Pune, Maharashtra, October 18, 2022 – Maximize Market Research, a leading market research company has published an intelligence report entitled Global Convergent Billing Market 2022 which is a complete study of meticulous primary and secondary research. According to MMR analysis, the global Convergent Billing Market Size Is expected to reach USD 58.50 billion by 2029, at a CAGR of 22.2 percent. The report systematically covers analyzed understandings in view of the market; along with its ever-changing patterns, industry environment, and all leading characteristics of the market. This research methodology has been applied to examine the global Convergent Billing Market and these results have been reasonably mentioned in the report.
Convergent Billing Market Overview:
Billing transformation has become a common practise in all countries. Telecommunications companies all over the world recognise the value of convergent billing and the advantages it provides. The integration of all service costs onto a single customer invoice and a unified view of the customer is referred to as convergent billing. Consumers nowadays expect a single operator to provide mobile voice, fixed voice, data, IPTV, broadband, and pre-paid and post-paid services, rather than multiple sets of players, so that they can easily manage and maintain a single account to pay all their bills. The customer receives a single bill and pays a single fee for all of the services to which they have subscribed.
Adoption of service convergent billing systems has aided service providers in improving the quality of their communication services by shortening the time required to advertise new services. The rising number of mobile users, rising demand for high-speed data connectivity, and rising demand for value-added managed services are potential drivers of market growth during the forecast period.
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Convergent Billing Market Dynamics:
The telecommunications industry is rapidly evolving, and telco requirements are rapidly increasing. Convergent billing is an excellent solution for dealing with newly created requirements. To capture revenue and reduce costs, telecom operators have prioritised billing systems. Telecom companies are increasingly embracing digitalization in their business environments and launching novel IoT-based services, often in collaboration with global partners. All telecom sectors want to provide world-class services, and convergent billing is the first step toward that goal. They understand the significance of convergent billing and the benefits it provides. As a result of these growing trends, telecom billing systems have evolved to play a critical role in enabling innovative services based on client needs and efficient monetization.
Cloud computing’s adoption as a technology and a paradigm for the next era of computing has undoubtedly grown in popularity among enterprises and service providers. Because of the increased use of micro-services in 5G billing, the cloud convergent billing market is expected to grow significantly. With the widespread adoption of 5G technology, the demand for convergent billing solutions is increasing, creating even more opportunities for solution providers to gain market traction. Customers benefit from enhanced real-time experiences with cloud-based services, such as the ability to check invoices and track service records.
Telecom companies must manage a large number of accounts. It frequently results in data complications and numerous errors. The benefit of Telecom Billing Solutions is that errors are reduced. It also helps users who want to protect themselves from errors that have nothing to do with human error and are instead caused by transactional value. Another significant benefit of convergent billing is that it has a pre-defined model, which improves customer service. Customer service representatives are always aware of their customers’ questions, which contributes to customer loyalty and happiness.
Convergent Billing Market Segment Analysis:
By Solutions, the Convergent Billing Market is segmented into customer relationship Management (CRM), settlement and payment management, voucher management, and mediation.
By Deployment, The market has been divided into segments such as cloud and on-premise.
By Services, the Convergent Billing Market is segmented into managed service, consulting service and training & certification.
Convergent Billing Market Regional Analysis:
North America is expected to have the largest market share and dominated the Convergent Billing market. Because the technological landscape in various industries in this region is rapidly changing, there is a growing demand for connected devices. In the region, customer relationship management is also gaining traction. The growing digitization of organisations across industry verticals, as well as the adoption of cloud technologies and different service models, is propelling the Convergent Billing Market in this region.
The Asia Pacific region is expected to grow faster in the Global Convergent Billing Market during the forecast period, owing to the region’s rapid adoption of Convergent Billing Systems among business and individual users. With rising Chinese telecom industry demand and technological advancements in other Asia Pacific countries such as Japan and India. The region has one of the most advanced and fastest-growing economies in the world. According to the Global System for Mobile Communications Association, approximately 93 percent of the Asian-Pacific population is connected to the internet via 4G. Furthermore, customer relationship management applications are among the fastest growing segments, favouring the growth of the global Convergent Billing market in the Asia Pacific region.
List of Convergent Billing Market Key Players:
- Alcatel-Lucent SA
- Amdrecor, Inc.
- CSG Systems International, Inc.
- Huawei Technologies Co., Ltd.
- IBM Corporation
- Optiva, Inc.
- SAP SE
- Sterlite Technologies Limited
- Amdocs, Inc.
- Comverse, Inc.
- Elitecore Technologies Pvt. Ltd.
- Orga Systems Gmbh
- Redknee, Inc.
- Others
Related Report Published by Maximize Market Research:
Key Questions answered in the Convergent Billing Market Report are:
- What segments are covered in the Global Convergent Billing Market report?
- Which region is expected to hold the highest share in the Global Convergent Billing Market?
- What is the market size of the Global Convergent Billing Market by 2029?
- What is the forecast period for the Global Convergent Billing Market?
- What was the market size of the Global Convergent Billing Market in 2021?
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