Artificial Intelligence Is Increasingly Being Adopted In The Subscription & Billing Management Market- By The Business Research Company

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.

Avail a limited period discount of 33% on our uniquely designed Opportunities and Strategies market research reports. Contact us today and make winning strategies.

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%.

Request a free sample of the Subscription & Billing Management Market Report

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.

See more on the Subscription & Billing Management Market Report

Check out similar market reports:

Subscription E-Commerce Global Market Report 2022 – By Types Of Subscriptions (Service Subscription, Subscription Box, Digital Content Subscription, Others), By Payment Mode (Online), By End-Users (Women, Kids), By Application (Beauty And Personal Care, Food And Beverage, Clothing And Fashion, Entertainment, Health And Fitness, Others)) – Market Size, Trends, And Global Forecast 2022-2026

Cloud Billing Global Market Report 2022– By Type (Subscription Billing, Metered Billing, Cloud Service Billing, Provisioning), By Deployment Type (Private Cloud, Public Cloud), By Organization Size (Large Enterprises, SMEs), ) By Application (Account Management, Revenue Management, Customer Management), By Vertical (BFSI, Telecommunications And ITES, Consumer Goods And Retail, Healthcare And Life Sciences) – Market Size, Trends, And Global Forecast 2022-2026

Artificial Intelligence Global Market Report 2022 – By Offering (Hardware, Software, Services), By Technology (Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision, Others (Image Processing, Speech Recognition)), By End-User Industry (Healthcare, Automotive, Agriculture, Retail, Marketing, Telecommunication, Defense, Aerospace, Media & Entertainment) – Market Size, Trends, And Global Forecast 2022-2026

Interested to know more about The Business Research Company?

The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally, it has strategy enablement specialists in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.

The World's Most Comprehensive Database

The Business Research Company's flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.

Contact Information

The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: info@tbrc.info
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: http://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/

Logo: https://mma.prnewswire.com/media/1751581/tbrc_logo.jpg