The cloud billing market has been forecast to increase at a compound annual growth rate (CAGR) of 31.9% over the next five years, increasing from a value of approximately $2.4 billion at the beginning of 2013, to grow to a total of $9.6 billion by 2018.
The need for cost effective business processes is soaring as organisations aim to gain a competitive edge in the industry. Cloud billing solutions ensure cost efficiency as it reduces IT resources and the infrastructure required for the billing function.
As businesses realise the impact of efficient billing processes on customer satisfaction and retention, the demand for cloud billing solutions is increasing.
Cloud billing is a result of evolution of cloud technology, thereby enabling automation of the billing function by addressing the intricacies related to the billing process.
Though the regulatory and compliance standards confine the adoption of cloud billing solutions, businesses are gradually realising the benefits of lean billing processes for customer retention.
According to a recent report, 'Cloud Billing Market: Global Advancements, Market Forecasts & Analysis 2013-2018,' in terms of geographies, North America (NA) is expected to be the biggest market in terms of revenue contribution, while Asia-Pacific (APAC) is expected to experience increased market traction, over the next five years.
While organisations across different verticals look forward to integrate the cloud billing solutions into their mainstream work scenarios, the billing solution providers aim to gain competitive advantage in the emerging market by designing feature rich solutions and better visibility by undertaking innovative marketing strategies such as referral programs and free trials.
Major forces driving the cloud billing market are the increasing Capex pressure, businesses adopting service oriented culture and offering consumer oriented services, the reporting feasibility the cloud billing solutions deliver and the market trend of employing cloud technology.
For more information on the cloud billing market, see the latest research: Cloud Billing Market
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