Global Subscription and Billing Management Market: Overview
Subscription billing is the business module for receiving advance payment by the customer to access a product or a service. Several businesses and websites deploy this business module. This subscription-billing module allows customers for periodic access to a product or service. Renewal of a subscription is periodic and automatic; the cost for renewal of the service is automatically charged to customer’s credit card or checking account. This software is essential to store payment summary and process charges automatically in order to manage recurring revenue from customer subscriptions. Subscription billing software enables effective up gradation and management of subscription plans. Many e-commerce businesses employed billing management software to create brand loyalty and retain consumers. This software comprises payment gateway and other tools such as platform solutions, catalog management software, and e-commerce tools. Products in the subscription and billing management category are proposed as a standalone tool or a software suite. The software suites manage the entire process of subscription; however, standalone tools include specialized add-ons that enable businesses to add subscription models to their product offerings.
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Global Subscription and Billing Management Market: Growth Factors
The emergence of advanced technologies for the efficient management of the subscription and billing processes is driving the global subscription and billing management market. The public sector, media and entertainment, and utilities are expected to deliver quality services on real time basis, which allows them to accept efficient and robust payment processes. This is anticipated to boost global subscription and billing management market. Furthermore, subscription and billing management offers a number of advantages such as multiple payment processing options, automated invoicing, the accurate billing process, and reduced initial setup cost; These advantages are anticipated to propel the global subscription and billing management market.
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Global Subscription and Billing Management Market: Segmentation
The global subscription and billing management market is fragmented on the basis of solutions, end-use, and geography. The solution segment is categorized as credit and collection management, quote and pricing management, receivables management, dispute management, and subscription order management. The end-use segment is divided as IT and telecom, retail, banking, financial services and insurance (BFSI), media and entertainment, manufacturing, healthcare, and transportation and logistics. Geographically, the global subscription and billing management market is fragmented as North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Global Subscription and Billing Management Market: Regional Analysis
North America is a prominent region for the global subscription and billing market. High concerns regarding the adoption of digital technologies in this region may fuel the global subscription and billing management market growth mainly in the U.S. and Canada.
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Global Subscription and Billing Management Market: Competitive Players
Key players in the global subscription and billing management market are Aria Systems, Inc., NetSuite, Inc., Cerillion Technologies Limited, SAP SE, Avangate, Inc., Oracle Corporation, Cleverbridge AG, and Zuora Inc. Other major players include Computer Sciences Corporation, Apptus Corporation, Recurly, Inc., d.b.a. goTransverse, Blusynergy, LogiSense Corporation, and Transverse LLC.
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