Convergent Billing Market to Hit USD 58.50 Bn and Emergent at Growth Rate of 22.2 percent by 2029 Competitive Landscape, New Market Opportunities, Growth Hubs, and Return on Investments

December 08 18:40 2022
Convergent Billing Market to Hit USD 58.50 Bn and Emergent at Growth Rate of 22.2 percent by 2029 Competitive Landscape, New Market Opportunities, Growth Hubs, and Return on Investments
Convergent Billing Market
Convergent Billing Market was valued at USD 11.76 Billion in 2021, and it is expected to reach USD 58.50 Billion by 2029, exhibiting a CAGR of 22.2% during the forecast period (2021-2029)

Pune, 8, Dec2022: As per Maximize Market research, a global business research and consultancy firm, the total global market for Convergent Billing Market was 11.76 Bn. in 2021 and is expected to grow at CAGR of 22.2 % over the forecast period to reach 58.50 Bn. by 2029.

Convergent Billing Market Scope and Research Methodology

The research provides a thorough overview of the Convergent Billing markets on a global, regional, and country level. In order to expected market size and growth rate as well as existing and future trends in the Convergent Billing market, the study analyses both primary and secondary data. Regional market analysis is conducted at the local, regional, and worldwide levels to better understand market penetration, competitive structure, price, and demand analysis. In order to help investors and significant corporations in making investment and strategic business decisions, the report also covers the strategies of important participants and offers an analysis of those plans based on the industry’s growth.

The competitive analysis of the Convergent Billing market includes information on the revenue, financial condition, portfolio, technological adoption, mergers and acquisitions, joint ventures, and strategic alliances of the major market participants, which are ranked by region. Additionally, a list of recent market entries is provided, together with information on their future prospects and growth potential. A basic overview of the Convergent Billing market is provided by such an analysis, which can be used by market participants, investors, stakeholders, followers, and new entrants to formulate marketing and investment plans.

For a segment-wise analysis of the Convergent Billing Market, it is divided by Solutions, Deployment, Services, and Regions for understanding the factors affecting the market growth positively and negatively. The bottom-up approach was employed to validate the market size and its estimation by different segments. Data was collected employing both primary and secondary data collection methods. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs, and marketing professionals were included in the primary methods. Secondary data was meticulously collected from a curated selection of sources for maximum reliability of the inferences. This includes official databases of various organizations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. 

SWOT analysis was conducted to provide the strengths and weaknesses of the Convergent Billing Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Convergent Billing Market.

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Convergent Billing Market Overview

Billing transformation has become a widespread trend across all Regions. Convergent billing is important, and telecommunications firms all around the world are aware of its advantages. The integration of all service fees onto a single customer invoice and a unified view of the customer is known as convergent billing. Consumers today want a single operator to provide all of their services, including mobile phone, fixed voice, data, IPTV, broadband, pre-paid, and post-paid, so that they can easily manage and maintain a single account to pay all of their bills. A single bill and payment are made by the customer for all the services they have enrolled to. The growth of the convergent billing market can be attributed to the lower cost of billing processes, multiservice packaging, improved customer experience, and pricing that enables clients to purchase services at a discount, and centralized customer assistance.

Convergent Billing Market Dynamics

The needs of telcos are growing significantly as the telecom industry develops rapidly. Convergent billing is the ideal answer for taking care of recently developed requirements. To increase income and cut costs, telecom providers have prioritised billing systems. The business environments of telecom businesses are gradually becoming more digitalized, and they are developing cutting-edge IoT-based services, frequently in partnership with international partners. Convergent billing is the first step to reaching new heights in the telecom sectors’ quest to offer top-tier services.

Cloud computing has surely gained favour among businesses and service providers as a technology and a paradigm for the upcoming computer era. Thanks to the rising use of micro-services in 5G billing, it is expected that the market for cloud convergent billing would grow dramatically. With the widespread use of 5G technology, there are more opportunities than ever for solution providers to gain market momentum as the need for convergent billing solutions increases. With cloud-based services that enable customers to verify invoices and follow service records, real-time interactions with customers are improved. This factor expected to drive the convergent billing market.

Account management is a major responsibility for telecom companies. It frequently causes data problems and numerous errors. Reduced chance of errors is a benefit of telecom billing solutions. Additionally, it helps users who want to safeguard themselves against mistakes that were inadvertently brought about by transactional value rather than human error. Convergent billing also offers the important benefit of its pre-established model, which improves customer service. Customers’ questions are constantly on the minds of customer service employees, which promotes customer satisfaction and loyalty.

Convergent Billing Market Regional Insights

The Convergent Billing market is expected to be dominated by North America during the forecast period and account for the largest market share. The need for connected devices is growing as the technological environment in various industries in this area changes quickly. In the region, customer relationship management is also gaining popularity. The Convergent Billing Market in this region is being driven by the increasing digitization of businesses across all industry verticals, the adoption of cloud technologies, and different service models.

The Asia Pacific region is expected to develop faster in the Convergent Billing Market over the forecast period, thanks to the quick adoption of Convergent Billing Systems among local businesses and consumers. With an increase in telecom sector demand from China and technological advancements in other Asia Pacific countries like Japan and India. One of the most developed and fastest-growing economies in the world is found in this region.

Convergent Billing Market Segmentation 

By Solutions: 

  • Customer Relationship Management (CRM)
  • Settlement and Payment Management
  • Voucher Management
  • Mediation

By Deployment:

  • Cloud
  • On-Premise

By Services:

  • Managed Service
  • Consulting Service
  • Training & Certification

Convergent Billing Market Key Manufacturers: 

  • 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

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Key questions answered in the Convergent Billing Market are: 

  • What is Convergent Billing? 
  • What is the growth rate of Convergent Billing Market for the forecast years? 
  • What is the nature of competition in Convergent Billing industry in developed and developing economies? 
  • Who are the key players in the Convergent Billing Market?
  • Who are the market leaders in Convergent Billing in Europe?
  • Who are the market leaders in Convergent Billing in USA and Canada?
  • Who are the market leaders in Convergent Billing in India, China, Japan and South Korea?
  • What are the factors affecting growth in the Convergent Billing Market? 
  • Who held the largest market share in Convergent Billing Market? 
  • What are the factors for the growth of Asia-Pacific region in Convergent Billing Market?

Key Offerings:

  • Market Share, Size & Forecast by Revenue | 2022−2029
  • Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
  • Market Segmentation – A detailed analysis by Solutions, Deployment, Services and Region.
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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