How big is the subscription and recurring billing management market?
The latest report by IMARC Group, titled “Subscription and Billing Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the subscription and billing management market report. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global subscription and billing management market is expected to exhibit a growth rate (CAGR) of 13.8% during 2023-2028.
Subscription and Billing Management Market Overview:
Subscription and billing management is the process of managing and administering recurring payments and charges for products or services that are provided on a subscription basis. This includes handling customer billing information, invoicing, and collecting payments, as well as monitoring subscription plans, managing upgrades and downgrades, and handling cancellations. It provides personalized experiences by engaging with subscribers through various channels and delivering products and services efficiently.
Additionally, it enhances customer experiences by creating the best plans and promotions. It also aids in tracking customer acquisition cost (CAC) while precisely managing the inventory. As a result, it is extensively adopted by e-commerce sites, software-as-a-service (SaaS) companies, media outlets, and education portals in order to gain recurring subscribers.
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Global Subscription and Billing Management Market Trends:
The increasing need for improving customer retention rate is driving the global market. Along with this, the growing popularity of subscription-based services among consumers is catalyzing the growth of the market. Moreover, the integration of machine learning (ML) technology in subscription and billing management systems is acting as another growth-inducing factor.
Besides, the increasing employment of software-as-a-service (SaaS) subscription models to purchase online software services is impacting the market favorably. Furthermore, continual advancements in technology, and the proliferation of mobile devices and other digital platforms, are creating a positive market outlook. Other factors, including rapid digitization, intensive business competition, the emerging information technology (IT) sector, and extensive research and development (R&D) activities conducted by key players, are also influencing the market.
Key Market Segmentation:
Top Key Players in Subscription and Billing Management Industry:
- 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
- Zuora.
Breakup by Component:
- Software
- Services
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by End User:
- BFSI
- Retail
- IT
- Healthcare
- Media and Entertainment
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
