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New Product Launches by the Market Players to Expand Their Product Portfolio and Provide Improved Offerings in Subscription and Billing Management Market
The subscription and billing management market comprises software and related services that enable enterprises to manage subscription, billing, and payment for managing activities such as billing mediation, pricing, invoicing, receivables management, and credit and collection management. MarketsandMarkets forecast the subscription and billing management market size to grow from USD 2.90 Billion in 2016 to USD 6.01 Billion by 2021, at CAGR of 15.7%. The subscription and billing management market is expected to grow substantially owing to the expansive penetration of online and mobile payment alternatives for order, billing, and payment processing to provide easy, fast, and convenient services to end users.
The key players in the subscription and billing management market include SAP SE (Germany), Oracle Corporation (U.S.), NetSuite (U.S.), Computer Sciences Corporation (CSC) (U.S.), ZUORA (U.S.), and others. These players have adopted various strategies such as partnerships, acquisitions, expansions, and new product launches and upgradations to achieve growth in the market.
2015–2016 witnessed many new product launches by the market players to expand their product portfolio and provide improved offerings. NetSuite introduced SuiteBilling solution to unify both billing and revenue recognition processes regardless of business model with complete controls and auditability. Additionally, Avangate introduced 400 new features and enhancements in the spring '16 release of its subscription management and eCommerce platform; the new features would facilitate service providers to increase their revenue throughout the trade lifecycle.
The key players have also adopted the strategy of partnerships, agreements, and collaborations. For example, CSC entered into a strategic partnership with Racemi to provide its clients easy, fast, and automated migration of complete data centers on to the cloud. In another development, Zuora and Time partnered to deliver a digitally enabled, end-to-end subscription ecosystem to global media companies.
The major players also acquired various companies to strengthen their product portfolio and expand their geographic footprints into the existing and emerging markets. For instance, CSC acquired Aspediens to efficiently address the growing demands of clients for subscription and billing solutions and services.
Subscription and billing solution vendors across the world are constantly adding novelty into their products and services to offer augmented solution offerings and serve them in a better manner. Subscription and billing management solutions and services are being increasingly adopted across various industries, which has led to the growth of the market across the globe. North America is expected to hold the largest market share during the forecast period, whereas APAC is expected to exhibit potential growth opportunities for the subscription and billing ecosystem players to explore and cater to new clients.
Subscription and Billing Management Market by Solution (Subscription Order Management, Billing Mediation, Pricing and Quote Management), Service (Professional and Managed), Deployment (Cloud and On-Premise), User Type, Vertical - Global Forecast to 2021
Markets and Markets
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