The global convergent billing market size is expected to reach USD 69.6 billion by 2030, according to a new study by Polar Market Research. The report “Convergent Billing Market Share, Size, Trends, Industry Analysis Report; By Solution (Customer Relationship Management, Settlement and Payment Management, Mediation); By Service; By Deployment; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Increasing use of telecom services by people worldwide, the global convergent billing system for the telecom market is expected to grow dramatically. Furthermore, the development of a single billing platform provides the benefit of viewing all products and services under one roof, which is expected to accelerate the rate at which the global market is expected to grow.
Furthermore, this technology has improved customer service by allowing real-time billing to personalize the telecom experience, which is expected to add significant traction to the industry.
Other potential factors driving market growth include an increase in mobile subscribers, a surge in demand for high-speed data connectivity, and an increase in demand for value-added managed services. Customers currently prefer Over-The-Top (OTT) channels for various reasons, the most prominent of which are the number of viewing options and the pricing offered. Switching from older communications equipment to UCaaS can result in significant cost savings. The provider hosts the equipment at their facility and provides service access via the cloud. As a result, the overall cost reduction is expected to boost market growth even further.
The adoption of cloud computing as a technology and a paradigm for the new computing era has undeniably grown in popularity and appeal among enterprises and service providers. It has also gained popularity among end users, who increasingly store their personal data in the cloud. This trend in scientific computing is still in its early stages.
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With increasing technological integration, the complexity of the new service architecture grows, posing several challenges for telcos, such as rapidly dwindling revenues. As a result, telcos focus more on bundled offerings, flexible discounting rules, cross-sell campaigns, and a hassle-free customer experience. As a result, these systems are becoming more popular because they provide a single-window solution for an operator's billing requirements as well as bundled offerings from corporations or enterprises.
With the global rollout of 5G technology, the demand for convergent billing solutions is increasing, creating additional opportunities for solution providers to gain market traction. For example, Huawei recently announced the Convergent Billing System (CBS) R20, the industry's first-ever 5G SA network-based monetization solution in London.
In the 5G billing field, the CBS has used the micro-services architecture. It adheres to the principles of stateless microservices and data and application separation. A distributed architecture provides the benefit of stateless microservices and data and application separation, which are all key applications of the CBS.
With relatively little communication infrastructure, the new generation of telecom operators is attempting to launch and maintain differentiated service capabilities that combine a cloud-based model, communication service integration via APIs, and mostly web-based self-care options. Such developments and initiatives are expected to boost the market.
Convergent billing Market Report Highlights
Polaris Market Research has segmented the convergent billing market report based on solution, service, deployment and region:
Convergent billing, Solution Outlook (Revenue - USD Billion, 2022 - 2030)
Convergent billing, Service Outlook (Revenue - USD Billion, 2022 - 2030)
Convergent billing, Deployment Outlook (Revenue - USD Billion, 2022 - 2030)
Convergent billing, Regional Outlook (Revenue - USD Billion, 2022 - 2030)