Subscription and billing management also refers to subscription management software that allows automation of payment collection of subscriptions. It offers the ability to manage operational side of subscriptions. Customer lifecycle operations such as assigning credits, issuing refunds, managing trials, and making mid-cycle subscription changes are performed by this software. Software-as-a-Service (SaaS) companies, eCommerce sites, education portals, media outlets, and various businesses intend to turn customers into recurring subscribers. Adoption of subscription and billing software is leading to increased revenue streams, along with more confidence and stability in their projections. Effective subscription management software enable businesses to eradicate problems accompanied with subscription-based business models.
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Factors such as increase in need of improved customer retention and reducing subscriber churn, growth in adoption of subscription-based models, and regularities by governments majorly drive growth of the subscription and billing management market. The customer churn is the major problem for organizations, as creating new customers is far expensive as compared to retaining existing ones. To eliminate this challenge, numerous organizations are implementing subscription & billing management solutions. However, higher upgradation and deployment costs of subscription & billing management software hamper growth of the market. On the other hand, surge in Bring Your Own Device (BYOD) as well as cloud-based services adoption leading to be opportunistic for the market growth.
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There has been a growing trend in recurring revenue from subscriptions for both B2C and B2B companies. Subscription as a service (SAAS) reached is widely being adopted across businesses as customers prefer to rent the software rather than buying it. As per the survey, it is estimated that around 15% of shoppers online are enrolled in any of the subscription plans and receives products to on a recurring basis.For instance, prominent technology companies such as Uber, Spotify, Apple Inc., and Google LLC have transformed their business models to adapt to evolving customer demand and are moving from a static & linear product offering to a subscription-based model to encourage predictable, recurring, and stable revenue.
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Key benefits of the report:
- This study presents the analytical depiction of the global subscription and billing management industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global subscription and billing management market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global subscription and billing management market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global subscription and billing management market analysis based on competitive intensity and how the competition will take shape in coming years.
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