The global cloud billing market is suggested to have reached a value of around $2.4 billion at the beginning of 2013, and is forecast to grow to a total of $9.6 billion by 2018. This suggests a CAGR growth rate of around 31.9% between 2013 and 2018.
The need for cost effective business processes is soaring as organizations aim to gain a competitive edge in the industry. Cloud billing solutions ensure cost efficiency as it reduces the IT resources and infrastructure required for the billing function. As businesses realize 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 realizing the benefits of lean billing processes for customer retention. The global adoption scenario of cloud billing solutions across verticals for digital as well as non-digital services is an indication of optimistic growth as early adopters advocate the benefits of this service.
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