Convergent Billing Market Expected to Reach $73.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Convergent Billing Market," The convergent billing market was valued at $11.5 billion in 2021, and is estimated to reach $73.2 billion by 2031, growing at a CAGR of 20.7% from 2022 to 2031.

Smartphone devices have truly revolutionized the industry and market place alike. Telecom industry wants to adopt paperless lead generation. Besides, the risk of human error in bill processing exceeds the errors made by a usual operating device in a billing solution. In the age of digitalization, customers get a comprehensive single monthly bill detailing the services they have used in the form of number of calls, time, detailed messages, and overall internet expenses. Hence, it is in the interest of the telecom operators to offer in-depth and layered billing solutions. Such factors propel the convergent billing market growth in the upcoming years.

Furthermore, the telecom solutions are constantly being invented to reinvigorate the end-user experience. Many possibilities lie ahead in the world of billing solutions. Something like self-service billing solutions most likely will be a regular billing norm where customers can have the option to choose and switch between their billing plans and manage the accounts on their own. Overall, convergent billing is gaining a lot of popularity because it saves time. Commonalities, such as mobile service postpaid bill and other data service charges, could all be merged into one invoice. Relatively, it also helps companies to offer exclusive wide-range services to a variety of new customers in the form of bundles and packages at discounted rates. Thus, provide the lucrative growth opportunities for the convergent billing market forecast.

On the basis of deployment mode, the on-premise segment captured the largest convergent billing market size in 2021 and is expected to continue this trend throughout the forecast period. This is due to the numerous advantages offered by the on-premise deployment such as a high level of data security and safety. Businesses prefer on-premise model owing to high data security and less data breach as compared to cloud based deployment models, which further drive the demand for on-premise deployment model within the sectors. However, cloud segment is expected to exhibit highest growth during the forecast period. Factor such as rise in the adoption of cloud-based convergent billing solution due to low cost and easier maintenance is expected to provide the lucrative growth opportunities for the convergent billing industry.

Region-wise, North America dominated the market share in 2021 for the convergent billing market. Adoption of convergent billing growing steadily to meet increasing demands from today’s businesses to enhance their business process and improve the customer experience will provide lucrative opportunities for the market in this region. However, Asia-Pacific is expected to exhibit highest growth during the forecast period. Factor such as increase in demand for convergent billing across Asia-Pacific, due to emergence of high-end technologies such as artificial intelligence, high speed 5G network and growing need of low cost solution and major shift toward digitization positively impact the growth of the market. Moreover, in recent decade, key players of the market are expanding their presence in emerging countries such as India, China, and Japan as these countries are the emerging users of high end connected device. They are heavily investing in these countries with cutting edge technology. This is expected to boost the confidence of Asia-Pacific enterprises to adopt convergent billing service which will further boost the adoption among the end users.

The outbreak of COVID-19 is anticipated to provide numerous opportunities for the market to grow during the forecast period. These opportunities include surge in demand for convergent billing in enterprises due to remote work initiatives, as more and more businesses see the benefits that these platforms bring to the table. It further altered how businesses handle their processes. Data storage has also been altered, as all business information has been moved to the cloud, where it is both safe and conveniently available to users for remote work.

Moreover, it is anticipated that post pandemic, companies will focus more on solutions that will support advanced planning and mitigate the impact of similar events in the future. Furthermore, increased requirement to optimize operation expenditure while analyzing customer behavior for targeted activities has fueled a boom in demand for convergent billing market. For instance, in Sep 2021. Nokia launched a charging configurator microservice for its existing Nokia Converged Charging (NCC) monetization solution, enabling Communications Service Providers (CSPs) to create new charging logic and service offers and move faster to market when configuring new and innovative 5G services. Such enhancement propel the growth of the market in the upcoming years.

Factors such as shutdown of educational institutions, offices, and manufacturing facilities for an indefinite period; major shift toward work-from-home culture; and implementation of social distancing policies have led to increasing need of technologies, which can help them to pass through these difficult times. COVID-19 has positively impacted on the digital transformation initiative, which is expected to provide the lucrative growth opportunities for the convergent billing market in the upcoming year.

KEY FINDINGS OF THE STUDY

• By component, the solution segment accounted for the largest convergent billing market share in 2021.
• By deployment mode, the on-premise segment accounted for the largest convergent billing market share in 2021.
• On the basis of enterprise size, the large enterprises segment accounted for the largest convergent billing market share in 2021.
• Region wise, North America generated highest revenue in 2021.

The key players that operate in the convergent billing market analysis are Amdocs, CSG Systems International, Inc., Huawei Technologies Co., Ltd., IBM Corporation, Nokia Corporation, Optiva Inc., Oracle Corporation, Comarch SA, Sterlite Technologies Limited and Telefonaktiebolaget LM Ericsson. These players have adopted various strategies to increase their market penetration and strengthen their position in the convergent billing industry.