New York, Aug. 02, 2022 (GLOBE NEWSWIRE) -- In 2020, there were about 7.4 billion mobile subscriptions worldwide. Also, there were 7.5 billion mobile users including smartphones (6.3 billion) users worldwide in 2021. In addition to that, according to the Food Industry Association (FMI), there were 38,500 supermarkets in the United States, in 2018. Furthermore, the sales per customer transactions in 2020 were around USD 45 in-store and USD 120 online. As the number of mobile phone connections and users rises as well as the number of supermarkets and customers rises, so does the application of cloud billing technology in the telecom sector as well as in supermarkets and shops. These growth rates predict a massive spike in the global cloud billing market.
Recent research by Kenneth Research, titled “Global Cloud Billing Market” gives a quick rundown of market components, including growth drivers, restraint factors, current market trends, and potential for future growth. The market research report which covers the forecast period, i.e., 2022-2031, thoroughly examines the impact of COVID-19 and its consequences on end-users. The research report also looks at the main competitor’s product lines and future market expansion strategies.
The global cloud billing market garnered around USD 4 billion in 2021 and is expected to grow with a CAGR of ~17% over the forecast period. Cloud billing can be applied in banking, financial services, insurance (BFSI) industries, and information technology industries. In the United States, there were expected to be 320,000 data firms in total in 2019 with an increase of 2% from 2018. Whereas, there were around 95,000 thousand enterprises in the software and IT sectors and over 1,500 IT hardware firms in 2019 in Germany. In addition to that, 5.5 billion people worldwide used mobile banking in 2021. Additionally, with 32 million active mobile users, Bank of America remains the industry leader with over 32 million mobile users. Moreover, 80% of smartphone users reported making an online transaction within the previous 6 months using their device. The rise in the number of information technology industries and the growing prevalence of online banking is anticipated to fuel the global cloud billing market during the forecast period.
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Furthermore, several businesses have recently initiated cloud billing technology. The adoption of cost-effective strategies for reforming current company models has been driven by the competitive environment that currently exists and the state of the global economy. The advantages of emerging cloud technology for all organizational sizes in terms of cost savings and improved business flexibility have been gaining significant market momentum around the world. Organizations are using the cloud to automate their billing procedures which improves the consumer experience overall. For instance, Amazon Web Services, Inc. (AWS) debuted the AWS Billing Conductor in March 2022. This tool enables users to quickly and effectively give end consumers or business units customizable pricing and cost insight. Additionally, in March 2022, Aria Systems, Inc. and Rentokil Initial plc announced a partnership to provide Aria’s cloud-based billing platform, which can be used to handle billing for various lines of business.
The global cloud billing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Owing to the increased adoption of cloud-based technology across end-user industries and efficient access to customer needs, the North American region is predicted to account for the highest share of the market over the forecast period. Cloud billings are being adopted in hospitals and pharmacies for a variety of reasons including storing medical records, patient portals, big data analytics, extensibility, cost-effectiveness, security, and many more. There are a total of 6090 hospitals with total admission of 34,360,860 patients in the United States in 2022. Whereas in Canada, there were 1500 hospitals in 2021. Furthermore, the number of insurance firms in the United States was 4444 enterprises in 2019. The demand for cloud billing systems is growing as hospitals, pharmacies, and insurance companies multiply and fuel growth of the market in the region.
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On the other hand, the market in the Asia Pacific region has a noteworthy share in the growth of the market. For instance, China has over 2 billion mobile subscribers, making it the nation with the highest mobile cellular user base globally. China became one of the contenders in the race for 5G device manufacture and deployment as 5G started to become available in 2019. China was intended to activate more than 135,000 5G base stations by the end of 2020 Around 59 million 5G devices were shipped by Chinese smartphone manufacturers in the first quarter of 2021, making up more than 45% of all 5G smartphone shipments worldwide. It is anticipated that the expansion of the telecommunication sector and mobile phones are predicted to boost the demand for cloud billing systems and further propel regional market expansion.
The study further incorporates Y-O-Y Growth, demand & supply and forecasts future opportunities in North America(U.S., Canada), Europe (U.K., Germany, Italy, France, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global cloud billing market is segmented by deployment type into private cloud, public cloud, and hybrid cloud. The public cloud segment is expected to hold the largest share over the forecast period on the back of the benefits it offers. The offers are either free or offered under a subscription model, helping organizations meet their demands for scalability, offering a pay-per-usage pricing model, ensuring ease of deployment, and cost transparency. Few public cloud providers are Amazon Web Services (AWS), Microsoft and Google keep improving their billing APIs which provide users more access to the price data. AWS offers 191 countries worth of clients, 8500 partner network members, 2000 external software applications, 20 infrastructure regions worldwide, and 55,000 databases. AWS clients also use the AWS marketplace platform for 75 million hours monthly. Furthermore, on 20th of April 2022, AWS introduced a brand-new, USD 30 million accelerator program for minority founders. While the Google cloud platform, currently operating with 20 percent of major workloads, 30 percent running with some workloads whereas, experimenting with 23 percent and only 11 percent of the plan remaining. The growth of the cloud providers is predicted to expand the public cloud segment over the forecast period.
The global cloud billing market is segmented by end-user into healthcare, retail and consumer goods, information technology, media and entertainment, and education. The information technology segment is predicted to have the highest share in the market within the forecast period whereas, the education segment is expected to hold a noteworthy share in the market owing to the number of educational institutions worldwide. Compared to other business types, higher academic institutions such as universities, colleges, vocational schools, and other similar establishments frequently have particular IT needs. India holds the highest number of universities of around 5300 institutions, followed by the United States with almost 3300 universities and Indonesia holds the 3rd position with around 2600 universities in 2021. Furthermore, there were 98,469 public schools and 30,492 private schools in the United States during 2019 – 2020. The rise in academic institutions is anticipated to fuel the demand for cloud billing systems in the educational sector which is further predicted to propel the growth of the segment.
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The global cloud billing market is further segmented by type.
Global Cloud Billing Market, Segmentation by Type:
- Subscription Billing
- Cloud Service Billing
- Metered Billing
Few of the well-known market leaders in the global cloud billing market that are profiled in our analysis are IBM, Oracle, Amazon Web Service, Inc., NEC Corporation, Apptio, Inc, Aria Systems, Inc, Cerillion, CSG, CGI Inc., Zoho Corporation Pvt Ltd., and others.
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