Convergent Billing Market Growth Factors, Restraints, Trends, Opportunities, and Challenges for the manufacturers

Convergent Billing Market was valued at USD 14.37 Billion in 2022, and it is expected to reach USD 58.50 Billion by 2029, exhibiting a CAGR of 22.2% during the forecast period (2023-2029)

Billing transformation has become a widespread trend across all countries. Telecommunications companies all around the world realize the importance of convergent billing and the benefits it provides. Convergent billing is the integration of all service costs onto a single customer invoice and a unified view of the customer. Nowadays consumers expect mobile voice, fixed voice, data, IPTV, broadband, and pre-paid and post-paid services from a single operator rather than going in for multiple sets of players; so that they can easily manage & maintain a single account to pay all their bills. The customer receives a single bill and makes a single payment for all the services they have subscribed too.

The adoption of service convergent billing systems has benefited service providers in increasing the quality of their communication services by reducing the time it takes to advertise new services. The increasing number of mobile users, the rising demand for high-speed data connectivity, and the growing demand for value-added managed services are the potential factors driving the market growth during the forecast period.To Know About The Research Methodology :- Request Free Sample Report
Convergent Billing Market Dynamics:
Importance of Convergent Billing in the Telecom sector

The Telecom sector is evolving at a rapid rate and the requirements of telcos are increasing sharply. Convergent billing is the perfect solution for addressing newly-created requirements. Telecom operators have put billing systems on the front burner to capture revenue and reduce costs. Telecom companies are progressively adopting digitalization in their business environments and introducing novel IoT-based services, frequently in collaboration with global partners. All telecom sectors are looking to provide world-class services and convergent billing serves as the first step to achieving new heights. They realize the importance of convergent billing and the benefits it offers. As a result of these growing trends, telecom billing systems have evolved to play an important role in facilitating innovative services based on client needs and efficient monetization.The adoption of cloud computing technology

The adoption of cloud computing as a technology and a paradigm for the next era of computing has undoubtedly grown in popularity and popularity among enterprises and service providers. The cloud convergent billing market is predicted to grow significantly as a result of the increased usage of micro-services in 5G billing. With the worldwide implementation of 5G technology, the need for convergent billing solutions is growing and offering even more opportunities for solution providers to acquire market traction. Customers benefit from increased real-time experiences with cloud-based services, which allow them to check invoices and track service records. It has also become popular among end users, who are increasingly keeping their data on the cloud. In terms of scientific computing, this trend is still in its early stages. The European cloud computing industry is growing quickly. Furthermore, an increase in the number of phone users throughout the world is expected to fuel market growth. It has eased the promotion and marketing approaches for the launch of new products. This is another factor that is expected to drive market growth.

Benefits Associated with the Convergent Billing

Telecom firms have to handle a large number of accounts. It often leads to data complications and countless errors. The advantage of Telecom Billing Solutions is reduced the risk of errors. It also assists users who wish to protect themselves from errors that had nothing to do with human error and were caused by transactional value in the first place. Another significant advantage of convergent billing is its pre-defined model, which enhances customer service. Customer service representatives are always aware of the questions that their customers have, which helps to maintain customer loyalty and happiness.

Market Restraint

However, the incompatibility of older systems with converged networks may hamper the market's potential growth to some extent. To overcome this challenge, communication service providers are collaborating with over-the-top service providers and investing in new infrastructure.
Convergent Billing Market Segment Analysis:
By Solutions, the Customer Relationship Management segment accounted for the greatest market share in 2022 and is expected to grow at the highest CAGR of 24% during the forecast period. The telecom sector is becoming more customer-centric than ever before. The customer experience is the most important priority, as it has become the most effective weapon in the continual battle for customers. The billing platform of the operator should support the customer-centric approach by enabling the creation of convergent offers and customized services. The operator should be able to deliver any combination of services in a package while continuously improving the consumer experience. Customer data becomes a valuable asset that should be capitalized on through upselling and cross-selling. The customer relationship management segment gets momentum because the telecom end-use industry has now become more customer-centric and the key market players are focusing on retaining their existing customers.By Deployment, the Cloud segment accounted for the largest market share in 2022 and is expected to grow at the highest CAGR of 18.1 % during the forecast period. Most companies utilize cloud computing to grow capacity, improve functionality, or add new services on demand without having to commit to potentially expensive infrastructure investments or start hiring existing in-house support staff. Cloud-based applications are created and deployed particularly for cloud environments. Cloud-based has a shared instance hosted in the cloud with several tenants. The cloud-based segment is expected to grow owing to the rising deployment of micro-services in 5G billing. Cloud-based services provide users with a more real-time experience, allowing them to monitor invoices and follow service records.

