Cloud Billing Market Size (2024 - 2029)

Cloud Billing Market Analysis

Cloud Billing Market is expected to grow at a CAGR of 23% during the forecast period. With the growing instances of adoption of cloud computing, the demand for cloud billing solutions is also increasing. The major benefits provided by cloud billing solutions are cost benefits, higher scalability, secured services, and improved efficiency in operations.

• As the industry's technological landscape changes, businesses are looking for cost-effective ways to increase their competitiveness in the market. Cloud billing solutions are cost-efficient as they help in reducing the cost of resources and the IT infrastructure, thus driving the demand for the cloud billing system.
• Also, the massive growth in e-commerce and virtualized workplaces is increasing the need for simplified operations and billing process transparency, further driving the market growth. Also, the growth of the cloud-based POS system is giving rise to cloud billing in the retail sector.
• The growing requirement for lower capital and operational expenditures is projected to propel the cloud billing industry forward in the future years. Billing developed from a discrete back-office product to an integral component of the complete quote-to-cash process with the arrival of the cloud. Cloud billing enables organizations to save money while providing exceptional customer service. According to Flexera research, in the last year, 89% of firms desire multiple-hybrid cloud. As a result, the growing need for cheaper capital and operational expenses drives the expansion of the cloud billing industry.
• However, the transition from on-premises to cloud-based billing solutions, especially in small and medium firms, is expected to hinder the market growth. This is due to the costs involved with the transformation and privacy and data security issues related to cloud billing solutions.
• The COVID-19 outbreak had a favorable influence on the cloud billing business. Due to the worldwide lockdown, cloud billing systems have become popular as businesses implement new and inventive invoicing ways. The popularity of cloud-based billing systems increased significantly during the COVID-19 pandemic due to their cheap cost and scalability.

Cloud Billing Industry Segmentation

Cloud Billing refers to the process of generating bills from resource usage data using a set of predefined billing policies. Cloud-based billing solutions manage the difficulty associated with the delivery of digital and non-digital services and provide robust support for integration. The purpose of a cloud billing solution is to provide an interface for generating usage bills. The Cloud Billing Market is segmented by Deployment (Public Cloud, Private Cloud, Hybrid Cloud), Component (Platform, Services), End-user Industry (Retail, Power & Energy, Healthcare, Telecommunications, BFSI, Other End-user Industry), and Geography (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.