Global Convergent Billing Market Size to Reach USD 92.25 Billion in 2032 | Emergen Research
Rising customer expectations for personalized billing is a major factor driving Convergent Billing market revenue growth
Vancouver, Aug. 30, 2023 (GLOBE NEWSWIRE) — The projected global size of the convergent billing market is anticipated to attain approximately USD 92.25 Billion by the year 2032. Over the forecast period, the market is expected to demonstrate a consistent compound annual growth rate (CAGR) of 20.7%, as analyzed by Emergen Research. The ascendancy of subscription-based business models is a key driver for the growth in market revenue. Various sectors such as telecommunications, media, and utilities are currently in the process of transitioning from traditional transactional models to subscription-based frameworks. This shift is attributed to the evolving customer preference for experiences tied to subscriptions rather than simple product purchases
In an environment characterized by rapid market developments, enterprises are strategically inclined to generate additional revenue streams promptly. To outpace competitors, organizations are emphasizing rapid and effective introduction of well-priced models that are optimally compatible. This shift has led to a notable upsurge in demand for convergent billing solutions among diverse entities. Convergent billing empowers these organizations to offer real-time promotional offers, loyalty programs, and personalized deals to their clientele.
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Convergent billing not only facilitates the implementation of innovative pricing and revenue management strategies but also enables the agility to swiftly adapt to changing market dynamics. The pliability of its pricing model equips businesses to furnish competitive offerings that align with industry standards. Managing customer relationships becomes streamlined through the dynamic enhancements in pricing that convergent billing offers. This dynamic approach paves the way for sustained growth and competitiveness in an intense market landscape, ultimately enhancing customer satisfaction and fostering a robust competitive environment.
By leveraging convergent billing, service providers enhance their capacity to present a diverse array of offerings that cater to varying consumer needs, thereby optimizing consumer engagement and yielding supplementary financial gains. Additionally, the integration of convergent billing empowers enterprises to curtail operational expenses linked to the launch of new offerings. This newfound agility enables them to respond promptly and effectively to market fluctuations or emerging opportunities across different market segments, consequently propelling the market’s revenue growth trajectory.
Nonetheless, the impediment to revenue growth within the market stems from complexities associated with the integration of legacy systems. The process of merging convergent billing solutions with existing legacy systems presents formidable challenges that can curtail revenue expansion. Organizations often grapple with intricate IT infrastructures comprising diverse systems, which hinders the seamless assimilation of convergent billing systems.
In the current landscape, outdated legacy billing platforms can prove to be more detrimental to operations than beneficial. These legacy systems exhibit several shortcomings, particularly as they age. Many are built on antiquated technology that lacks interoperability with modern systems. Consequently, endeavors to harmonize an aged billing platform with a contemporary Customer Relationship Management (CRM) system, for instance, may prove unfeasible. Such a misalignment can trigger duplicated data input, process discontinuities, and a decline in the efficiency of back-office operations.
Moreover, as these legacy systems mature, their maintenance demands escalate, aiming to preserve their operational viability. Eventually, the expenses tied to maintenance, including IT support expenditures and business interruptions stemming from system downtime, exceed the costs of outright system replacement. This situation necessitates a pragmatic shift towards adopting modernized solutions that can seamlessly integrate with the existing technology landscape and mitigate the operational pitfalls associated with legacy systems.
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Scope of Research
|Market Size in 2022||USD 14.00 Billion|
|Revenue Forecast To 2032||USD 92.25 Billion|
|Base Year For Estimation||2022|
|Quantitative Units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Components, deployment mode, billing model, enterprise size, and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa|
|Key Companies Profiled||Nokia, STL Tech, Amdocs, Optiva, Inc., SAP, CSG Systems International, Inc., MIND CTI, Comarch SA. And IDI Billing|
|Customization Scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global convergent billing market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective database security. Some major players included in the global convergent billing market report are:
- STL Tech
- Optiva, Inc.
- CSG Systems International, Inc.
- MIND CTI
- Comarch SA.
- IDI Billing.
On 9 May 2022, Ericsson and Orange France agreed to make Ericsson Charging the key monetization platform for Orange France’s 5G subscribers over five years. Orange France is the largest telecom operator in France. Based on a container-based deployment utilizing Ericsson Cloud Native Infrastructure System (CNIS), the standards-based, cloud-native Ericsson Charging system will service over 28 million Orange France customers, roamers-in and private mobile radio users, and 20 million Internet of Things (IoT) devices. Ericsson Charging will be integrated with legacy B2C and B2B billing technologies, resulting in reduced costs and more agility throughout Orange operations. Orange France wishes to accelerate the evolution of its 5G network to a fully consolidated charging system. They can realize, develop, and capitalize on new opportunities owing to the Ericsson Charging solution.
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Some Key Highlights From the Report
- The solution segment is expected to account for largest revenue share during the forecast period. The solution segment is further sub-segmented into customer relationship management, settlement and payment management, voucher management, mediation, and others. Implementing automated billing processes has the potential to minimize the occurrence of manual errors, leading to enhanced accuracy and a reduction in customer frustrations and difficulties. By utilizing convergent billing solutions, customers gain confidence in accuracy and timeliness of their billing information. Furthermore, convergent billing solutions offer customers flexibility to select from various billing options, such as monthly, quarterly, or annual billing, aligning with their specific requirements. In addition, setting up automatic payments alleviates concerns about meeting payment deadlines.
- The large enterprises segment is expected to register a significantly fast revenue growth rate in the global convergent billing market over the forecast period. Various large-scale organizations are increasingly adopting converging billing to eliminate redundant records or data. Convergent billing solutions have gained popularity for their ability to detect and remove duplicate records and data within the system. This functionality proves valuable to telecom operators as it eliminates need for storing and processing duplicate data, which often results in errors and inaccuracies. As a result, businesses can experience savings and alleviate concerns associated with duplicate data management which is driving revenue growth of this segment.
- The North America market is expected to account for largest revenue share in the global convergent billing market during the forecast period. This is attributed to increasing activities by key market players in countries in this region. For instance, on 12 April 2023, Netcracker Technology, an American company, announced that SLT-MOBITEL, Sri Lanka’s national ICT solutions provider and a Netcracker partner for nearly two decades, will use Netcracker Digital BSS and professional services to consolidate its billing system for upgraded fixed, mobile, and online charging capabilities. As the company expands, Netcracker’s solution will assist SLT-MOBITEL in unifying its brands and consolidating its IT infrastructure.
- Some major companies in the global market report include Nokia, STL Tech, Amdocs, Optiva, Inc., SAP, CSG Systems International, Inc., MIND CTI, Comarch SA. And IDI Billing
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For the purpose of this report, Emergen Research has segmented the global convergent billing market on the basis of component, deployment mode, billing model, enterprise size, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2019–2032)
- Customer Relationship Management
- Settlement and Payment Management
- Voucher Management
- Telecom Service
- Internet Service
- Cable and Satellite TV
- Utility Service
- Other Service
- Deployment Mode Outlook (Revenue, USD Billion; 2019–2032)
- Hybrid Convergent Billing
- Billing Model Outlook (Revenue, USD Billion; 2019–2032)
- Subscription-based Billing
- Usage-based Billing
- One-time Fee Billing
- Revenue Sharing Billing
- Enterprise Size Outlook (Revenue, USD Billion; 2019–2032)
- Large Enterprises
- Small and Medium-sized Enterprises
- End-Use Outlook (Revenue, USD Billion; 2019–2032)
- Media and Entertainment
- Financial Services
- Regional Outlook (Revenue, USD Billion, 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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