Convergent Billing Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2024 – 2032

Convergent Billing Market Size

Convergent Billing Market is projected to witness substantial growth from 2024 to 2032, due to robust advancements in the telecommunication sector and 5G technology. The growing popularity of real-time billing is leading to the incessant need to limit the time spent on advertising new services. The increasing penetration of digital technologies in business environments and the higher complexities of new service architectures will also positively shape the industry outlook.
 

The strong focus on cost-cutting in the manufacturing and maintenance processes is driving the increasing incorporation of single-window billing solutions. For instance, in May 2022, Ericsson and Orange France agreed upon a five-year agreement, with Ericsson Charging as the primary monetization platform for the latter’s 5G subscribers.
 

The use of telecommunication systems has also grown considerably over recent years, further influencing the demand for convergent billing solutions. According to the International Telecommunication Union report, in 2022, mobile cellular subscriptions in U.S. reached 110 subscriptions per 100 people.
 

The ongoing crisis between Ukraine and Russia rattled the global telecom sector as several regulators across Russia focused on impeding the internet services in the country. As per CNBC reports, Roscosmos denied launching over 30 satellites for OneWeb due the sanctions imposed by the U.K. for its invasion. Furthermore, smartphone companies like Apple Inc. halted their operations, sales, and exports to Russia. These factors, in tandem, have negatively impacted the telecom industry and may continue to do so in the coming years as well, consequently limiting the market growth.
 

Convergent Billing Market Trends

The increasing deployment of cloud-based billing solutions, the higher integration of 5G technology, and rising emphasis on customer-centric billing models will drive the industry growth. The rapid advancements in AI and machine learning are contributing to enhanced billing accuracy and personalized customer experiences. Moreover, to meet the digital transformation needs, the demand for innovative solutions to optimize billing processes is further rising, contributing to the market expansion. To illustrate, in October 2023, Nexign, introduced the latest version of Nexign Revenue Management, a convergent monetization platform designed for communications service providers (CSPs).
 

Convergent Billing Market Analysis

Based on deployment, the market value from the on-cloud deployment segment is expected to gain notable proceeds between 2024 and 2032, on account of the growing adoption of micro-services in 5G billing. Cloud-based services offer enhanced real-time experience to customers, helping them view bills as well as track service records. The growing demand from the new generation of telecom operators is another impact-rendering factor for the industry expansion.
 

Convergent billing market share from the bill cycle optimization segment is estimated to witness substantial growth through 2032, owing to the increasing adoption of advanced analytics and AI to enhance billing accuracy and efficiency. Automation of billing processes and real-time data insights is favoring the high demand for cost-effective solutions. With several businesses on the lookout for streamlined operations and improved customer satisfaction, the appeal of bill cycle optimization solutions is further increasing.
 

Regionally, the North America convergent billing market is projected to expand at significant pace from 2024 to 2032. The growth can be attributed to the increasing adoption of advanced technologies, rising demand for integrated billing solutions, and the proliferation of mobile devices. The dire need for streamlined billing processes, enhanced customer experience, and the convergence of various communication services are fueling the demand for convergence billing. Moreover, the constant evolution of telecommunications and digital services is also encouraging businesses to invest in efficient billing solutions to meet the evolving consumer expectations and industry demands.
 

Convergent Billing Market Share

Inorganic growth and business strategies, such as partnerships, acquisitions, mergers, and technological advancements for product launches are few initiatives adopted by key convergent billing industry players to increase their global penetration and sustain intense market competition.
 

Some of the major convergent billing companies are:

• Redknee (Optiva Inc.)
• Huawei Technologies (Huawei Investment & Holding Co., Ltd.)
• EI Technologies
• Amdocs
• Comverse (Comverse Technology, Inc.)
• Alcatel-Lucent S.A. (Nokia)
• Elitecore (Sterlite Technologies)
• IBM
• CSG
• Orga
• SAP SE.
   

Convergent Billing Industry News:

• In September 2022, Optiva Inc., a prominent provider of vital cloud-native monetization and revenue management software, launched the initial 5G telecom charging solution available for purchase on the Google Cloud Marketplace.