Subscription and Billing Management Market
The increasing use of automation in the healthcare industry has paved the way for the growth of the subscription and billing management market in the past few years. Some subscription models used by numerous organizations are direct primary care, concierge medicine, and healthcare insurance. Global organizations in the healthcare industry, such as Falck A/S, offer subscription services to their patients, which include emergency medical services, doctor visits, baby healthcare, discounted specialty visits, etc. In 2018, the organization announced that it had over 1 million subscribers in Latin America.
The global subscription and billing management market is anticipated to grow significantly in the future owing to the increasing demand for subscription and billing management services by the IT and telecom sector. Telecom organizations generate huge revenue through customer retention. With the increasing adoption of mobile TV, telecom organizations are focusing on solutions that help them in effectively managing subscribers and deliver content and services based on subscriber’s preference. However, rising cyber-attacks have led to customer data security issues may hinder the subscription and billing management market globally. The rising demand for customer relationship solutions is projected to open new growth avenues for the market over the forecast time period.
The global subscription and billing management market is segmented on the basis of the component, deployment, enterprise, and end-user industry. By deployment, the global subscription and billing management market is bifurcated into on-premises and cloud. Software and services comprise the component segment of the global subscription and billing management market. Small & medium enterprises (SMEs) and large enterprises form the enterprise segment of the subscription and billing management market. The end-user industry segment includes retail, BFSI, IT and telecom, healthcare, media and entertainment, and others. The media and entertainment sector is likely to grow significantly over the forecast timespan, owing to the escalating demand for online streaming of movies and web series.
By region, North America is expected to hold a significant share of the global subscription and billing management market over the forecast time period. The U.S. is projected to make vital contributions toward this regional market. With the presence of key market players, such as Oracle Corporation, Netsuite, Inc., and Computer Sciences Corporation, this region is likely to witness a huge software demand. The Middle East and Africa are projected to witness considerable growth in the subscription and billing management market over the estimated timeframe, owing to the increasing technological usage in the retail sector.
Some key players of the global subscription and billing management market are Netsuite, Inc., Computer Sciences Corporation, Fastspring, Cerillion PLC, Aria Systems, Inc., Cleverbridge AG, Avangate B.V., Zuora, Inc., Oracle Corporation, and SAP SE among others.
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