The Asia Pacific Convergent Billing Market would witness market growth of 21.5% CAGR during the forecast period (2022-2028).
Utilizing a centralized platform for online billing, such as an Online Charging System, allows the implementation of convergent billing. An OCS that charges for usage based on sessions and events can account for all services and serve as a centralized platform for all transactions. On a single platform, businesses can bill for all services, including postpaid, prepaid, fixed line, broadband, OTT, etc.
In addition, a superior OCS system charges transaction in genuine real-time and minimizes revenue loss. It also ensures that consumers do not over their given quota of services and authorizes resources per transaction. Convergence in billing is crucial for establishing customer confidence. It facilitates the consolidation of all billing processes and increases billing transparency.
Businesses always have a comprehensive perspective of the customer, which aids them in combining and discounting services. Users may also cross-sell smartly and easily market their products. On the other hand, customers benefit by receiving a single itemized invoice that includes all expenses for the various services they utilize. As convergent billing does not conceal anything from clients regarding their service consumption, it helps build customer confidence.
The market in Asia-pacific is witnessing an exponential growth rate as a result of the widespread adoption of 5G technology in the region. 5G is the latest technology in India. In addition, in Asia, the existence of China and India, with their large subscriber bases and ever-changing regulatory and competitive environments, has increased demand for convergent billing systems. Additionally, as of 2021, India's telecommunication network had a significant number of customers, making it the second largest across the world by the number of telephone users, including fixed and mobile phones.
The China market dominated the Asia Pacific Convergent Billing Market by Country in 2021; thereby, achieving a market value of $3,602.6 million by 2028. The Japan market is registering a CAGR of 20.8% during (2022 - 2028). Additionally, The India market would showcase a CAGR of 22.3% 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 China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Convergent Billing Market is Projected to reach USD 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.
By Offering
By Deployment
By Country
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