Cloud billing services in APAC to grow fastest through to 2021

According to 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 cloud billing market is estimated to grow from US$5.68 billion in 2016 to US$16.59 billion by 2021, at an expected CAGR of 23.9% from 2016 to 2021.

High demand for billing operations, centralised and convergent billing solutions and the growing need to lower capital and operating expenditure are all increasing the demand for cloud billing in the market. Cloud service billing is the sub-segment expected to grow at the highest CAGR during the forecast period. Software-as-a-service (SaaS)-based cloud billing services are becoming more popular due to their capability to offer easy customisation and innovative functionality.

Customer retention and customer feedback are the two most important factors companies are focusing on, thereby increasing the demand for customer management in cloud billing. Moreover, cloud billing not only helps in retaining the customers but also delivers value by establishing healthy customer-provider relationships.

The media and entertainment industry is witnessing potential growth in cloud billing across regions owing to the increase in the adoption of digital channels. Moreover, the telecommunications and information technology enabled services (ITES) sector has always been at the forefront while adopting cloud-based technologies to serve their customers better.

The Asia Pacific region will be the fastest-maturing in terms of CAGR. Factors such as top mandatory government regulations, increasing need to focus on customer relationship management, and popularity in cloud-based solutions are the major factors supporting the growth of this market in the region.

Key vendors mentioned in the cloud billing report include AWS, CSC, IBM, NEC, Oracle, Amdocs, Aria System, CGI Group, SAP and Zuora.


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