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Subscription Billing Management Global Market Report 2022: Sector to Reach $14.1 Billion by 2028 at a CAGR of 15.7%DUBLIN, March 7, 2023 /PRNewswire/ -- The "Global Subscription Billing Management Market Size, Share & Industry Trends Analysis Report by End-use, Organization Size, Deployment Type, Component, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.  The Global Subscription Billing Management Market size is expected to reach $14.1 billion by 2028, rising at a market growth of 15.7% CAGR during the forecast period. Key Market Players
The customer may have already paid for the items or services listed on the invoice. Some sellers note in large, capitalized characters on an invoice whether it has been paid to avoid misunderstandings and the subsequent unneeded interactions between buyer and seller. A bill is a sales statement from the perspective of the seller. From the viewpoint of the buyer, a bill is a transaction invoice. The document identifies the buyer and seller, even though the word 'invoice' suggests a financial obligation. This could involve receiving a bill each month for a subscription to a magazine, streaming service, SaaS item, 'box of the month, 'or other recurring services of a similar nature. Regular charges are made to customers, but they are free to stop at any moment. The amount owing to the client is automatically transferred from their account to the company instead of being harassed for payment regularly. The client receives a receipt, but other than that, nothing happens in the transaction. COVID-19 Impact Analysis The economy was severely impacted by the abrupt emergence of the COVID-19 pandemic. Subscription billing companies are persevering to be resilient despite these supply chain limitations, operational setbacks, and a circumstance of a worldwide recession. Additionally, the impact of subscriptions for B2B and B2C software and information services is minimal. However, several industries, such as consumer Internet of Things (IoT), travel and hospitality, commecial IoT services, sports-related assistance, and technology for small businesses are seeing a detrimental impact on their growth. The COVID-19 pandemic is also estimated to have an impact on the market expansion because of the uneven adoption of subscription services across different industries. Market Growth Factors Increase in subscription-based business model adoption There has been an increase in B2B and B2C firms' subscription-based recurring income. Businesses are increasingly using subscription as a service (SAAS) because clients want to rent software rather than purchase it. A majority of online buyers are engaged in subscription programs and get items on a recurrent basis. Notable technological businesses such as Uber, Spotify, Apple, and Google LLC are transitioning from a static and linear product offering to a subscription-based model to promote consistent, predictable, and recurring income. The media and entertainment industry have had the most significant rise in subscriptions over the past few years. This is augmenting the growth of the subscription billing management market. Customer demand for adaptability of subscription The demand for greater purchasing freedom among customers has also grown. As the economic effects of the pandemic caused havoc on the finances of many people, it became more important than ever for consumers to be able to purchase and pay for exactly what they wanted and would utilize. Customers looking to save money rushed to product-as-a-service agreements, which strengthened subscription models. However, it also raised the demand for pay-per-use and other utilization subscription options. Under these systems, customers may personalize their purchases to receive only what they need, when they need it. Customers like the versatility; for companies, the reduced initial investment encourages customers to remain and try new things, especially during times of transition. Market Restraining Factors Growing Competition among the companies Subscription billing is an emerging business model that is rapidly gaining the traction of a significant number of people all over the world. It offers a lot of savings as well as convenience to the customer. However, due to the increasing trend and adoption of subscription billing all over the world, the market players entering the sector is also increasing at an exponential rate. There is a large number of service providers penetrating the market, which is beneficial for customers. However, these market players are encountering a number of challenges owing to this. Hence, this factor is playing a major role in impeding the growth of the subscription billing management market. Scope of the Study Market Segments Covered in the Report: By End-use
By Organization Size
By Deployment Type
By Component
By Geography
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SOURCE Research and Markets 
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