Subscription billing is a business model in which a customer pays a subscription charge to access a product or a service. This model is employed by various businesses and websites. A subscription billing model offers periodic access to a service or product. Renewal of a subscription may be automatically activated and periodic, such that the cost for a new period is automatically charged to a customer’s checking account or a credit card. Subscription and billing management software is used to store payment data and process charges to automatically manage recurring revenue from customer subscriptions. Subscription and billing software facilitates effective management and up-gradation of subscription plans. E-commerce businesses use subscription and billing management software to retain consumers and create brand loyalty. Subscription and billing software adds to the payment functionality of a payment gateway and integrates with other tools such as catalog management software, e-commerce tools, and platform solutions. Products in the subscription and billing management category are offered as a standalone tool or a software suite. The overall subscription process is managed by software suites, while the standalone tools consists of specialized add-ons that facilitate businesses to add subscription models to their product offerings.
The proliferation of technology and the growing demand for efficient management of subscription and billing processes are the major factors driving the growth of the subscription and billing management market. Industries such as media and entertainment, and public sector and utilities are expected to deliver on –time and quality services, which mandates them to adopt efficient and robust payment processes. Furthermore, various advantages offered by subscription and billing management software such as automated invoicing, reduced initial setup cost, accurate billing process, and multiple payment processing options are further fueling the growth of this market. However, security concerns regarding the usage and deployment of subscription and billing management solutions pose challenges in the growth of this market. Moreover, these solutions require frequent up-gradations and maintenance costs that present hurdles in their widespread adoption.
The subscription and billing management market can be categorized by type of deployment, solutions, end-use, services, user type, and geography. By type of deployment, the market can be sub-segmented into cloud and on-premise. By solutions, the market can be further categorized into quote and pricing management, subscription order management, dispute management, receivables management, and credit and collection management. By end-use, the market can be further segmented into banking, financial services and insurance (BFSI), healthcare, retail, media and entertainment, manufacturing, public sector and utilities, transportation and logistics, and IT and telecom. Furthermore on the basis of services, the market is further divided into managed and professional services. Also, by user type, the market is further categorized into small and medium enterprises (SMEs) and large enterprises. Geographically, the market is segmented into North America, South America, Asia-Pacific, Europe, and Middle East and Africa.
The key players operating in the subscription and billing management market include Oracle Corporation, Zuora Inc., NetSuite, Inc., SAP SE, Computer Sciences Corporation, Cleverbridge AG, Avangate, Inc., Cerillion Technologies Limited, Aria Systems, Inc., Apptus Corporation, Blusynergy, Transverse LLC, d.b.a. goTransverse, LogiSense Corporation, and Recurly, Inc.
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