LONDON, Dec. 8, 2022 /PRNewswire/ -- Artificial intelligence is another key trend gaining traction in the subscription & billing management market. Artificial intelligence can be utilized to personalize the customer experience by analyzing their data, digital activities, and search history. It provides ideas and steps to upgrade or switch to a suitable subscription plan. For instance, in September 2021, Onit, Inc., a US-based company that provides enterprise workflow and artificial intelligence platforms and solutions announced the launch of InvoiceAI, which has been trained on millions of legal invoice charges, extra errors that may not have been caught by billing rules are found, ensuring that legal expenditures follow outside counsel recommendations.
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The global subscription & billing management market size is expected to grow from $5.10 billion in 2021 to $5.84 billion in 2022 at a compound annual growth rate (CAGR) of 14.40%. The global subscription & billing management market size is expected to grow to $10.10 billion in 2026 at a compound annual growth rate (CAGR) of 14.67%.
The Rising Adoption Of SaaS Business Models - Subscription & Billing Management Market Driver
During the forecast period, the rising adoption of SaaS business models will support the growth of the subscription & billing management market. SaaS (Software as a Service) is a cloud-based technology that allows customers to access and use software over the internet. The SaaS business model is built on the subscription-based sale of cloud-based software. The subscription fee for cloud-based software is often paid monthly or yearly, and it may typically be accessed through mobile, desktop, and online apps
SAP SE Was The Largest Competitor In The Subscription & Billing Management Market In 2021
SAP SE was the largest competitor in the subscription & billing management market in 2021 with an 8.36% share of the market. SAP's growth strategy focuses on modernizing billing operations in the telecommunications industry through strategic partnerships. For instance, in September 2022, SAP partnered with IBM for the launch of BRIM billing software (Billing and Revenue Innovation Management). The new Billing as a Service software aims at transforming the billing systems of telecommunication providers into a highly secured cloud environment, driving new efficiencies and creating new value.
North America Was The Largest Region In The Subscription & Billing Management Market In 2021
North America was the largest region in the subscription & billing management market and was worth $1.75 billion in 2021. The subscription & billing management market in North America is supported by high disposable incomes, the high adoption of subscription-based services, and by the high internet penetration in the region that supports the digital platforms, transactions and services. For example, as of 2020, 94% of households had internet access through a fixed broadband connection.
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