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.|
Request a sample report: https://www.technavio.com/request-a-sample?report=57282
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
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
Browse Related Reports:
- Global Business Accounting Software Market 2017-2021
- Global Trade Management Software Market 2016-2020
- Global Dental Practice Management Software Market 2016-2020
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like IT hardware, cloud computing, and product lifecycle management. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.