According to 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 analysis. 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 refers to the systematic process of handling subscriptions and managing the associated billing activities. It involves overseeing the entire lifecycle of a subscription-based service, from acquisition and onboarding to ongoing customer management and payment processing. It encompasses a range of tasks, such as subscription creation, pricing, plan management, invoicing, payment collection, and customer retention. These systems streamline operations, automate billing cycles, and provide real-time visibility into customer activity and financial performance. They also facilitate efficient customer communication, allowing businesses to send notifications, invoices, and reminders, as well as handle customer inquiries and support. Some of the popular pricing models include standard subscription, usage-based, hybrid, and freemium pricing.
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Global Subscription and Billing Management Market Trends:
The increasing need for improving customer retention rates is driving the global market. Moreover, the increasing adoption of subscription and billing management systems for personalized services and customized promotions based on past activities and the purchase history of customers is catalyzing the market. Besides, continual technological advancements, such as cloud computing, artificial intelligence, and automation, are supporting the market as businesses can now leverage advanced analytics, automated invoicing, and secure payment gateways to streamline their billing processes and optimize revenue management. Furthermore, the growing demand for upgrading legacy systems to enhance data security is creating a positive market outlook. Other factors, such as increasing customer demand for subscriptions, and rapid digitalization, are also influencing the market.
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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)
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