Dublin, May 15, 2023 (GLOBE NEWSWIRE) -- The "Convergent Billing Market By Component, By Deployment Mode, By Enterprise Size: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the convergent billing market was valued at $11.5 billion in 2021, and is estimated to reach $73.2 billion by 2031, growing at a CAGR of 20.7% from 2022 to 2031.
Key Market Players
- CSG Systems International, Inc.
- IBM Corporation
- sterlite technologies limited
- Amdocs
- Huawei Technologies Co., Ltd.
- Optiva Inc.
- Oracle Corporation
- Telefonaktiebolaget LM Ericsson
- Comarch SA
- Nokia Corporation
The Convergent Billing Market is likely to experience a significant growth rate of 20.7% from 2022-2031, owing to increasing market demand from on-premise segment.
New businesses are constantly being invented to reinvigorate the end-user experience. Many possibilities lie ahead in the world of billing solutions. Something like self-service billing solutions most likely will be a regular billing norm where customers can have the option to choose and switch between their billing plans and manage the accounts on their own.
Overall, convergent billing solution is gaining a lot of popularity because it saves time and money. Similarly, mobile service postpaid bill and other data service charges, could all be merged into one invoice. Relatively, it also helps enterprises to provide exclusive wide-range services to a variety of new customers in the form of bundles and packages at discounted rates.
Moreover, the biggest advantage of moving to a convergent billing platform is that are able to incorporate new services a lot more easily than before. Whether it is Over the Top (OTT), Internet of Things (IoT) or something even newer, convergent billing implemented through an OCS works way better than the legacy IN or offline charging systems. A cutting-edge system that offers convergent billing is also more flexible than the aforementioned legacy systems. Such benefits are expected to offers numerous opportunities for the market growth during the forecast period.
On the contrary, convergence in billing will also lead to global innovation. Application-based services are likely to push more charging and payment transactions along with core services that are subscription based. Moreover, the numbers of payment options that are available to customers are expected to rise with more access to electronic banking services.
This will automatically make the payment collection method through different payment gateways even more complicated. In such a situation, convergent billing services that are complemented with APIs can serve as an excellent resource. APIs not only help to use the services of the vendor's payment gateways, but it also help to addressing new requirements with ease.
APIs grant to easy access to vendor partnerships and capabilities without any need for wholesale customization's in the billing software. Such factors are anticipated to propel the growth of the market in the upcoming years.
Factors such as increase in digitalization due to COVID-19 outbreak drives the growth of the market. In addition, rise in adoption of cloud-based solutions & services propel the growth of the market for future.
However, security & privacy concerns among enterprises hamper the growth of the market. Furthermore, rapid changes in business model software due to the geographical expansion of the businesses is expected to provide the lucrative growth opportunities for the market during the forecast period. Moreover, advancement in technologies such as smartphones is expected to provide lucrative opportunities for the convergent billing market growth.
Key Benefits
- The study provides an in-depth analysis of the global convergent billing market forecast along with the current and future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on global convergent billing market trends is provided in the report.
- The Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the global convergent billing market from 2022 to 2031 is provided to determine the market potential.
Key Market Segments
By Component
- Solution
- Solution
- Customer Relationship Management
- Settlement and Payment Management
- Voucher Management
- Mediation
- Services
By Deployment Mode
- On-Premise
- Cloud
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises
For more information about this report visit https://www.researchandmarkets.com/r/c5y92n
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