Convergent Billing Market
Rapid digital transformation & growing interest of telecom operators to offer in-depth and layered billing solutions drive the convergent billing market.
PORTLAND, PORTLAND, OR, UNITED STATE, April 17, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Convergent Billing Market,” The convergent billing market was valued at $11.5 billion in 2021, and is estimated to reach $73.2 billion by 2031, growing at a CAGR of 20.7% from 2022 to 2031.
Smartphone devices have truly revolutionized the industry and marketplace alike. The telecom industry wants to adopt paperless lead generation. Besides, the risk of human error in bill processing exceeds the errors made by a usual operating device in a billing solution. In the age of digitalization, customers get a comprehensive single monthly bill detailing the services they have used in the form of number of calls, time, detailed messages, and overall internet expenses. Hence, it is in the interest of the telecom operators to offer in-depth and layered billing solutions. Such factors propel the convergent billing market growth in the upcoming years.
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Furthermore, the telecom solutions are constantly being invented to reinvigorate the end-user experience. Many possibilities lie ahead in the world of billing solutions. Something like self-service billing solutions most likely will be a regular billing norm where customers can have the option to choose and switch between their billing plans and manage the accounts on their own. Overall, convergent billing is gaining a lot of popularity because it saves time. Commonalities, such as mobile service postpaid bill and other data service charges, could all be merged into one invoice. Relatively, it also helps companies to offer exclusive wide-range services to a variety of new customers in the form of bundles and packages at discounted rates. Thus, providing lucrative growth opportunities for the convergent billing market forecast.
Growth in demand for efficient audience targeting is at the forefront of adopting convergent billing among small and medium-sized enterprises. Further, increased market emphasis, and competitive intelligence, in turn, rises the demand for convergent billing solution. Furthermore, technological improvements, such as mobile technologies, have resulted in significant changes in businesses and customer behavior.
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Based on deployment mode, the on-premise segment captured the largest convergent billing market size in 2021 and is expected to continue this trend throughout the forecast period. This is due to the numerous advantages offered by the on-premise deployment such as a high level of data security and safety. Businesses prefer on-premise model owing to high data security and less data breach as compared to cloud based deployment models, which further drive the demand for on-premise deployment model within the sectors. However, cloud segment is expected to exhibit highest growth during the forecast period. Factor such as rise in the adoption of cloud-based convergent billing solution due to low cost and easier maintenance is expected to provide the lucrative growth opportunities for the convergent billing industry.
By component, the solution segment contributed to more than two-thirds of the global convergent billing market share in 2021, and is projected to rule the roost by 2031. The services segment, on the other hand, would display the fastest CAGR of 22.7% throughout the forecast period.
By enterprise size, the large enterprises segment garnered the major share in 2021, holding nearly two-thirds of the global convergent billing market revenue. The small and medium-sized enterprises segment, simultaneously, would portray the fastest CAGR by 2031.
Region-wise, North America dominated the market share in 2021 for the convergent billing market. Adoption of convergent billing growing steadily to meet increasing demands from today’s businesses to enhance their business process and improve the customer experience will provide lucrative opportunities for the market in this region. However, Asia-Pacific is expected to exhibit highest growth during the forecast period. Factor such as increase in demand for convergent billing across Asia-Pacific, due to emergence of high-end technologies such as artificial intelligence, high speed 5G network and growing need of low cost solution and major shift toward digitization positively impact the growth of the market. Moreover, in recent decade, key players of the market are expanding their presence in emerging countries such as India, China, and Japan as these countries are the emerging users of high end connected device. They are heavily investing in these countries with cutting edge technology. This is expected to boost the confidence of Asia-Pacific enterprises to adopt convergent billing service which will further boost the adoption among the end users.
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The key market players analyzed in the global convergent billing market report include Amdocs, CSG Systems International, Inc., Telefonaktiebolaget LM Ericsson, IBM Corporation, Nokia Corporation, Optiva Inc., Oracle Corporation, Comarch SA, Sterlite Technologies Limited, and Huawei Technologies Co., Ltd. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
Growth Factors:
1. Enhanced Customer Experience: One of the primary drivers for convergent billing systems is the desire to enhance the customer experience. Customers prefer simplicity, and having a single bill for multiple services simplifies their billing process.
2. Cost Efficiency: Convergent billing helps service providers save costs by streamlining billing operations. Instead of managing multiple billing systems, they can consolidate into a single platform, reducing maintenance and operational expenses.
3. Market Competition and Differentiation: In competitive markets, offering convergent billing can be a significant differentiator for service providers. It allows them to create bundled offerings, attracting customers with combined services at attractive prices.
Challenges:
1. Complexity of Integration: Integrating various systems for voice, data, video, and other services into a single billing platform can be highly complex. Different technologies, databases, and protocols need to work seamlessly together, posing a significant challenge during implementation.
2. Data Accuracy and Integrity: With multiple services coming together, ensuring data accuracy and integrity becomes crucial. Inaccurate billing can lead to customer dissatisfaction and even regulatory issues. Maintaining a high level of accuracy across diverse services is a continuous challenge.
3. Regulatory Compliance: Different services often come with their own sets of regulations, especially in industries like telecommunications and utilities. Convergent billing systems need to comply with various regional and industry-specific rules, which adds complexity to the system and its maintenance.
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