The cloud billing market is set to surge in the next five years.
So say the researchers at MarketsandMarkets, who, in a new report, predict cloud billing to grow from a $2.4 billion business in 2013 to almost $9.6 billion in 2018. That's a compound annual growth rate (CAGR) of nearly 32 percent.
North America is expected to contribute the most revenue, while Asia Pacific will experience increased market traction, MarketsandMarkets predicts.
The research firm believes that the need to increase business agility, along with cost control measures, is playing a key role in embodying the cloud billing market. The adoption of these solutions is gradual due to concerns of loss of data and third-party dependence, but they are expected to experience a tremendous growth thanks to the evolution of cloud and the growing demand for automation of billing processes as a result of pricing intricacies. The assimilation of cloud billing solutions within the existing organizational framework will further amplify the growth of businesses by embedding best practices for consistency and accuracy of operations, MarketsandMarkets said.
The report defined and segments the cloud-billing market into subsegments, with an analysis and forecasting of revenue. It also identifies the factors driving this market, various restraints and opportunities impacting it along with the technology road map and adoption trends.
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