Convergent Billing System for Telecom Market size worth $ 62.41 Million, Globally, by 2028 at 21.76 % CAGR: Verified Market Research®
Innovation of a single billing platform provides benefits of viewing all products and services under one roof, which is further expected to catalyze the rate at which global convergent billing system for the telecom market was predicted to grow.
JERSEY CITY, N.J., Aug. 13, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Convergent Billing System for Telecom Market" By Solutions (Customer Relationship Management, Settlement and Payment Management), By Services(Consulting Services, Managed Services, and Customization Services), By Deployment(Cloud, and On premise), and By Geography. According to Verified Market Research, the Global Convergent Billing System for Telecom Market size was valued at USD 12.92 Billion in 2020 and is projected to reach USD 62.41 Billion by 2028, growing at a CAGR of 21.76% from 2021 to 2028.
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On the basis of Deployment Mode, the Cloud segment is estimated to hold the largest market share in the Global Convergent Billing System for Telecom Market by 2028.
A convergent billing system refers to a cluster of all service charges within a single customer invoice. Consumers receive a unified view of their account information for all services preferred to make a single payment for all the services. The convergent billing system consolidates a combination of products and services within a single bill, irrespective of the nature of the product segment.
In other words, convergent billing consists of a single price for all services within a catalogue for post-paid and pre-paid subscribers. There are several features and benefits that a convergent billing system offers. The convergent billing system helps operators in achieving a single product and service catalogue which gives better time to market and reduced the cost of implementation.
Moreover, the convergent billing comprises unified billing for cross-service discounts, so that customers who order multiple services can receive preferential pricing and centralized customer care and support for both types of customers pre-paid and post-paid. The commercial aspects involved are the unification of services for customers, high revenue generation for companies, and real-time billing and personalized services
Convergent billing system for the telecom market is driven by the rising digitalization of the telecom sector. The digital transformation has accelerated the hard-reset button for businesses across industry sectors, and the telecommunications sector is no exception to this phenomenon. Moreover, the rising focus towards cost-cutting across the manufacturing and maintenance processes together with the increasing incorporation of single-window billing solutions are other prominent factors that are improving the market growth.
Furthermore, these systems are not flexible enough to handle several functionalities required for post-paid customers for example complex customer hierarchies, CDR re-rating, volume discounts, flexible reporting, roaming charging, interconnect charging, and others. The post-paid billing systems such as Convergys Infinys or Amdocs Billing Systems are great for post-paid products and services. These systems are not capable to handle pre-paid traffic and charge the calls in real-time. Moreover, these systems cannot be made highly available because of their base architecture. These are the factors that might limit the market growth.
The cloud-based segment is expected to have growth due increasing adoption of micro-services in 5G billing. The cloud-based services offer enhanced real-time experience to consumers, which helps them to view the bills as well as track service records. In addition, the growing demand from the new generation of telecom operatos is another impact rendering factor for the industry expansion.
By Services, the Managed Services segment is anticipated to growth at the highest CAGR during the forecast period. Managed services provide efficient and effective billing functions and act as excellent alternative solutions to self-managed billing. Furthermore, the growing need for saving the operational costs and the interim or long terms of functionality will add to the lucrative growth of the market. MSPs bring practical delivery of a predictable service model and cost too quickly and effectively deliver new IT services to the company. It also enhances the stability and peace of mind for IT and business leaders.
The Asia Pacific region is projected to lead the Global Convergent Billing System for Telecom Market from 2020-2028.
The Asia Pacific region is likely to witness higher growth in the Global Convergent Billing System for Telecom Market over the forecast period owing to the rapid adoption of Convergent Billing Systems across the commercial as well as individual users across the Asia-Pacific region. With growing demands from the development in the Chinese Telecommunication Industry and technological advancements across the other countries Asia Pacific countries such as Japan, India, thereby, the market is growing in the region.
The region is one of the leading and fastest-growing economies in the global market. The mobile internet penetration across Asia-Pacific had been increased by 18% in 2018 since 2014 and accounted for 56%, according to the Global System for Mobile Communications Association, 2019. Furthermore, around 93% of the Asian-Pacific population is using a 4G internet connection, on the other hand, over 96% of the population is using 3G network services.
North America is going to hold a significant market share during the forecasted period due to various driving factors including, the rising demand for the convergent billing system in the North American Telecom Market, rise in the number of cellular telecommunications and internet users across the region, need for maintenance of telecommunication records of the users for better results, and the rest others.
The rise in the adoption of compatible devices and feasible networks is significantly aiding in the growth of the North American Convergent Billing System for Telecom Market. According to the Cellular Telecommunications Industry Association, Washington, DC, 99% population of the United States have access to three or more 4G/LTE networks. Smartphone technology is developing in such a way that it is influencing the consumer's daily marketing strategies, business activities as well as lifestyle. The acceptance of smartphone technology is a key factor in determining success in today's technology.
The major players in the market are Genew Technologies Co., Ltd, Amdocs, Huawei, Alcatel-Lucent, IBM, Comverse, Redknee, Elitecore Technologies, Orga Systems, SAP, Microsoft, and many more.
Verified Market Research has segmented the Global Convergent Billing System for Telecom Market On the basis of Solutions, Services, Deployment, and Geography`.
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