Global Subscription & Billing Management Market: Overview
Subscription billing can be a complicated business model that involves physical and/or digital means for a customer subscribed to a service to pay for it and maintain access to it. A great number of businesses and websites are currently accessing these services to obtain a better management of their clientele and subscribers. Several services providers from the global subscription and billing management market are also providing automatic payment options or a periodic payment of bills, which can be done by linking a user’s credit or debit cards or bank account. This brings into perspective the heavy layer of security that needs to be added to each billing and payment process in order to generate a greater credibility from a customer and to avoid legal and financial issues in the event of frauds or hacking. A lot of players from the global subscription and billing management market also provide loyalty perks and added services to gather a greater favor from clients into using their solutions. Value addition thus becomes a key trend in the market for the time being.
The global subscription and billing management market can be segmented on the basis of deployment, user types, services, end users, and solutions. By type of deployment, the market can be sub-segmented into cloud and on-premise. By solutions, the global subscription and billing management market can be categorized into subscription order management, quote and pricing management, receivables management, dispute management, and credit and collection management. The key end users in the market include financial services and insurance (BFSI), banking, retail, healthcare, manufacturing, media and entertainment, transportation and logistics, public sector and utilities, and IT and telecom. Services offered in global subscription and billing management market include managed and professional services. By user types, the market is divided into small and medium enterprises (SMEs) and large enterprises.
The report provides an accurate analysis of the global subscription and billing management market on the basis of its current drivers and restraints, the factors that may influence it over the coming years, and the nature of its competitive landscape. The report does this through the use of key research methodologies and tried and true analytical processes such as Porter’s Five Forces analysis and SWOT analysis.
Global Subscription & Billing Management Market: Key Trends and Opportunities
One of the leading drivers augmenting the global subscription and billing management market currently, is the increasing penetration of electronic media and devices coupled with the high demand for advanced subscription management tools and billing software. The industries of utilities, media and entertainment, and the public sector, are commonly the areas where the demand for subscription and billing management tools is exceptionally high. Service providers and companies from these industries are expected to deliver quality services and on-time management, which is what the global subscription and billing management market is currently proceeding towards fulfilling. The modern payment processes and subscription management tools need to be robust and highly efficient when it comes to delivering these requirements.
The players in the global subscription and billing management market are also expected to provide value additions such as multiple payment options, lower initial setup costs, accuracy driven billing, and automated invoicing. These factors help create differentiators between the several key players as well as the new entrants to the global subscription and billing management market. However, the market is currently being restricted by the growing security issues and concerns regarding the use of online platforms that could make billing systems more prone to external cyber-attacks. At the same time, clients are deterred from implementing advanced processes due to the high costs associated with upgrading and maintaining the used billing solutions.
Global Subscription and Billing Management Market: Region-wise Outlook
The geographical segmentation of the global subscription and billing management market includes the key regions of North America, Europe, Asia Pacific, South America, and the Middle East and Africa. High customer volume, the early presence of advanced technologies and cloud platform implementations, and a greater volume of expenditure on the concerned industries has led to North America being the leading region in the global subscription and billing management market for the past few years. Similar scope has been witnessed in Europe. On the other hand, Asia Pacific and the MEA are providing players with a massive scope of opportunities over the coming years, thanks to growing consumer subscription counts, the skyrocketing demand for advanced billing methods, and the growing disposable income of consumers.
Some of the leading players in the global subscription and billing management market include Zuora Inc., Oracle Corporation, SAP SE, NetSuite, Inc., Cleverbridge AG, Computer Sciences Corporation, Cerillion Technologies Limited, Avangate, Inc., Apttus Corporation, Aria Systems, Inc., Transverse LLC, Blusynergy, LogiSense Corporation, and Recurly, Inc. among others.