Internet of Things (IoT) has proved to be useful in many different industry verticals including automotive, logistics and transportation, consumer electronics, healthcare, security and surveillance, energy, and utilities. The benefit of IoT is the vital reason for continuous investment in the technology, which is expected to significantly grow in the next 15 years. Moreover, the number of connected devices is also expected to increase dramatically till 2020. Internet of things (IoT) is almost everywhere; it has revolutionized homes, businesses, education, and cities. Different business functions are being IoT enabled, be it operation management or customer relationship management. One such business function is billing and invoicing.
Billing and invoicing system is a strategic asset for a company since it deals with money. Moreover, it is one of the complicated IT back-end systems. However, with the Internet of Things (IoT) platform, the billing and invoicing solution has become efficient and simple. Internet of Things (IoT) billing & invoicing solutions enables users to collect data and bill any kind of event or activity within their business model. Internet of Things (IoT) billing & invoicing solution has the ability to bill, rate, invoice, and collect data in real time with minimal effort and maximum efficiency.
Due to the huge ecosystem of connected devices and massive volume of data generated through it, there is a strong requirement for billing systems that are flexible, cost-effective, and enables users to bill anything that can be quantified. Internet of Things (IoT) billing & invoicing solutions provide the required flexibility to the business, thereby making the billing and invoicing procedure easy and effective. The billing solution allows and helps businesses of all sizes to measure, meter, and monetize the billing/invoicing procedure. An Internet of Things (IoT) billing solution can manage a complex range of Internet of Things (IoT) business. It can be easily deployed by service providers or dedicated M2M (Machine to machine), MVNEs (mobile virtual network enabler), and MVNOs (mobile virtual network operator), providing a scalable system or solution that provides customer management, partner and reseller management, and resource and device management.
The billing solution gives the user the power to have a more accurate and clearer bill. The solution pulls information from different business lines and third party partners and consolidates them in a single and concise summary.
Solution providers in the market are continuously innovating the billing and invoicing solution that matches up to the expectation of users. For instance, development of cloud-based billing solution that is designed specifically for MVNEs (Mobile Virtual Network Enablers) and MVNOs (Mobile Virtual Network Operators) in order to bring more flexibility, speed, and agility to the process. The billing solution can also help users to securely store information with separate access protocols. Moreover, cloyed based solution is cost effective and can easily integrate billing, charging and analytics, thereby helping the users to take care of services as well as customer experience.
The market can be segmented into application and deployment. Under the deployment segment, the market can be sub-categorized into on-premise and cloud-based. On the basis of application, the market can be sub-categorized as telecom, IT, Voice over Internet Protocol (VoIP), and managed print resellers among others.
The market is largely driven by growing demand from telecom operators for agile, efficient, and cost effective billing solutions that enhance the overall customer experience. Moreover, the market offers various opportunities in terms of innovation and further development by solution providers.
Key players in the IoT billing & invoicing solutions market include Redknee Inc., FTS (Magic Software Group Company), SAP Hybris, Inform Billing, Internet of Things (IoT)-Billing.com (part of Select Software group), Aeris,Rev.io,MIND, JeraSoft, IDI Billing Solutions, Sterlite Technologies Limited, and MODAS.
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