The global cloud billing market is expected to top $9.3 billion by 2022. That’s a compound annual growth rate (CAGR) of more than 19 percent, with Amazon Web Services (AWS), Oracle and IBM among the major players.
That’s according to new report by IndustryARC. Other major players include Computer Sciences Corp. (CSC) and NEC. These industry giants are are adopting different strategic initiatives, including partnerships, acquisitions, product launches and collaborations, to gain market share, the report says.
Cloud billing captures recurring revenue from new digital services. Increasing adoption of public cloud by SMEs due to the high capital cost of in-house data centers is One of cloud billing’s biggest drivers is the obvious: the increasing adoption of public cloud by SMEs that don’t want to build or maintain costly, in-house data centers.
The market is expected to deliver a broad range of applications in various industry verticals, including: banking, financial and insurance; retail; education; public sector and utilities; and many others. Telecom is expected to continue its dominance in the cloud billing market, estimated to reach nearly $2.2 billion by the end of 2022.
North America is the biggest cloud billing market due to higher demand and consumption of advanced technologies in various retail functions. Europe and Asia Pacific follow. Asia Pacific is projected to have the fastest growth rate during the forecast period due to a rapidly developing retail business network and growing technological adoption in business practices in major developing economies such as China and India.