Subscription Billing Management Global Market Report 2024

The subscription billing management market size has grown rapidly in recent years. It will grow from $6.44 billion in 2023 to $7.66 billion in 2024 at a compound annual growth rate (CAGR) of 18.9%. The growth observed during the historic period can be attributed to several factors, including the growing demand for a customer-centric billing experience, the increasing popularity of digital subscriptions, the need for upgrading legacy systems, expansion in emerging markets, and the growing integration of consumer data for enhanced customer experience.

The subscription billing management market size is expected to see rapid growth in the next few years. It will grow to $15.46 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The forecasted growth can be attributed to several factors, including the growing use of social media, rising inclination towards subscription-based business models, increasing adoption of subscription-driven business models, and the rising focus of businesses on enhancing customer retention by reducing subscriber churn rates. Additionally, there's a need for simplification of complex monetization models and reducing billing errors due to the increase in customer size. Major trends expected in the forecast period include product innovation, incorporation of machine learning capabilities, integration of advanced technologies such as artificial intelligence, Internet of Things, and blockchain, implementation of cloud billing platforms, and advancements in subscription billing management solutions.

The burgeoning prevalence of social media usage is anticipated to serve as a pivotal driver for the burgeoning growth of the subscription billing management market in the foreseeable future. Social media platforms have evolved into dynamic hubs of multimedia content, encompassing text, images, videos, and live streams. With the omnipresence of social media apps enabling seamless access anytime and anywhere, individuals are increasingly dedicating more time to these platforms, leveraging them for connectivity, entertainment, and information consumption. Subscription billing management solutions tailored for social media platforms play a crucial role in enabling diversification of revenue streams, fostering enhanced user engagement, and nurturing enduring relationships with their audience base. Notably, insights from a January 2022 report jointly published by We Are Social and Hootsuite project the global social media user base to surge to 4.62 billion in 2022, constituting approximately 58.4% of the world's population. This represents a notable uptick of over 10% compared to the previous year, with 424 million new users joining social media platforms in 2021 alone. Consequently, the escalating adoption of social media emerges as a primary catalyst propelling the expansion of the subscription billing management market.

Prominent entities operating within the subscription billing management arena are steadfastly focused on delivering holistic solutions, notably billing software, to streamline subscription management workflows, enhance billing accuracy, and elevate the overall customer experience. Billing software, a cornerstone of technological innovation, empowers businesses to efficiently manage and automate financial-related tasks such as invoicing, payment collection, and tax calculation. A prime exemplar of this trend is observed in Zoho's launch of Zoho Billing in September 2023. Positioned as a comprehensive billing solution tailored to the needs of burgeoning enterprises, Zoho Billing offers unparalleled flexibility in experimenting with pricing strategies while facilitating swift market penetration. Equipped with robust features, Zoho Billing empowers businesses with granular control over their billing processes, enabling proactive seizing of opportunities and agile responses to dynamic market conditions.

In November 2021, Visma, a renowned software company headquartered in Norway, completed the acquisition of Upodi ApS for an undisclosed sum. This acquisition enables Visma to address the growing market demand for recurring subscription models and tap into recurring revenue streams for businesses. Additionally, this strategic initiative bolsters Visma's foothold in the subscription economy and enhances its capacity to assist businesses in scaling their subscription-based operations. Upodi ApS, headquartered in Denmark, specializes in subscription billing management software.

Major companies operating in the subscription billing management market are Amazon Web Services Inc., Oracle Corporation, SAP SE, Salesforce Inc., Square Inc., Stripe Inc., Zoho Corporation Pvt. Ltd, Recurly Inc., Invoicera Inc., Apttus Corporation, Checkout Inc., Chargebee Inc., Zuora Inc., Aria Systems Inc., Cleverbridge, Muvi LLC, BillingPlatform Corp, RecVue Inc., BluLogix LLC, Tridens Technology, Billsby, LogiSense Corporation, Stax, Chargify LLC, Gotransverse LLC, Pabbly, ChargeOver Inc., Subbly Ltd., BluSynergy.

North America was the largest region in the subscription billing management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the subscription billing management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the subscription billing management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Subscription billing management involves overseeing and controlling all aspects of recurring products or services sold through subscription-based pricing models. It ensures accurate and timely billing, integrates with payment gateways, and supports multiple pricing models to streamline operations, enhance customer satisfaction, and drive business growth.

The main components of subscription billing management are software and services. Software comprises instructions, programs, or data that enable computers or other electronic devices to carry out specific tasks or functions. It can be deployed on the cloud or on-premise by organizations of varying sizes, including large enterprises and small and medium enterprises. Subscription billing management software is utilized across various industries, including banking, financial services, and insurance, retail and e-commerce, IT and telecom, media and entertainment, healthcare, and others.

The subscription billing management market research report is one of a series of new reports that provides subscription billing management market statistics, including subscription billing management industry global market size, regional shares, competitors with a subscription billing management market share, detailed subscription billing management market segments, market trends and opportunities, and any further data you may need to thrive in the subscription billing management industry. This subscription billing management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The subscription billing management market consists of revenues earned by entities by providing services such as automated recurring billing, customer lifecycle management, invoicing, accounts management, and subscription lifecycle modifications. The market value includes the value of related goods sold by the service provider or included within the service offering. The subscription billing management market also includes sales of subscription boxes, hybrid subscription models, and software-as-a-service (SaaS) subscription models. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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