According to FMI, the global cloud billing market would grow at a 15.2 percent compound annual growth rate (CAGR) from USD 3.5 billion in 2021 to USD 7.10 billion by 2026.
The growing number of cloud billing subscribers is one of the strong drivers pushing cloud billing tools and service adoption across regions. Increasing international student mobility, as well as increased government efforts and funding, are expected to benefit cloud billing providers.
The epidemic has benefited the cloud billing market. As organizations alter their budgets and tastes to survive the COVID-19 epidemic, cloud billing systems, particularly usage-based pricing, have gained popularity.
In addition, businesses all over the world are expanding their investments in cloud billing systems to keep their operations running. Governments are putting in place initiatives to help businesses cope with the pandemic, with a particular focus on small and medium-sized businesses (SMEs).
As consumers strive to take advantage of cloud benefits such as scalability and cost savings, the COVID-19 pandemic has accelerated cloud adoption across industrial sectors.
Important Points to Remember:
- In the component sector, solutions from the cloud billing market are predicted to develop at the fastest CAGR of 15.1 percent.
- With a CAGR of 15.0 percent, the public cloud is predicted to grow rapidly in the deployment type sector of the cloud billing market.
- The cloud billing market in the United States is estimated to reach $1 billion by 2020.
- With a CAGR of 13.9 percent during the research period, the United Kingdom is predicted to reach a market size of US$ 693.9 million in cloud billing by 2032.
- With a CAGR of 14.5 percent over the projection period, China’s cloud billing market is estimated to be worth US$ 1.2 billion by 2032.
- By 2032, Japan’s cloud billing market is predicted to be worth US$ 1 billion, with a CAGR of 13.4% throughout the research period.
- With a CAGR of 13.0 percent during the research period, South Korea is predicted to reach a market size of US$ 606.7 million in cloud billing by 2032.
Players to Watch
- ORACLE
- SALESFORCE
- SAP
- ZUORA
- ARIA SYSTEMS