The latest report by IMARC Group, titled “Subscription and Billing Management Market Research Report: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” The global subscription and billing management market is expected to exhibit a CAGR of 14.30% during 2022-2027. Subscription and billing management involves the automation of payment collection of subscriptions using tech-driven methods. It is a business framework that utilizes management software and shared data to automate subscription and billing. It enables several customer lifecycle operations, including assigning credits, issuing refunds, managing trials, and making mid-cycle subscription changes. Additionally, it helps in improving customer experiences by creating the best plans and promotions while offering personalized experiences by engaging with subscribers through various channels. The demand for subscription and billing management is increasing across the globe due to the rising revenue streams.
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Global Subscription and Billing Management Market Trends:
The global market is primarily driven by the increasing adoption of subscription business models. This is supported by the growing need to improve customer retention in various businesses. Additionally, subscription and billing management is widely deployed in retail, banking, financial services, and insurance (BFSI), healthcare, telecommunication, and information and technology (IT) sectors globally as it assists in racking customer acquisition costs (CAC) while precisely managing the inventory, this is acting as one of the major growth-inducing factors. Moreover, the incorporation of advanced technologies, such as machine learning (ML) for optimizing billing practices is creating a positive market outlook.
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Global Market Demand:
Along with this, the rising demand for upgrading legacy systems to improve data security is one of the key factors driving the market. Apart from this, the growing adoption of personalized services and customized promotions utilizing subscription and billing management systems to acquire past activities and customers’ purchase history is significantly supporting the market. Furthermore, the increasing employment of software-as-a-service (SaaS) subscription models across businesses as a result of the inclination on account of rapid digitization is positively influencing the market. Other factors driving the market further include the increasing need for adhering to compliances and extensive research and development (R&D) activities conducted by key players.
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Key Market Segmentation:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 2Checkout.com Inc. (VeriFone Holdings Inc.), Aria Systems Inc., BillingPlatform LLC, Bright Market LLC dba FastSpring, Cerillion, Chargebee, Fusebill, Oracle Corporation, SaaSOptics, Salesforce Inc., SAP SE, Zoho Corporation and Zuora.
Breakup by Component:
Breakup by Deployment Mode:
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by End User:
- Media and Entertainment
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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