Increasing payment security issues as well as a global shift toward digital transformation and cloud-based solutions are anticipated to drive the growth of the global subscription billing management market during the forecast period. The North America region is projected to hold the majority of market share by 2032.
PORTLAND, Ore., Sept. 18, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Subscription Billing Management Market by Type (Fixed, Variable), by End-users (Entertainment, Ecommerce, Fitness, Publishing, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global subscription billing management market generated $6.9 billion in 2022, and is anticipated to generate $47.7 billion by 2032, witnessing a CAGR of 21.7% from 2023 to 2032.
Prime Determinants of Growth
The growing use of subscription-based business models in a variety of industries, from manufacturing to financial institutions, is expected to drive the growth of the global subscription billing management market in the forecast period from 2023 to 2032. However, an increase in data breach situations as a result of a lack of safe solutions and privacy concerns may hamper the subscription billing management market growth in the coming future. On the contrary, the goal to save operating costs as well as the demand for cloud-based applications are expected to offer remunerative opportunities for the expansion of the subscription billing management market during the forecast period.
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Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $6.9 billion |
Market Size in 2032 | $47.7 billion |
CAGR | 21.7 % |
No. of Pages in Report | 290 |
Segments covered | Type, End User, and Region |
Drivers | The growing adoption of subscription-based models by many firms, which is resulting in higher client retention rates The increased awareness of the significance of effective billing processes |
Opportunities | Market competitor focusing on extending their presence and offering new products The constant growth of technology, particularly in fields such as artificial intelligence and automation |
Restraints | Economic downturns and financial uncertainties |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic has had a significant impact on the growth of the global subscription billing management market. The pandemic has resulted in a rise in the number of subscribers worldwide, which has contributed to industry growth.
- Moreover, the introduction of new subscription-based models in the entertainment and healthcare industries has resulted in increased market expansion.
- However, the pandemic's economic instability made it challenging for small-scale subscription companies to secure finance. Investors grew more cautious, resulting in fewer funds available for new projects or expansion of current ones, which harmed the market growth.
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Type: Fixed Sub-segment to Hold Highest Share by 2032
The fixed sub-segment of the global subscription billing management market accounted for the largest share of 60.1% in 2022 and is predicted to grow at the highest CAGR of 21.8% by 2032. The prominent growth of the sub-segment is mainly due to a rise in fixed subscribers across several sectors. As consumers demand convenience and flexibility, businesses have responded by offering subscription programs for products and services ranging from software to entertainment, healthcare, and even home needs. This trend has led to an increase in fixed subscribers, who commit to recurrent payments for a certain length of time.
End User: Entertainment Sub-segment to Hold Majority of Market Share by 2032
The entertainment sub-segment of the subscription billing management market accounted for the highest share of 45.2% in 2022 and is anticipated to dominate the market during the forecast period. The prominent growth of the sub-segment is mainly due to the convenience and flexibility provided by streaming platforms, which have attracted millions of viewers worldwide. Furthermore, the COVID-19 pandemic increased this trend, with individuals increasingly turning to streaming services for entertainment while staying at home.
Region: North America Market to Grab Highest Share by 2032
The subscription billing management market in the North America region accounted for the highest share of 43.6% in 2022 and is projected to dominate the market during the forecast period. This growth is mainly due to the increased number of online platform subscribers. With the introduction of numerous streaming services, software platforms, e-learning portals, and digital content providers, customers are increasingly embracing the ease and flexibility of subscription-based services.
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Leading Players in the Subscription Billing Management Market:
- 2Checkout
- SAP SE
- Salesforce, Inc.
- Zuora Inc.
- Apttus Corporation
- Oracle Corporation
- Recurly Inc.
- Chargify LLC.
- ZOHO Corporation
- Chargebee Inc.
The report provides a detailed analysis of the key players of the global subscription billing management market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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