Europe Convergent Billing Market Size, Share & Industry Trends Analysis Report By Offering, By Deployment (On-premise and Cloud), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Europe Convergent Billing Market would witness market growth of 19.8% CAGR during the forecast period (2022-2028).
Convergence billing enables the provision of a single service and product catalog, improving marketing time and minimizing implementation costs. The providers of 4G network technologies employ a conventional business model, asking users to choose between prepaid and postpaid services in advance. Additionally, when clients relocate to a new location, they must update their phone numbers as well as billing methods.
However, convergent billing can reduce the burden of changing phone numbers by consolidating all services on a single cloud platform using technological advancements in Artificial Intelligence (AI) and 5G network technologies. In the coming years, it is anticipated that AI-powered convergent billing would redefine billing to fulfill 5G requirements.
Convergent billing is the process of combining multiple types of SD documents into a single invoice for the customer. This strategy is advised whenever businesses wish to simultaneously bill a customer for sales orders, shipments, and professional services. Multiple billing due list entries, which may have different billing kinds, are consolidated into a single customer invoice. This concept is expanded by convergent billing across many channels. This method enables customers to populate the billing due list with billing document requests containing billing data from various internal as well as external sources.
The use of the internet is growing at an exponential rate throughout European countries. According to the European Commission, the percentage of Europeans who use the Internet at least once per week increased from 75% in 2014 to 85% in 2015, a year in which Internet usage increased annually. In this region, the proportions range from 67% in Bulgaria to 95% in Denmark. The percentage of internet users that utilize video calls has increased the greatest, from 49% in 2018 to 60% in 2019.
The Germany market dominated the Europe Convergent Billing Market by Country in 2021; thereby, achieving a market value of $2.8 billion by 2028. The UK market is exhibiting a CAGR of 18.8% during (2022 - 2028). Additionally, The France market would experience a CAGR of 20.7% during (2022 - 2028).
Based on Offering, the market is segmented into Solution (Customer Relationship Management, Settlement & Payment Management, Mediation, Voucher Management, and Others) and Services (Consulting Services, Managed Services, and Customization Services). Based on Deployment, the market is segmented into On-premises and Cloud. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Convergent Billing Market will Hit $42.4 Billion by 2028, at a CAGR of 20.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SAP SE, MIND C.T.I. LTD, CSG Systems International, Inc., Comarch SA, Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Nokia Corporation, Optiva, Inc., Amdocs Limited, Sterlite Technologies Limited and IDI Billing Solutions.
Scope of the Study
Market Segments Covered in the Report:
- Customer Relationship Management
- Settlement & Payment Management
- Voucher Management
- Consulting Services
- Managed Services
- Customization Services
- Rest of Europe
Key Market Players
List of Companies Profiled in the Report:
- SAP SE
- MIND C.T.I. LTD
- CSG Systems International, Inc.
- Comarch SA
- Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
- Nokia Corporation
- Optiva, Inc.
- Amdocs Limited
- Sterlite Technologies Limited
- IDI Billing Solutions
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