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 "