Streamlining Billing Functions and Invoice Generation with The Subscription Billing Management Market

A subscription is an agreement between a business and a customer to receive a product or service over an extended period of time. Depending on the specific business model, the subscription price can be fixed or vary based on the customer’s usage level. Also, a subscription business model may require customers to pay a weekly, monthly, quarterly, or yearly fee for the products or services received.

Subscription billing management refers to the process of managing a customer’s entire subscription lifecycle and charging them throughout the contract period. It starts when a customer buys a company’s subscription-based products or services and ends when they cancel the subscription. Continue reading as we shed light on important subscription billing functionalities and cover the growth drivers and recent trends in the subscription billing management market.

What’s Driving the Market Growth?

According to a new study by Polaris Market Research & Consulting, Inc. Market Research & Consulting, the subscription billing management market was valued at USD 5.40 billion in 2022 and is expected to grow at a CAGR of 16.0%, generating an estimated revenue of USD 23.79 billion over the forecast period.

Increasing adoption of cloud-based solutions: With various benefits such as automated processes, business operations management, and complete customer life cycle management, the adoption of cloud-based subscription billing management solutions is on the rise.

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Growing trend of bring of own technology: A significant rise in the trend of bring your own device and the development of advanced technological solutions in major economies like Canada and the US has led to the digitization of subscription methods. This has resulted in more businesses purchasing subscription billing management solutions, further driving the market’s growth.

Integration of advanced technologies: Several subscription billing management market key players are emphasizing on adopting advanced technologies such as blockchain, IoT, and AI to improve their offerings. This is expected to impact the demand for subscription billing management solutions favorably.

A Look at Important Subscription Billing Management Solutions’ Functionalities

Below is a list of core functionalities that a subscription billing management solution must have for efficient billing:

Key billing functionality: When operating a complete business cycle using a billing solution, core tasks such as packaging, pricing, taxation, and revenue management must be automated. As such, a subscription billing management solution must cover all these key billing functionalities.

Pricing models: Utilizing creative business strategies can help companies attract more customers and maximize their potential revenue.

Custom document creation: Custom documents like invoices and templates can assist in the easy creation of required documents and help in maintaining brand consistency for the business.

Reports and analytics: Reports and analytics can help businesses track their organization’s performance in real-time.

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Recent Developments

In September 2022, strategy and management consulting firm Stax introduced its new SaaS solution, Stax Bill. The software will help finance teams of companies leverage Stax’s multiple solutions within its one easy-to-use platform.

In August 2022, website, e-commerce, and AI solutions provider Zyro announced the launch of its new cloud-based GST and billing software Zyro-Book. The solution has a lot of useful features that simplify complex accounting functions.

End Note and Conclusion

Subscription billing management services are becoming increasingly popular in the new world. B2B and B2C companies have realized the advantages of a subscription billing management solution. The rising need among businesses to reduce subscriber churn and increased demand for the upgradation of legacy systems are expected to propel the subscription billing management market over the forecast period.?