Increase in the demand for the billing system which requires low operation cost and capital requirement has fueled the cloud billing system around the world. Cloud billing market in 2016 was of $ 5.68 billion and estimated to be of $25.46 billion in 2023 with CAGR of 23.9%. Cloud billing has wide application such as application in the account management, revenue management, customer management and others. By use of the cloud billing, administrators can manage payment system, see credit, setting the billing alert and add or delete billing administration. The end users which are actively using the cloud billing system are the service providers, broad cast, internet and utilities servers. Providers have created the demand for the billing system which is cost effective and simple as compare to conventional billing system. Amazingly cloud billing system has been adopted by many cloud computing service providers due to which subscription based delivery demand has been risen.
There has been increasing adoption of the cloud billing especially in the Asia Pacific region. Growth in the Asia Pacific region is due to the development of banking sectors, healthcare, telecom and financial services. Other than this, there has been increase in use of public service such as electricity, natural gas, and water billing system. Rapid urbanization is been one of the major factors which has played role in increasing adoption of the cloud billing. Growing middle class market in the developing countries, increase in use of e-payment, use of the internet due to the availability of the internet services at low cost has fueled the market. Players in the cloud billing market are Zoura, Key innovator, CGI Group, SAP SE, Aria System, Amdoc’s Inc, International Business Machine Corporation, Nec Corporation, Amazon Web Service Corporation, And Computer Science Corporation. Constraint to the market is the lack of the security, since increasing incidence of the hacking around the globe has warned the cloud billing industry.
Many companies have assured the safety but it has been observed that hacking is taking place even in the most secured systems so many people still are not ready to adopt this technology. Other restraint is the lack of awareness among the people. In the developing countries, large population does not use the cloud system especially old people who are not familiar with the advance technology.