Subscription billing is a complicated business model that involves a digital or physical method and allows the subscribed customers to pay their bills. Currently, a large number of websites and businesses are accessing these services for a better management of subscribers. Multiple service providers from the subscription and billing management market are providing an automatic payment option, which could be done by linking the user’s credit or debit card or bank account. However, the subscription billing option requires a high level of security that is needed to be added in every payment and billing process to eliminate the possibility of financial and legal issues in events of hacking and fraud.
The significant factors boosting the growth of the Global Subscription & Billing Management market include the increasing need for upgrading legacy systems, rising adoption of subscription business models, growing need for adhering to compliance, and rising emphasis on reducing subscriber churn to improve customer retention. Customer churn is one of the significant problem for businesses as gaining new customers is more expensive than retaining existing ones. In order to eliminate such challenges, various organizations are adopting subscription & billing management solutions. It offers personalized service, such as purchase history, new services and customized promotion based on customers’ past activity, thereby encouraging the customer retention rate.
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Based on the region, the North America is projected to grow at a higher CAGR over the forecast period owing to the large presence of key players, including, Salesforce.com Inc, Aria Systems Inc, and Apttus Corporation in the region. With the rising usage of cloud-based services and bring your own device (BYOD), there has been an upsurge in the automation of the subscription process in the region. Businesses in the developed countries, especially the U.S. and Canada, are heavily investing on subscription & billing software, thereby generating growth of Subscription & Billing Management market in this region.
The key players in the market include 2Checkout.Com Inc, Apttus Corporation, Aria Systems Inc, BillingPlatform LLC, Salesforce.com Inc, SAP SE, Chargebee Inc, Chargify LLC, Zoho Corporation, and Vindicia Inc., among others.
The Global Subscription & Billing Management market has been segmented based on Component, Deployment Type, Organization Size, Vertical, and key Region. Based on the Component, the market is segmented into Solutions and Services. Based on Deployment Type, the market is segmented into Cloud and On-Premises. Based on the Organization Size, the market is segmented into SMEs and Large Enterprises. Based on the Vertical, the market is segmented into BFSI, Retail & e-commerce, IT, Telecom, Media & Entertainment, Public Sectors & Utility, Transportation & Logistics, and Others.
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Key questions answered in this research report: At what pace is the Global Subscription & Billing Management market growing? What will be the growth trend in the future? What are the key drivers and restraints in the Global Subscription & Billing Management market? What will be the impact of drivers and restraints in the future? What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the Global Subscription & Billing Management market? What are the various verticals in the Global Subscription & Billing Management market and how they are poised to grow? What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
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