The rising need for automated tool for the seamless accounting process among medium and large enterprises is expected to drive the IoT billing and invoicing solutions market. The global IoT billing and invoicing solutions market is estimated to reach a market value of US$ 5,479.4 million in 2019 and it is expected to reach US$ 32,984.5 million by 2027, growing at an estimated CAGR of 25.2% over the forecast period.
Invoicing and billing systems are the vital requirement for any organization to manage cash or accounts. With integration of Internet of Things (IoT) these services have become more productive, efficient, and straight-forward. It also empowers customers in gathering information and billing related queries or any kind of financial transaction. The platform is scalable and can capture and monetize micro billing transactions without any hiccups in the performance.
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With the launch of 5G, connected service offerings are on rise, including IoT billing and invoicing services. Companies operating in the B2B model, are offering billing and invoicing solutions for smart home monitoring industry verticals. Moreover, in April 2019, Stripe announced to introduce Stripe Billing, offering simplified procedures for subscription based businesses and Software as a Service (SaaS) to manage recurring payments for its U.S. clients. The system utilizes machine learning and enabled IoT based technology. However, factors such as complex value chains, high initial upfront cost anticipated to restrain market expansion across the globe.
The detailed research study provides qualitative and quantitative analysis of global IoT billing and invoicing solutions market. The market has been analyzed from the scope of demand as well as supply. The analysis of demand covers market revenue across regions and further also across all the major countries. The analysis of supply covers the major market players and their regional and global presence and strategies. The geographical analysis emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
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- In deployment mode, on premise systems segment held more than 65% of market share in 2018 and is estimated to grow at CAGR of 24% during the forecast period. Cloud based system installations are on rise and expected shadow growth of on premises systems.
- In 2018, U.S. region in the IoT billing and invoicing solutions market accounted for highest revenue share. The presence of companies who can afford to deploy IoT billing and invoicing solutions expected to propel the market growth in the region.
- Asia Pacific IoT billing and invoicing solutions market is estimated to register highest growth rate of over 26% during the study timeframe. The reason for this growth is the emergence of new enterprises seeking billing and invoicing solutions.
- Key industry participants in the global IoT billing and invoicing solutions market are Aria Systems, Inc. Bill Perfect, Inc. Cerillion Technologies Ltd., Formula Telecom Solutions Ltd., IDI Billing Solutions Inc., JeraSoft, LogiSense, MIND CTI Ltd., PortaOne Inc, RevX Systems, Corp., SAP SE, Sigma Software, and Sterlite Technologies Limited, among others.
- Partnership, collaboration, expansion and acquisition are some of the strategies adopted by companies to expand their reach and gain competitive advantage.
- By Deployment Mode
- By Organization Size
- Small and Medium Sized Enterprises
- Large Enterprises
- By Verticals
- Logistics & Transportation
- By Geography
- North America
- Rest of North America
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America