Global Cloud Billing Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application (Account Management, Revenue Management, Customer Management, Others), By Organization Size (Small, Medium, Large), By Industry Vertical (BFSI, Education, Retail, Energy And Power, Government, Healthcare, Manufacturing, Media And Entertainment, Communication And Technology), And By Geography - Forecasts From 2021 To 2026

The global cloud billing market is projected to grow at a CAGR of 18.27% to reach US$10.403 billion by 2026, from US$3.214 billion in 2019.

Cloud billing essentially comprises cloud computing and electronic billing. Many businesses are expanding their services by shifting to cloud billing platforms. Cloud billing is revolutionizing the computer system which thereby helps in billing efficiently and accesses the data easily. Cloud billing helps in reducing the licensing cost, cutting down the service cost, protecting and securing the data, on-demand scalability, and improving business insights and customer relationships. Like other processing storage systems, cloud billing does not use the personal server, but uses the local server, thereby helping the companies in making a profit.

A major reason for the growth of this market is the rise in demand for reducing expenditure by various companies.

Companies are continuously striving to reduce their capital expenditure and operating costs due to increased competition across the globe. Cloud billing technology has gained a lot of attention. It offers the customer's cost and business dexterity advantages. The technology has enabled the organization to streamline the entire billing process. This has accelerated the market for cloud billing and thus has helped in reducing the need for IT resources, expensive hardware, cost of manual processes and infrastructure.

The integration of smart motors with various applications, storage and hardware is expected to drive the demand for this market in the forecast period.

Cloud billing helps in deploying various applications, storage, and hardware over the internet. These services are either free or provided under some subscriptions. This also helps in improving efficiency. It helps in generating bills for the cloud service consumption which can generally cost the customers more. 

The growth in the demand for accurate invoices is anticipated to fuel the growth of this market.

Cloud billing helps in generating accurate invoices. The software inbuilt reminds the customers about the due invoices and thus helps in saving money. It also helps in minimizing errors that can be incurred while creating bills manually. Customers are also able to track their usage and are able to know how much they have consumed. This transparency is appreciated by a lot of consumers and contributes to the growth of the cloud billing market.

The rapidly advancing technology is also projected to positively impact the sales of cloud billing devices.

The technology used in cloud billing is upgraded rapidly across the globe. New features can be easily added in response to the constantly changing market requirements. It also enhances the recurring billing process. One can create accounts for recurring payments and can also notify customers before the due dates. It also helps in assessing taxes, liabilities, and expenses easily. With this, the cloud billing market is expected to surge.

The share of different regions in the global smart motor market.

North America is expected to grow and hold the largest share in the global cloud billing market. The IT and telecommunication sector is expected to hold the largest share in the cloud billing market of North America. Asia Pacific region is also expected to record substantial growth. Countries like China, Taiwan, the Republic of Korea, and Japan are giving sizeable importance to the cloud-based billing method. Moreover, the government in many countries is promoting the use of cloud billing technology. Private companies are also undertaking huge investments.

Recent developments in the cloud billing market

Some of the recent developments include:

• In September 2020, SAP incorporated the cloud billing process in SAP Subscription billing. The technology enables to send notifications before and after an allowance comes to its maturity, quote prices for allowance, and complete delayed subscription.
• In August 2020, zoura implemented a strategy in order to ensure quick subscription payments. 

The outbreak of COVID-19

The outbreak of COVID-19 has positively impacted the cloud billing market. Cloud billing technology has gained popularity and momentum as companies have shifted from manual labour to capital in order to follow the strict norms imposed by the government. The companies have also made considerable changes in their annual budgets to overcome the effects of the pandemic. The cloud billing companies are further expected to expand at the same pace.

Global Cloud Billing Market Scope:

Segmentation:

• By Application
  • Account Management
  • Revenue Management
  • Customer Management
  • Others
• By Organization Size
  • Small
  • Medium
  • Large
• By Industry Vertical
  • BFSI
  • Education
  • Retail
  • Energy and Power
  • Government
  • Healthcare
  • Manufacturing
  • Media and Entertainment
  • Communication and Technology
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
    • Others
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Italy
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • Indonesia
    • Taiwan
    • Thailand
    • Others

Frequently Asked Questions (FAQs)

Q1. What will be the cloud billing market size by 2026?
A1. The global cloud billing market is projected to reach a market size of US$10.403 billion by 2026.

Q2. What are the growth prospects for the cloud billing market?
A2. The cloud billing market is projected to grow at a CAGR of 18.27% over the forecast period.

Q3. What is the size of the global cloud billing market?
A3. Cloud Billing Market was valued at US$3.214 billion in 2019.

Q4. What factors are anticipated to drive the cloud billing market growth?
A4. A major reason for the growth of the cloud billing market is the rise in demand for reducing expenditure by various companies.

Q5. Which region holds the maximum market share of the cloud billing market?
A5. North America is expected to grow and hold the largest share in the global cloud billing market.