The global cloud billing market is expected to grow from being worth $3bn in 2020 to reaching a value of $6.5bn in the next five years, according to new research.
The research from MarketandMarkets estimates that between 2020 and 2025, the market would grow at a compound annual growth rate of 16.6%.
Lower operating costs and capital expenses were identified as key drivers behind the growth of the market.
“Cloud billing solutions are tools that perform the billing of cloud-based software and infrastructure and act as a single source of invoicing,” the researchers said.
“Cloud billing solutions include features such as the ability to easily accommodate new SKUs or pricing changes, calculate usage charges, and track third-party billing and payouts. For instance, it can combine solutions such as Microsoft Office 365, Azure, and Cisco into one billing engine and eliminate disparate portals and invoices.”
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