LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global subscription and billing management market is expected to grow at a CAGR of 15.65% over the next five years due to the increased need for businesses to remain competitive by generating high recurring revenue, along with automating and streamlining of billing management processes to reduce billing cycle times.
The research report titled ‘Global Subscription and Billing Management Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“During the forecast period, the subscription and billing management market will be driven by increased demand for integrated high-performance billing and payment software for decreasing the complexities associated with manual handling of subscriptions for different pricing plans and eliminating billing errors,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “In addition, focus of businesses on generating recurring revenues and developing long-term customer relationships by facilitating the ease of billing, will also drive the market,” adds Angad.
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Cost saving opportunities in the subscription and billing management market
The adoption of various cost-optimization levers helps buyers of subscription and billing management market realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the subscription and billing management market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Technologies such as business analytics, APIs, and web applications for recurring billing and subscription management help to simplify the billing management and subscription management processes, resulting in cost-savings to the extent of 10% of total category spend. Buyers want suppliers to provide billing systems that can help them take care of the processing of payments and accelerate cash collection.
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Optimization of negotiation strategies saving aspects
Technavio analysts suggest procurement of value-adds such as assistance in providing training associated with the use and implementation of the subscription and billing management software and providing automated invoicing and multiple payment options.
In addition, buyers look for suppliers that can provide billing management systems that support the creation of subscriptions and management of changes associated with them throughout their subscription life cycle.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global subscription and billing management market is the need for consolidation and unification of subscription and billing activities. Organizations are looking to consolidate services related to installation and maintenance of subscription management software.
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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, re-sellers, and end-users.
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