Convergent Billing Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3963
Convergent Billing Market size is anticipated to garner prominence between the period 2021 to 2027 due to the robust advancements in the telecommunication sector and 5G technology. The growing popularity of real-time billing has led to the incessant need for limiting the time spent in advertising new services. The growing penetration of digitization in business environments and the higher complexities of new service architectures will also positively add to shaping the market outlook.
The rising focus towards cost-cutting across the manufacturing and maintenance processes together with the increasing incorporation of single-window billing solutions are other ideal factors enhancing the industry outlook.
In terms of services, the convergent billing market is segmented across consulting services, managed services, and training & certification. In these, the revenue share from managed services will reach a significant rate owing to the growing preference for outsourcing the billing, payments, and IVRS services by a substantial number of companies. Managed services provide efficient and effective billing functions and act as excellent alternative solutions to self-managed billing. Furthermore, the growing need for saving the operational costs and the interim or long terms of functionality will add to the lucrative growth of the market.
Cloud convergent billing industry is expected to gain notable proceeds from 2021 to 2027 on account of the increasing adoption of micro-services in 5G billing. The cloud-based services offer enhanced real-time experience to customers, which helps them to view the 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.
Regionally, Asia Pacific will account for a substantial remuneration in the convergent billing market due to a large number of telecommunication service providers and the higher usage of smartphones in the region. It has been estimated that over 95% of adults across South Korea own a smartphone and China ranks first among the highest number of smartphone users, accounting for over 782 million users. This factor will positively favor regional market growth.
Major industry players in the convergent billing market include Redknee, Huawei Technologies (Huawei Investment & Holding Co., Ltd.), EI Technologies, Amdocs, Comverse, Alcatel-Lucent S.A (Nokia), Elitecore (Sterlite Technologies), IBM, CSG, Orga, and SAP S.E.
Inorganic growth and business strategies, such as partnerships, acquisitions, as well as mergers and technological advancements for product launches are key initiatives employed by these firms to increase their global penetration whilst sustaining the intense market competition.
For instance, in March 2021, Huawei introduced CBS R21, its all-new cloud-native architecture-based convergent billing solution employed with a 5G monetization mode to help with the promotion of the services related to 5G packages.
Likewise, CSG, in December 2020, extended its billing partnership with Airtel Africa to offer managed services, such as convergent charging as well as billing solutions and customer relationship management to reinforce its position across its 14-country footprint in Africa.
COVID-19 crisis and its influence on the convergent billing market trends
The COVID-19 pandemic drew alarming impacts on the global economy and carved the niche for tremendous setbacks across a host of industries across the world. Besides, the rapidly surging infection count paved the path for the imposition of nationwide lockdowns as well as the abrupt shuttering of business operations in several sectors. It also gave rise to the regulation of work-from-home initiatives for the continuity of work in various companies.
However, the rising adoption of digital services and the dearth of manual labor amidst the pandemic along with the growth of the IT and telecommunications sector added positive impetus to the forecast of the convergent billing market.
Market, By Solutions, 2014-2025 (USD Million)
- Customer Relationship Management (CRM)
- Settlement and Payment Management
- Voucher Management
Market, By Deployment, 2014-2025 (USD Million)
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
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