Market Trends of Cloud Billing Industry
This section covers the major market trends shaping the Cloud Billing Market according to our research experts:
Retail Sector Expected to Show Maximum Application
- The rise of e-commerce giants has resulted in a substantial surge in the sales of products and services over the online platform, increasing the number of digital documents such as invoices and bills. This has made it imperative for the e-commerce players to have solutions like cloud billing that enable them to effectively and efficiently manage resources and operations, thereby enabling them to provide a smooth experience to their consumers.
- Businesses are quickly adopting cloud technology to manage better and analyze data to gain real-time insights. Furthermore, cloud migration allows businesses that rely on retail to explore new business opportunities within their company and provides retailers with a much-needed competitive edge over traditional retail outlets.
- The expanding retail sales industry is likely to fuel the cloud billing market. As per the National Retail Federation, overall retail sales in the U.S. reached nearly 4.86 trillion U.S. dollars last year, up USD 53 billion from the previous year. Grocery shops, restaurants, and booksellers are examples of retail establishments. The U.S. has around four million retail enterprises.
- Technological advancements are shaping the cloud billing industry. Major cloud billing firms are focusing on providing technology solutions for cloud billing to speed up business growth.
- For instance, in January this year, Oracle expanded its full retail cloud infrastructure by adding the Oracle Retail Payments Cloud Service. With the technology, U.S. merchants can take the most up-to-date contactless payment alternatives, such as debit/credit cards and Apple, Samsung Pay, and Google, without the added charges and unpredictability that eat into their profits. This is all done with clear, fixed-fee pricing, with no contract extensions, lock-ins, or monthly minimums.
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North America Expected to Dominate the Market
- North America is anticipated to dominate the cloud billing market during the forecast period, owing to the presence of major solution providers in the region. Also, the region has always remained at the forefront of technology adoption.
- The retail market in North America is expanding rapidly, particularly in nations such as Canada and the United States. The retail industry in North America is one of the largest, owing to the existence of businesses such as Costco, Walmart, Home Depot, Kroger, and Target.
- Furthermore, North America is the market leader for retail cloud solutions. Compared to many other regions, the region features one of the more innovative retail environments. In addition, cloud solutions are widely used in specialty retailers in the region.
- Retail sales in the United States are expanding significantly; this rise is likely to generate demand for cloud billing for processing huge volumes of transactions. According to the US Census Bureau, retail sales in the United States in January last year were nearly USD 518.15 billion, and retail sales in October last year were estimated to be around USD 597.83 billion.
- Furthermore, market participants having a presence in the region are creating technologies to acquire a competitive advantage. Oracle, for example, announced new tools in March last year to see and control the cloud subscription and invoicing directly in the Oracle Cloud Interface. These capabilities were developed in close collaboration with a group of Oracle Cloud Infrastructure (OCI) clients and were motivated by their requirements to meet major billing use cases. Consequently, this new feature adds to the company's commitment to providing a superior ownership experience by making cloud paying and usage more straightforward.
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