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Convergent Billing Market size is anticipated to witness healthy growth during 2023 to 2032, 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 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 rising focus on cost-cutting across the manufacturing and maintenance processes and the increasing incorporation of single-window billing solutions are other ideal factors enhancing the convergent billing market outlook.
The use of telecommunication systems has grown considerably over recent years. According to the International Telecommunication Union, mobile cellular subscriptions registered record growth in 2021, reaching 110 subscriptions per 100 people. A similar trend was observed in mobile subscriptions with broadband capability (either 3G or better), which reached 83 subscriptions per 100 inhabitants.
The ongoing crisis between Ukraine and Russia has rattled the global telecom sector as several regulators across Russia continue focusing on impeding internet services in the country. As per CNBC reports, Roscosmos has denied launching over 30 satellites for OneWeb because of the sanctions imposed by the U.K. sanctions for its invasion. Furthermore, smartphone companies like Apple Inc. have 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, which, in consequence, may limit the market growth.
In terms of services, the convergent billing market from managed services will reach a significant rate through 2032, owing to the growing inclination of several companies toward outsourcing billing, payments, and IVRS services. Managed services provide efficient and effective billing functions and act as excellent alternative solutions to self-managed billing. Furthermore, the growing need for saving operational costs and interim or long terms of functionality will add to the lucrative growth of the market.
The cloud convergent billing market is expected to gain notable proceeds between 2023 and 2032, on account of increasing adoption of micro-services in 5G billing. The cloud-based services offer an enhanced real-time experience to customers, which helps 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.
The Asia Pacific will account for a substantial remuneration in the convergent billing industry 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, while China ranks first among the highest number of smartphone users, accounting for over 782 million users.
Major players involved in the convergent billing market include 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, and SAP SE.
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 while 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 promote the services related to 5G packages.
The convergent billing market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2018 to 2032, for the following segments:
Market, By Solutions
Market, By Deployment
Market, By Services
The above information has been provided for the following regions and countries: