Global Recurring Billing Software Market is valued approximately at USD XX billion in 2019 and is anticipated to grow with a growth rate of more than XX % over the forecast period 2020-2027.
Recurring billing occurs when a customer signs up for a prearranged schedule of goods or services and the merchant automatically charges him periodically. Recurring billing demands for customers’ information and permission by the merchant. The vendor will automatically charge customer without prior permission each time. Business providers use Recurring Billing Software which improves operation and reduces mismanagement in service providence. Software provides convenience to both merchant as well as consumer as no reminders are required and the notifications popup on time. With increase in chronic diseases, medical e-commerce website use recurring billing software which ensures the receipt of the medicines without delay. Recurring billing software manages product catalogues which include add in discounts, product updates and promotional rules which is easier for the customer to operate whereas provides the merchant flexibility and comprehensive solutions to run the business. Due to Covid-19 Pandemic, traditional businesses are switching towards digital mode of operation which boost the growth of the market. Rising digitization has created opportunities in the market. Rise in the use of smartphones and tablets whereas E-Commerce flexibility has supported the Global Recurring Billing Software Market growth. Enhancement in the global e-payment market is a supportive factor which enhances subscription business models. For Instance: as per McKinsey in 2019 electronic payment transactions have been growing at the rate of almost approximately 22% in the emerging countries over past 5 years. Further, Government initiatives and schemes to promote digital payments boost e- commerce market. As per JP Morgan in 2019, emerging economy such as India experiences growth of approximately 46 % in mobile commerce as percent of e-commerce market size promoting the market growth of recurring billing software market due to introduction of schemes such as ’Digital India’. However, trouble in correction of a billing error from customers’ end, privacy & and security issues are some the restraining factors which impede the growth of the market over the forecast period of 2020-2027.
The regional analysis of global Recurring Billing Software market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world due to presence of key market players in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rise in adoption of digitization and technological acceptance would create lucrative growth prospects for the Recurring Billing Software market across Asia-Pacific region.
Major market player included in this report are:
Zoho Office Suite (India)
Intuit Inc. (US)
PaySstand, Inc. (US)
Oneir Solutions Inc. (Canada)
ChikPea Inc. (US)
Practice Ignition Pty Ltd. (Australia)
JustOn GmbH (Germany)
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Recurring Billing Software Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers