In the Report “Cloud Billing Market: By Type (Subscription Billing, Metered Billing, Cloud Service Billing, Provisioning); By Application (Customer, Revenue, Account); By Verticals (BFSI, Retail, Education, Public Sector & Utilities, Healthcare, others); By Geography - (2018-2023)” published by IndustryARC, the market is driven by the growing need to deploy low cost, convenient, and flexible billing solutions.
Global Cloud Billing Market is estimated to grow at a CAGR of 27.28% and to hit revenue of $11.89 billion by 2023.North America continues to lead with major growth in the Cloud Billing MarketNorth America is the foremost region for cloud billing market, witnessing a revenue of $1.35 billion in 2017.
Germany and U.K. are the dominant regions for cloud billing market in this region.
Metered billing is one of the major types of cloud billing market, which generated revenue of $1.24 billion in 2017and is estimated to grow at a CAGR of 20.22% by 2018-2023, owing to the multifold adoption of SaaS, PaaS and IaaS in the future.
It is followed by cloud service billing, which generated revenue of $1.083 billion by 2017 and is projected to reach $3.36 billion by 2023.Global cloud service billing market was analyzed to be dominated by laaS with a share of 55.4% of global value in 2017.
This is analyzed to be followed by SaaS, and PaaS with a share of 24.3% and 20.3% respectively.However, SaaS vertical is analysed to witness the highest growth of 25% during 2018-2023 for the adoption of online application software in the B2C sphere in the future.