By Services, the managed services segment is expected to account for the largest nearly 23.2% market share by 2029 thanks to the rise in telecommunication services and the need for collaborating customer services. The increasing trend of outsourcing enables corporations to emphasize on prime aspect of business and upsurge revenue.
Convergent Billing Market Regional Insights
North America is predicted to have the greatest market share and dominate the Convergent Billing market during the forecast period. There is a rising need for connected devices because the technological landscape in various industries is rapidly changing in this region. Customer relationship management is also gaining traction in the region. The rising digitization of organizations across industry verticals as well as the adoption of cloud technologies and various service models are propelling the Convergent Billing Market in this region.

The Asia Pacific region is expected to develop faster in the Global Convergent Billing Market over the forecast period, owing to the fast acceptance of Convergent Billing Systems among business and individual users in the region. With rising demand from the Chinese telecom industry and technical improvements in other Asia Pacific nations such as Japan and India. The region has one of the world's most advanced and fastest-growing economies. According to the Global System for Mobile Communications Association, approximately 93% of the Asian-Pacific population is used a 4G internet connection. Furthermore, the applications such as customer relationship management are one of the fastest growing segments which in turn is favoring the growth of the global Convergent Billing market across the Asia Pacific region.Report Scope and Research Methodology:

The report provides a quantitative analysis of the Convergent Billing market drivers, restraints, trends, and estimations. PORTER's five forces analysis shows the ability of buyers and suppliers to make profit-oriented strategic decisions and build their supplier-buyer network. In-depth analysis as well as the market size and segmentation assist in determining the current Convergent Billing market potential. The report also includes the factors that are supposed to affect the business positively or negatively and will give a clear futuristic view of the industry to the decision-makers. The report contains strategic profiling of top key players in the market, a wide-ranging analysis of their core competencies, and their strategies, growths, agreements, joint ventures, partnerships, and acquisitions that apply to the businesses.

The bottom-up approach has been used to estimate the market size of the global market. A special focus has been given to each economy and arrived at a market estimate for region and global. Primary and secondary data collection methods have been used to collect the data. Secondary sources include paid sources, annual reports of key players, and manufacturing associations of industrial robotics. Detailed secondary sources are provided in the report. Primary interviews were carried out with stakeholders in the industry that including manufacturers, end users, and consultants. A combination of secondary and primary data collection made this report authentic.
Convergent Billing Market Scope: Inquire before buying



Convergent Billing Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 14.37 Bn.


Forecast Period 2023 to 2029 CAGR:
22.2%
Market Size in 2029:
US $ 58.50 Bn.


 Segments Covered:
by Solutions
• Customer Relationship Management (CRM)
• Settlement and Payment Management
• Voucher Management
• Mediation


by Deployment
• Cloud
• On-Premise


by Services
• Managed Service
• Consulting Service
• Training & Certification



Convergent Billing Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina, Columbia and Rest of South America)
Convergent Billing Market Key Players are;
• Alcatel-Lucent SA (France)
• Amdrecor, Inc. (US)
• CSG Systems International, Inc. (US)
• IBM Corporation (US)
• Amdocs, Inc.(US)
• Comverse, Inc.(US)
• Huawei Technologies Co., Ltd. (China)
• Optiva, Inc.(Canada)
• Redknee, Inc.(Canada)
• SAP SE (Germany)
• Orga Systems Gmbh (Germany)
• Sterlite Technologies Limited (India)
• Elitecore Technologies Pvt. Ltd.(India)
• Others

FAQs:

1. Which is the potential market for Convergent Billing in terms of the region?
Ans. In the Asia Pacific region, the fast acceptance of Convergent Billing Systems among business and individual users is expected to drive the market.

2. What is expected to drive the growth of the Convergent Billing market in the forecast period?
Ans. The importance of Convergent Billing in the Telecom sector is a major factor driving the market growth during the forecast period.

3. What is the projected market size & growth rate of the Convergent Billing Market?
Ans. Convergent Billing Market was valued at USD 14.37 Billion in 2022, and it is expected to reach USD 58.50 Billion by 2029, exhibiting a CAGR of 22.2% during the forecast period.

4. What segments are covered in the Convergent Billing Market report?
Ans. The segments covered are Solutions, Deployment, Services, and region.