Portland, OR, March 28, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global convergent billing market was estimated at $11.5 billion in 2021 and is expected to hit $73.2 billion by 2031, registering a CAGR of 20.7% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $11.5 Billion |
| Market Size in 2031 | $73.2 Billion |
| CAGR | 20.7% |
| No. of Pages in Report | 403 |
| Segments Covered | Component, Deployment mode, Enterprise Size, and Region. |
| Drivers | Growing interest of telecom operators to offer in-depth and layered billing solutions |
| Rapid digital transformation across the world | |
| Restraints | Threats associated with data security |
| Certain privacy concerns | |
| Opportunities | Rise in investment in advanced technologies such as big data, IoT, and AI |
Covid-19 scenario-
- During the pandemic, businesses started investing more money in convergent billing due to the growing trend of personalized business operations as a way to enhance customer experience.
- This trend has continued post-pandemic too.
The global convergent billing market is analyzed across component, deployment mode, enterprise size, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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By component, the solution segment contributed to more than two-thirds of the global convergent billing market share in 2021, and is projected to rule the roost by 2031. The services segment, on the other hand, would display the fastest CAGR of 22.7% throughout the forecast period.
By deployment mode, the on-premise segment accounted for the highest share in 2021, generating more than three-fifths of the global convergent billing market revenue. The cloud segment, however, would portray the fastest CAGR of 23.9% during the forecast period.
By enterprise size, the large enterprises segment garnered the major share in 2021, holding nearly two-thirds of the global convergent billing market revenue. The small and medium-sized enterprises segment, simultaneously, would portray the fastest CAGR by 2031.
By region, North America held the major share in 2021, garnering more than two-thirds of the global convergent billing market revenue. The Asia-Pacific region, however, would showcase the fastest CAGR of 23.8% from 2022 to 2031. The other provinces studied through the report include Europe and LAMEA.
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The key market players analyzed in the global convergent billing market report include Amdocs, CSG Systems International, Inc., Telefonaktiebolaget LM Ericsson, IBM Corporation, Nokia Corporation, Optiva Inc., Oracle Corporation, Comarch SA, Sterlite Technologies Limited, and Huawei Technologies Co., Ltd. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
