Convergent Billing Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3963
Convergent Billing Market size is predicted to witness healthy growth from 2019 to 2025 driven by rapidly expanding telecommunication sector across the globe. The telecommunication operator offers broadband, IPTV, calling, pre-paid, and post-paid services to customers. A customer can opt for single or multiple services among these. In the past customers paid separately for these services, making it difficult to remember the payment of these services. The convergent billing system makes this task simpler for a customer by integrating all service charges in a single invoice. A Customer can either get a printed copy or call the help center to get the complete information regarding cost of services opted.
Cost cutting in the manufacturing & maintenance process has become one of the prime factors while operating in any business. The convergent billing system helps telecom companies to improve the quality of their services. It has reduced the time required in customer services such as real-time billing and personalized telecom service experience. Along with this, it helps in the revenue management of companies by all service charges to the customers, which helps to estimate the revenue of the company easily. This system also provides other facilities such as authentication of the subscriber and delivering the account balance of the users automatically. This solution has the capability to couple with virtual assistance for more effective usage. For instance, Interactive Voice Response Services (IVRS) can be coupled with the convergent billing system to inform customers about the details of their account.
The growing telecom service usage has brought the existing network under pressure of handling the system. To handle the pressure of heavy network traffic, a simple communication platform is not enough. CSPs have broken all the barriers of traditional billing systems to enhance the customer experience. This system provides quick services and quick decision making for customers. With the help of this service, service providers can customize the service, which best suits the customer.
The convergent billing market can be fragmented on the basis of service into three types, managed services, consulting services, and training & certification. Managed service is expected to grow at the highest rate. Most of the companies prefer to outsource their billing, payments, and IVRS services. This outsourcing help companies to concentrate on their prime business and growth in terms of revenue. This situation motivates the convergent billing system provider to develop more efficient services, which increase the efficiency of the company and save the cost of operations.
On the basis of deployment type, the convergent billing market can be segmented into two types, cloud and on-premise. Cloud service is expected to grow substantially over the forecast period. It can be scaled at a big level very easily, saves the cost of operations for organizations, and improves the real-time experience of customers, thus driving the growth of the market. With the help of this service, a customer can view the bill and the track record of consumed services in real-time.
Europe is anticipated to have the largest convergent billing market share. This region has a significant number of telecom service providers adopting the convergent billing system as a part of their business process. A combination of the convergent billing system and IVRS services has taken a substantial place in many business processes as it saves time & cost of the organization and customers can get the desired information whenever needed.
Asia Pacific is expected to contribute to the largest share in the convergent billing market due to the increasing number of mobile subscribers in countries including China and India. China is the world’s biggest user of smartphones, making it a very big potential market for the convergent billing system. Following China, India has a steady increase in the number of mobile users and connectivity, making India a growing and attractive market for the development of convergent billing systems.
The key players in the field of convergent billing market are EI Technologies, Elitecore, IBM, Amdocs, CSG, Alcatel-Lucent S.A., Orga, Redknee, SAP S.E., Comverse, Huawei Technologies, and IBM.
Convergent Billing Market, By Solutions, 2014-2025 (USD Million)
- Customer Relationship Management (CRM)
- Settlement and Payment Management
- Voucher Management
Convergent Billing Market, By Deployment, 2014-2025 (USD Million)
Convergent Billing Market, By Services, 2014-2025 (USD Million)
- Managed Service
- Consulting Service
- Training & Certification
The above information has been provided for the following regions and countries:
- North America
- Australia & New Zealand (ANZ)
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- Alcatel-Lucent S.A.
- Amdocs Inc.
- Comverse Inc.
- CSG International
- EI Technologies Co.
- Elitecore Technologies Pvt. Ltd.
- Huawei Technologies Co. Ltd.
- IBM Corporations
- International Business Machines
- Orga Systems GmbH
- Redknee Inc.
- SAP S.E.
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