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," the global subscription and billing management market is expected to grow at a CAGR of 13.8% during 2023-2028. Subscription and billing management refers to a business model that involves the utilization of automation for collecting payment of subscriptions. It is mainly used for managing the operational side of subscriptions and trials, issuing funds, assigning credits and making mid-cycle subscription changes. It is extensively adopted by e-commerce sites, software-as-a-service (SaaS) companies, media outlets and education portals in order to gain recurring subscribers. Some of the popular pricing models include standard subscription, usage-based, hybrid and freemium pricing. Since the utilization of this model enables businesses to add support for a wide range of pricing structures and an assortment of payment models, this is providing a thrust to the market.
Global Subscription and Billing Management Market Trends:
The global market is primarily driven by the increasing need for improving customer retention rates. This has encouraged numerous businesses to heavily invest in the deployment of subscription and billing management models. Along with this, continual technological advancements, such as the integration of the Internet of Things (IoT), artificial intelligence (AI) and blockchain with the software model to improve engagement and offerings, are creating a positive market outlook. Moreover, numerous leading players are collaborating with digital payment companies in an attempt to improve the revenue system, which is impacting the market growth favorably. With the rapid outbreak of coronavirus disease (COVID-19), the popularity of OTT video streaming services has increased among the masses, which has positively influenced the market for subscription and billing management on the global level. Other factors, including rapid digitization, intensive business competition, the emerging information technology (IT) sector, and extensive research and development (R&D) activities conducted by key players, are also contributing to the market.
- On the basis of the component, the market has been segmented into software and services.
- Based on the deployment mode, the market has been segregated into on-premises and cloud-based.
- On the basis of the organization size, the market has been categorized into small and medium-sizes and large enterprises.
- Based on the end-user, the market is classified into BFSI, retail, IT, healthcare, media and entertainment and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include 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 and Zuora.
|Base Year of the Analysis
||Component, Deployment Mode, Organization Size, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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 and Zuora.
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