Subscription management software is used to automate subscription processes such as recurring billing, subscription pricing, and payments. These software enable businesses to manage and control complete customer life cycle from recurring payments to customer subscriptions. Subscription management software help businesses to plan subscriptions or bill customers automatically and send and manage invoices.Â These software are also used to collect customer information and payment data in order to use the information for future use. Subscription management software provide a number of features such as renewals, refunds, cancellations, payment reminders, discounts, and coupon codes. Several companies also offer cloud-based subscription management solutions to reduce the time and cost for deployment of software. Additionally, subscription management software vendors emphasize on delivering advance and unique features, such as multi-payment gateways, to their customers. Moreover, companies also provide solutions which can be integrated with client systems. Subscription management software vendors offer solutions for monthly and annual pricing based on different features provided within a solution. Vendors also provide customized pricing plans to enhance customer experience.Â
Growing penetration of cloud-based solutions and adoption of subscription-based pricing for all solutions drive the global subscription management software market. Increase in emphasis on cost reduction, time efficiency, and effective management by small and medium enterprises (SMEs) and large enterprises is expected to propel the market. Additionally, businesses are focusing on improving customer experience and building long-term relationship with their clients. This, in turn, is projected to boost the subscription management software market. Rapid growth in e-commerce and online businesses across the world is projected to increase the demand for subscription management software during the forecast period. However, limited awareness of subscription management software in emerging economies such as Brazil, Russia and India is expected to restrain the large scale adoption of these solutions. A wide range of substitutes, such as customer relationship management (CRM) software, offer subscription management as a part of their modules or applications. This is projected to inhibit the market during the forecast period. Growth in e-commerce and online businesses around the globe creates lucrative opportunities in the subscription management software market.
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The global subscription management software market can be segmented based on component, application, enterprise size, industry, and region. In terms of component, the market can be categorized into software and services. The software segment can be further sub-segmented into on-premise, cloud-based, and hybrid. The services segment can be furthered bifurcated into professional services and managed services. Based on application, the subscription management software market can be classified into recurring payments & accounting, billing automation, business analytics, debtor management, and customer support and experience. In terms of enterprise size, the market can be segregated into SMEs and large enterprises. Based on industry, the subscription management software market can be divided into banking, financial services and insurance (BFSI), health care, IT and telecom, hospitality, government, travel and logistics, e-commerce and retail, and others (food & beverages, consumer goods). In terms of the region, North America and Europe are expected to account for large share of the global subscription management software market during the forecast period. This can be due to high rate of adoption of cloud-based solutions and presence of subscription management software vendors across these regions. The market in Asia Pacific is projected to expand at a substantial pace owing to the rise in development of and investment in online and e-commerce businesses in emerging economies such as India, Indonesia, and Malaysia.Â
Major players operating in the global subscription management software market include Aria Systems, Inc., billwerk GmbH, Chargebee, Inc., Chargify LLC, cleverbridge AG, Elastic Path Software, Inc., Hybris GmbH (SAP), Pabbly, Rebilly SRL, Recurly, Inc., SaaSOptics, LLC, Telefonaktiebolaget LM Ericsson, Zoho Corporation Pvt. Ltd., and Zuora, Inc.
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The regional analysis covers: North America (U.S. and Canada) Latin America (Mexico, Brazil, Peru, Chile, and others) Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg) Eastern Europe (Poland and Russia) Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand) Middle East and Africa (GCC, Southern Africa, and North Africa)
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