LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global consumer billing management (CBM) software market is projected to grow to USD 20.22 billion by 2021, at a CAGR of close to 7% over the forecast period.
This research report titled ‘Global Consumer Billing Management Software Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|CBM software is a flexible billing management tool that automates the ordering and billing processes for any business. The software may be subscription or recurring-based, or a traditional one-time payment model. The rising shift towards cloud-based CBM software is a key driver of the global CBM software market.|
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Based on end-user, the report categorizes the global consumer billing management software market into the following segments:
- Telecom sector
- Pharmacy sector
- Utility sector
“The telecom sector is the leading end-user of the consumer billing management software market, occupying almost 43% of the total shares. The growth in the market sector is expected to originate from the rising number of subscribers worldwide,” says Amrita Choudhury, a lead analyst at Technavio for enterprise application research.
Increasing Internet usage among consumers and the growing adoption of business mobility solutions are other important parameters impacting the growth of the market sector. Also, telecom operators have managed to generate new revenue streams by tapping the high growth potential of niche markets.
The pharmacy sector is the second largest end-user segment of the global CBM software market, projected to grow at a CAGR of close to 9% over the forecast period. Pharmacy billing management takes care of billing claims of medical services and submits them to the respective health insurance companies for repayment. Hospitals and health systems are increasingly implementing pharmacy billing management to ensure an efficient and streamlined billing process. The increasing efficiency in patient management, quicker processing of insurance claims, provision of obtaining more accurate clinical information, and precise documentation by vendors in the market are expected to drive market growth.
“The utility sector is expected to grow swiftly over the forecast period, with a CAGR of over 9% through 2021. Major growth in the market segment is originating from large US-based utility companies which are revolutionizing their customer relationships by developing new revenue streams,” says Amrita.
Market liberalization in many countries has boosted the demand for financial information management. Also, ongoing technological advances, such as smart grid and smart metering technologies, have pushed the utility sector into becoming of the fastest growing divisions. The implementation of this software is high in developed regions such as North America and Europe.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Harris ERP
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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