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Based on component, the software segment held over 65% of the market share in 2023, owing to its pivotal role in streamlining billing processes. Subscription billing software offers businesses scalable & automated solutions to manage complex subscription models, customer data, and billing cycles. With customizable features, reporting capabilities, and integration options, businesses can efficiently handle subscription lifecycles.
The demand for these software solutions is rising as companies seek to improve billing accuracy, customer experiences, and revenue management in the subscription-based economy. For instance, in September 2023, Zoho introduced Zoho Billing, an advanced version of its Zoho subscriptions software, aimed at SMEs and expanding businesses.
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Based on deployment model, the cloud segment recorded around 40% of the subscription billing management market share in 2023. The cloud segment is witnessing robust growth owing to the scalability, accessibility, and cost-effectiveness it offers to businesses. They enable companies to manage subscriptions & billing from anywhere, ensuring flexibility & efficiency. Additionally, cloud solutions often provide automated updates and enhanced security measures, making them increasingly attractive to organizations seeking to streamline their subscription billing processes while reducing infrastructure costs & maintenance efforts.
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North America subscription billing management market accounted for 30% of the revenue share in 2023. The region has a mature & technologically advanced business landscape with a high adoption rate of subscription-based services. Additionally, many prominent subscriptions billing software providers are headquartered in North America, contributing to its leadership.
The region’s focus on innovations, stringent compliance regulations, and the growing preference for digital subscription models further propel its dominance in the market. For instance, in September 2023, SOFTRAX introduced advanced subscription billing features in its revenue management system. This update enhanced automation & functionality related to subscription billing, offering businesses more efficient & sophisticated tools for managing their subscription-based revenue.