Global Recurring Billing Software Market Share Is Likely To Reach At A CAGR Value Of Around 13.39% By 2028

07-Oct-2022 | Facts and Factors

According to Facts and Factors, the global Recurring Billing Software market size was estimated to be worth roughly USD 4521.35 million in 2021 and is predicted to grow to around USD 10896.61 million by 2028. The global Recurring Billing Software market is predicted to grow at a CAGR of roughly 13.39% during the forecast period.

Subscription billing software streamlines the process of collecting membership fees (also known as subscription management software). Thanks to subscription billing software, businesses can charge customers often for goods and services depending on their subscription status. Through subscription billing, a business establishes a relationship with a customer and continues to bill & charge them on a regular basis. It also keeps track of regular and special offers, packages, and discounts to guarantee invoicing accuracy. For instance, SaaS technology firm Salesforce charges monthly fees for CRM and related services to both large and small business clients. Streaming services like Amazon Prime, Netflix, the New York Times, and others charge monthly subscription fees from individual users. The industry is growing as subscription-based services gain popularity.

Browse the full “Recurring Billing Software Market Size, Share, Growth Analysis Report By Component (Software and Services), By Deployment Type (Cloud-based and On-premises), By Organization Size (Small and medium enterprises and Large Enterprises), By Vertical (BFSI, IT & Telecommunications, Media & Entertainment, Public Sector and Utilities, Transportation and Logistics, Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/recurring-billing-software-market

The global recurring billing software market is expanding significantly as a result of the rising popularity of subscription business models. The subscription business models are starting to spread across industries. The adoption and implementation of new subscription business models are driving the growth of the subscription economy at a quicker rate. The market's positive potential is accelerated in reaction to this. The advantages of using subscription billings are numerous and efficiently align incentives on both sides of the transaction, providing stability for businesses and affordability for consumers. Companies offering services rather than products have benefited from the growing popularity of subscription models. For instance, fitness companies are converting the basements and living rooms of consumers into gyms.  

Internet penetration and the development of mobile apps are two more variables that support the rising level of subscription business model acceptance. The report quoted states that due to the pandemic condition, mobile app downloads climbed in 2020, and in-app revenue increased subscriptions. Mobile subscription plans are being significantly impacted by the rise in popularity of gaming, fitness, and entertainment apps such as YouTube, Netflix, and Adidas Runtastic. As a result, 90% of their mobile digital minutes are accounted for by this, necessitating market expansion.

The COVID-19 pandemic outbreak had a somewhat favorable effect on the global recurring billing management software market demand. During the pandemic, there was a spike in demand for this software from businesses providing OTT video streaming services, digital news & media, e-learning, and communication software, among others. One of the main factors influencing the market growth was the efforts made by subscription-based businesses to attract new customers by providing free trials.

The global recurring billing software market is segmented based on component, organization size, deployment type, vertical, and region.

The market is divided into software and services based on component. The software industry is expected to have a dominant market position of the global recurring billing software market during the forecast period due to solutions that comprise a wide range of technologies that assist firms in achieving their goals and maintaining a competitive advantage. Automation of multiple operations in vital infrastructure, manufacturing, and other industries is becoming more popular thanks to software solutions for established infrastructure systems.

The market is divided into small & medium enterprises and large enterprises based on the size of the organization. Due to the availability of low-cost capabilities that assist SMEs in surviving and prospering in the service sector, the small and medium businesses segment is anticipated to dominate the market share of the worldwide recurring billing software market. By providing quality services and advantages, this enables SMEs to increase customer leads and sales. As the emphasis on delivering a better customer experience and the need to automate normal accounting & financial operations grows, recurring billing management software adoption is rising. The sector is expanding as a result of cloud-based software's low price and widespread use.

The market is divided into cloud-based and on-premises deployment types. During the projected period, the cloud-based recurring billing software market will command a lion's share of the global market share due to companies' ability to quickly obtain reliable SaaS analytics and insights, grow billing and payments efficiently, and automate GAAP-compliant revenue recognition. Businesses that operate in highly regulated business sectors, such as BFSI, healthcare & life sciences, and manufacturing, prefer to employ big data solutions on-premises. Large companies with adequate IT resources are also likely to choose the on-premises deployment strategy. For instance, Zuora offers cloud-based solutions that let subscription-based companies launch, manage, and enhance subscription billing.

Based on vertical, the market is segmented into BFSI, IT & telecommunications, media & entertainment, public sector and utilities, transportation and logistics, and others. Due to the quick transition of traditional software and technology companies to a subscription-based model, the IT & telecoms sector is predicted to hold the largest market share in the global recurring billing software market. In the past two years, there has been a greater acceptance of and transition from the conventional license-based method to a subscription model. Emerging software companies have been implementing usage-based charging in the Business-to-Business (B2B) market for a while. This has resulted in the widespread adoption of subscription and billing management software, especially cloud-based software.

In 2021, North America led the global recurring billing software market. In order to improve customer service, many players in this market are concentrating on creating subscription billing management systems. Additionally, a number of North American-based businesses use cloud-based billing tools to effectively handle their billings.

For instance, subscription-based business Aria Systems announced in March 2021 that Rentokil North America had chosen Aria's cloud-based billing platform to handle the billing across numerous business lines. During the projection period, the Asia Pacific regional market is anticipated to have the greatest CAGR. Rising strategic alliances between foreign businesses and Japanese service providers to deliver better subscription billing management services are anticipated to fuel the growth of the subscription billing management market in Japan.

Report Scope

List of Prominent Players in the Recurring Billing Software Market

• Aria Systems, Inc.
• Oracle
• BluSynergy
• SAP SE
• Conga
• Recurly, Inc.
• Gotransverse
• cleverbridge
• Zuora Inc.
• LogiSense Corporation
• Others 

Recent Developments:

In January 2020, Zuora partnered with Radiuz, a global Mobility-as-a-Service (MaaS) platform provider, to replace Radiuz’s home-grown billing system with Zuora Billing.

In November 2019, Aria Systems announced the availability of its Aria Crescendo Monetization Platform on Microsoft Azure.

In November 2019, Sage Intacct launched its financial management platform, Sage Intacct, in the UK.

The global Recurring Billing Software market is segmented as follows:

By Component

• Software
  • Billing Mediation
  • Financial Customer Care & Dispute Management
  • Pricing & Quote Management
  • Subscription Order Management
  • Others
• Services
  • Consulting
  • Implementation
  • Support and Maintenance

By Deployment Type

• Cloud-based
• On-premises

By Organization Size

• SMEs
• Large Enterprises

By Vertical

• BFSI
• Retail and e-commerce
• IT & Telecommunications
• Media and Entertainment
• Public Sector and Utilities
• Transportation and Logistics
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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