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Cloud billing is a tool that helps in billing for cloud-based infrastructure and software. Cloud solutions can either be deployed on private or public clouds. Cloud billing solutions replace traditional billing solutions with cloud billing technology and help enable billing for both non-digital and digital services. It also helps in automating the billing process and supports managing large amounts of data in real time that helps enterprises focus on their business operations.
The outbreak of COVID 19 had a positive impact on the cloud billing market. Due to lockdown imposed globally, cloud billing solutions gained high demand as enterprises adopted new and innovative billing methods. Due to low cost and scalability, the adoption of cloud-based billing solutions witnessed a significant increase amid the COVID-19 pandemic.
Key Market Driver -
• The growth in subscription based business models to drive the adoption of cloud billing solutions • Increasing demand for convergent and centralized billing solutions to drive market growth
Key Market Restraint -
• Growing data thefts and cybersecurity attacks are expected to restrict the market growth
Major players operating in Cloud Billing Market are Oracle, Amazon Web Services Inc., Amdocs Inc., NEC Corporation, IBM Corporation, CSC, Chargify, CloudXchange.io, Cloud Assert, RecVue, Chargebee, CloudBilling, AppDirect, Zoho, ConnectWise, CGI Group Inc., Cerillion, Jamcracker, Recurly, BillingPlatform, Aria Systems, Salesforce, SAP SE and Zuora Inc among others.
Companies providing cloud billing solutions adopt various organic and inorganic methods such as partnership, launch, mergers, acquisition, business expansion, product upgradations to enhance their market presence. For instance, in August 2020, Zuora, in partnership with GoCardless, launched a solution for subscription payments. This is likely to help companies across more than 30 countries process recurring faster payments and reduce customer churn and payment-related costs.
North America is expected to hold the highest share due to the availability of advanced ICT infrastructure across sectors such as telecommunications, BFSI, and IT. The region is also witnessing high adoption of cloud-based billing solutions due to mandatory government regulations. For example, the North America government has made cloud governance mandatory for successful cloud migrations and cloud security. This helps the region to have the safest cloud services. Further, the main contribution in the region is due to countries such as the US and Canada, as both countries have the presence of major vendors that helps in enhancing the cloud billing solutions and services in the market.
Further, Asia Pacific is expected to have significant growth as countries like Japan, China, Korea, and Taiwan are giving importance to cloud-based billing solutions and services. Further, as per the IDC report, public cloud services in the Asia Pacific are expected to increase in the near future. According to the report, the region is anticipated to reach USD 48.4 Bn by 2021. These growing factors of public cloud services would further help grow the cloud billing market in the region.
Furthermore, the Middle East and Africa is also witnessing significant growth due to the increased need for payment services and centralized billing in the region. Enterprises in the region have started adopting cloud process automation services.
Additionally, digital transformation initiatives such as a classroom of the future, next-generation care, smart tourism, future mobility, smart cities, and the smart government would further help in the adoption of more innovative billing solutions for digital transformation and accelerate the market growth in the region. Whereas, in South America, the adoption of cloud billing solutions is increasing because of the flexibility and scalability of billing solutions.
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