Factors such as increase in need of improved customer retention and reducing subscriber churn, growth in adoption of subscription-based models, and regularities by governments majorly drive growth of the subscription and billing management market.
The customer churn is the major problem for organizations, as creating new customers is far expensive as compared to retaining existing ones. To eliminate this challenge, numerous organizations are implementing subscription & billing management solutions.
However, higher upgradation and deployment costs of subscription & billing management software hamper growth of the market. On the other hand, surge in Bring Your Own Device (BYOD) as well as cloud-based services adoption leading to be opportunistic for the market growth.
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There has been a growing trend in recurring revenue from subscriptions for both B2C and B2B companies. Subscription as a service (SAAS) reached is widely being adopted across businesses as customers prefer to rent the software rather than buying it. As per the survey, it is estimated that around 15% of shoppers online are enrolled in any of the subscription plans and receives products to on a recurring basis.
For instance, prominent technology companies such as Uber, Spotify, Apple Inc., and Google LLC have transformed their business models to adapt to evolving customer demand and are moving from a static & linear product offering to a subscription-based model to encourage predictable, recurring, and stable revenue.
Organizations are considering the adoption of efficient billing strategies to create agile business processes and reduce capital expenditure. The paperless billing processes helping businesses save cost of paper, printing, and delivery. It is helping customers to better organize their payment schedules, finances, and avoid unnecessary late fees through streamlined financial management.
Major players analyzed include Oracle Corporation, Netsuite, Inc., Cerillion PLC, SAP SE, Aria Systems, Inc., Computer Sciences Corporation, Avangate B.V., Salesforce.com Inc., BillingPlatform LLC., and Zoho Corporation.
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Impact of COVID-19 on Subscription and Billing Management Market:
- The worldwide COVID-19 pandemic had a damaging and quick impact on the global economy. However, among these supply chain restrictions, operational disruptions, and a global recession situation, subscription businesses are sustaining to be resilient.
- Various subscription-based companies have not observed an impact on their subscriber growth; which is leading subscription and billing management market to keep pace with the economic slowdown.
- As the population enforced to stay home, subscription services such as OTT video streaming, E-learning, digital news and media, and communications software are accelerating. Also, the subscription services for B2B and B2C software and Information services is observing limited impact.
- However, some of sectors are observing negative impact on its growth, which include consumer Internet of Things (IoT), Travel & hospitality, business IoT services, Sports-related services, and Software for small businesses.
- Due to the fluctuating adoption of subscription services in various industries, it is anticipated that the COVID-19 pandemic may not harm growth of the market; however, it is both healthy as well as hampering the market to some extent in respective industries.
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