Market Size of Convergent Billing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 22.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Convergent Billing Market Analysis
The Convergent Billing Market is expected to register a CAGR of approximately 22% during the forecast period (2020 - 2025). Telecom companies are increasingly embracing digitization in their business environment and are launching innovative services based on IoT, often in collaboration with partners worldwide. Owing to such growing trends, telecom billing systems evolved to play a critical role in facilitating new services based on customer needs and efficient monetization.
- Convergent billing provides an efficient method to consolidate all billing tasks and leads to enhanced transparency in the billing process. It provides a holistic view of the customer in real-time, which helps create bundling and discounting services, keeping the customers in mind.
- With the increasing technological integration, the complexity of the new service architecture is increasing, due to which the telcos are facing several challenges, such as rapidly dwindling revenues. Hence, the telcos are increasingly focusing on bundled offerings, flexible discounting rules, cross-sell campaigns, and hassle-free customer experience. Hence, the adoption of convergent billing systems increases, as it provides a single-window solution for an operator's billing requirements and a corporate or enterprises' bundled offerings.
- With the rollouts of 5G technology globally, the need for convergent billing solutions is increasing, further creating ample opportunities for solution providers to gain market traction. For instance, Huawei recently launched Convergent Billing System (CBS) R20, which was declared the industry's first-ever 5G SA network-based monetization solution in London. The solution has already been deployed over the stc Kuwait 5G SA's network, whereas the 'Dedicated Access' was offered to enterprises with guaranteed Service Level Agreements (SLAs).
- The COVID-19 crisis had a positive impact on the growth of a few sectors, including IT and telecommunications. The demand for digital services especially has escalated at a high rate in past few months. Nevertheless, the decrease in business activities and manual business operations such as partnerships lead to boost the adoption of convergent billing solutions.
