Cloud Billing Market | Revenue Analysis and Industry Forecast, 2018-2025
Cloud billing involves the process of generating bills using a set of defined billing policies from the resource data. A cloud billing service module is used for a service oriented architecture that covers functional requirements including quote service, conversion policies, user identification, and payment schemes along with the non-functional ones such as security, standards, fault tolerance, and scalability among others. Billing solutions are generated from the cloud that provides a solution supporting multi-tenancy where vendors run it in a public cloud allowing multiple operators to access it. This process does not provide any customization along with the compute resources being paid on the basis of usage or on monthly basis rather than a long-term contract.
The global cloud billing market has been segmented on the basis of type, provider, end use industries and geography. Based on type, the global market for cloud billing has been segmented into metered billing, provisioning, subscription billing and cloud service billing among others. On the basis of provider the market includes cloud service provider, managed service provider and telecom & communication service provider. Retail, manufacturing, education, telecommunication, healthcare and media form the different end use industries based on which the global market has been segmented.
It is the ability to issue invoices faster along with reduction of errors that form some of the major drivers for this market globally. Usage of cloud billing system enables reaching a client quickly along with reducing the chance of typo errors. Moreover, using this system helps in monitoring customer subscription that may be weekly, monthly or yearly. This process helps in tracking the whole payment system of customers along with sending timely reminders regarding the due payment further reducing chances of deferred payment.
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Usage of cloud billing system improves the overall record keeping making it faster to access along with the ability to access these information from anywhere without being physically present at the location. With all these drivers that has a positive impact on the growth of this market, there are certain challenges as well that has a negative impact on the implementation procedure of this technology. One such factor being the security related issues that may risk the customer related data to get hacked along with the chances of confidential data being used by third person posing challenges for this market. In addition to this, it is also the high costs along with the possible chances of downtime that form some other restraints to restrict the growth. Considering these drivers and restraints, it is the technological shift for faster information access that provides huge scope of opportunities for this market in the coming years.