase in the adoption of digital channels. Moreover, the telecommunications and ITES sector has always been at the forefront while adopting cloud-based technologies to serve their customers better.
" APAC is expected to witness a high growth potential during the forecast period "