Convergent Billing Market Outlook
According to the report by Expert Market Research (EMR), The Global Convergent Billing Market Size, Trends, Analysis, Report and Forecast 2024-2032″, the convergent billing market reached a value of approximately USD 12.8 billion in 2023. Aided by the escalating need for customer-centric services and the burgeoning use of convergent billing systems in various industries, the market is projected to further grow at a CAGR of 18.00% between 2024 and 2032 to reach a value of USD 34.55 billion by 2032.
Convergent billing is a type of billing system that enables companies to consolidate all services such as wireless, wireline, IPTV, broadband, and others into a single bill. It is an integral part of the customer relationship management (CRM) process, contributing significantly to customer retention, service personalisation, and overall customer experience, aiding the convergent billing market growth. Besides its CRM properties, convergent billing is also instrumental in reducing operational costs and complexity, proving its value in a range of industrial applications, including telecom, IT, BFSI, and more.
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The increasing customer demand for personalised and comprehensive services is fuelling the global convergent billing market growth. With the rising awareness of the benefits of personalised service offerings, there has been a notable shift towards converged billing solutions, sparking a rise in demand for such systems. Moreover, the expanding trend of digital transformation across industries has further spurred the popularity of convergent billing, considering its critical role in managing digital services efficiently.
The broadening applications of convergent billing in various industries also contribute significantly to the convergent billing market expansion. In the telecom sector, for example, convergent billing is used to simplify the billing process by consolidating different service charges into a single invoice. The IT industry leverages convergent billing for efficient revenue management and cost optimisation. BFSI sector, on the other hand, applies these systems for centralised billing and effective customer relationship management, thus increasing the convergent billing market demand.
Furthermore, the escalating demand for streamlined billing solutions in the e-commerce industry has resulted in an increased focus on convergent billing as an efficient solution. The rise of e-commerce, coupled with the increasing popularity of digital payment systems, has brought convergent billing to the forefront as a critical component in managing online transactions, thereby fuelling the convergent billing market expansion.
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Convergent Billing Market Segmentation
The market can be divided based on component, deployment type, organisation size, and region.
Market Breakup by Component
• Solution
o Bill Cycle Optimisation
o Billing Account Management
o Automated Invoice and Bill Generation
o Payment and Collection
o Customer Relationship Management
• Services
Market Breakup by Deployment Type
• Cloud Based
• On-premises
Market Breakup by Organisation Size
• Small and Medium Size Enterprises
• Large Size Enterprises
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Convergent Billing Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global convergent billing companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• IBM Corporation
• Amdocs, Inc.
• CSG Systems International, Inc.
• Huawei Technologies Co., Ltd.
• Nokia Oyj
• Oracle Corporation
• Telefonaktiebolaget LM Ericsson
• ComArch SA
• Sterlite Technologies Limited
• Others
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