Cloud billing, although has been into existence since quite few years, however, it continues to grow significantly and is expected to grow continuously in the coming years. Need to secure data storage and location of data centers have influenced the growth of the cloud billing market. Cloud billing reduces the cost spent on resources to manage the billing operations. The global cloud billing market is expected to grow with a CAGR of 25.13% during the forecast period 2018 to 2022.
Asia Pacific to grow with highest growth rate Asia Pacific has high population base and high disposable income which is favoring the growth of the market in the region. Developing countries like India and China have availability of cheap labor and thus encourage multinational companies to set up units in these countries. This has increased penetration of cloud billing in the existing and nearby countries. IT & Telecommunication sector is growing in Asia Pacific which has boosted the cloud billing market.
Asia Pacific holds a major stake in market share in the global revenue and it is expected to grow with higher growth during the forecast period owing to the growing acceptance among consumers. Other regions have significantly important contribution in the total market value.
Enterprise cloud billing solution providers form the biggest revenue contributors Enterprise companies cater to large number of corporate clients. These corporate clients are demanding their own customized public cloud billing solutions which has boosted the market. As the enterprise companies are finding it hard to keep their development costs low, many of them are seeking cloud billing which reduces the operational costs to a certain extent.
Public Cloud Billing Market Growing Rapidly The reduced cost of public cloud billing solutions compared to private solutions has influenced the market of public cloud billing. The middle size and small business tend to prefer public service due to less investments needed to install, thus resulting in growing demand of public cloud billing.
The Underlying Challenges The awareness regarding data security is low in under lying economies which shows limited usage of cloud billing applications in those areas. The penetration of the products is also less due to lower economic power and relatively lower demand. Political conditions in these countries are poor which do not encourage multinational conditions to expand in these countries. These reasons put a limitation to the growth of the market. Steady economic growth in the developed countries also becomes a challenge to the growth of the cloud billing market. Even though there are certain restrictions, but it is expected that the impact is about to reduce in the coming years.