Convergent Charging Software and Services Market Size, Share, Growth, and Industry Analysis, By Type (Voucher Management, CRM, Mediation, Payment and Settlement Management, Managed Services, Consulting Services, Training, Certification and Education Services), By Application (BFSI, IT and Telecoms, Government, Education, Health Care, Defence, Entertainment and Media, Industrial, Energy), and Regional Forecast By 2031

Updated On: 29 April 2024

Convergent Charging Software and Services Market Report Overview

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The global convergent charging software and services market size was 7740.2 million in 2021, as per our research, the market is expected to reach USD 36177.1 million in 2031, exhibiting a CAGR of 16.5% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, convergent charging software and services experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

A convergent charging system is said to be able to manage balances and control services in real-time. Before providing services to the end user, this can involve, for instance, verifying the subscriber's identity and verifying the account balance. Convergent charge and billing, at its fundamental level, involves processing accounts and billing for many service kinds, such as voice and data; various channels, such as cable TV, the Internet, and telephony; or various users, such as those covered by a friends-and-family plan.

Additionally, convergent charging solutions might deliver account balances and authenticate users among other things. When combined with automatic virtual assistants or service provider support centers, these systems can be very powerful. With the use of convergent pricing, telco operators can provide and control a range of services, such as audio, video, data, and multimedia, and bill clients on a post-paid or prepaid basis. Telcos can streamline the billing and charging processes with a convergence charging solution in order to lower operating costs and increase revenue the market will advance in the coming future. Additionally, they are able to charge for multi-play service offers and bundle services while still generating a single bill that clearly reflects all consumer consumption.

COVID-19 Impact: Supply and Isolation Limitations to Advance Market Advancement

Businesses all across the world have been significantly impacted by the global COVID-19 outbreak. The services market adoption has benefited from it. Due to the increasing popularity of individualized business operations as a strategy to improve the customer experience, firms are also spending greater sums on convergent billing. The technology also provides businesses with a variety of advantages, such as the capacity to manage budgets and aid in improving financial revenue management. Furthermore, possibilities in the convergent charging software and services market growth are anticipated in the future year due to the expansion of corporate migration to the cloud and global digital transformation initiatives.

Additionally, this pandemic has posed significant difficulties for businesses as they work to carry out crucial procedures, appropriately report on data dispersed across numerous places, and manage intricate systems. As a result, more businesses are putting money into convergent charging software and services.

LATEST TRENDS

"Expanding Number of Mobile Users to Stimulate Market Development "

Other possible drivers of the convergent charging software and services market share expansion include the expanding number of mobile users, increasing requirements for fast data connectivity, and the rising demand for value-added management services. Customers now choose Over-The-Top (OTT) services for a number of reasons, the most important of which being the availability of a wide range of viewing alternatives and competitive price.

Old communications equipment can be replaced with UCaaS to save a lot of money. The service provider hosts the hardware at their location and offers cloud-based service access. Therefore, it is anticipated that the overall cost reduction will further accelerate market expansion.

Convergent Charging Software and Services Market Segmentation

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• By Type

Based on type; the market is divided into voucher management, CRM, mediation, payment and settlement management, managed services, consulting services, training, certification and education services

Voucher management is the leading part of the type segment.

• By Application

Based on the application; the market is divided into BFSI, IT and telecoms, government, education, health care, defence, entertainment and media, industrial, energy

BFSI is the leading part of the application segment.

DRIVING FACTORS

"Shift Towards Cloud-Based Models to Aid Market Expansion  "

The majority of enterprises are shifting to cloud-based models by dividing their resources among various environments. Due of its benefits of flexibility, scalability, and affordability, cloud-based convergent charging software and services have become increasingly popular. Additionally, it enables enterprises to aggregate data from many platforms and software and evaluate it centrally, simplifying the process of data collection and analysis.

Additionally, the service providers including IBM Corporation, Nokia Corporation, and Optiva Inc. have introduced convergent software and services to meet company demand for services across regions as a result of the move to the cloud. One of the main drivers of expansion is the increased requirement to increase organizational productivity through the use of cutting-edge technology. This supports the convergent charging software and services market.

"Implementations of the Service by Telecoms to Foster Industry Progress "

The intricate nature of the newly developed service architecture is growing along with the level of technological integration, which is posing issues for the telecoms such rapidly declining revenues. As a result, telecoms are putting more of an emphasis on cross-sell initiatives, flexible discounting policies, and a hassle-free customer experience. As a result, convergent charging software and services are being used since they offer a single-window approach for an operator's billing needs and packaged solutions from a corporate or organization.

RESTRAINING FACTORS

"Lack of Compatibility to Hinder Market Advancement"

The incompatibility of conventional systems with converged networks, however, is anticipated to have a negative impact on and further impede industry expansion.

Convergent Charging Software and Services Market Regional Insights

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"Increased Digitalization in North America to Support Market Advancement  "

In terms of convergent charging software and services market share, North America held the top spot in 2021. The market expansion in this region is anticipated to be driven by the growing use of convergent charging solutions to enhance business operations and consumer experiences. Moreover, during the forecast period, North America is anticipated to experience the fastest growth. The market expansion for convergent charging software in this region is driven to increased digitalization and growing acceptance of cloud-based solutions and services.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled 

• Amdocs (U.S.)
• Ericsson (Sweden)
• Huawei (China)
• Netcracker Technology (U.S.)
• Accenture (Ireland)
• Aria Systems (U.S.)
• Cerillion (U.K.)
• Comarch (Poland)
• CSG International (U.S.)
• Elitecore Technologies (India)
• Global Convergence Solutions (U.S.)
• Hewlett-Packard (U.S.)
• Hitachi Data Systems (U.S.)
• Nokia (Filand)
• Oracle (U.S.)
• Redknee (U.S.)
• SAP (Germany)
• Subex (India)
• Wipro (India)
• Vodafone (U.K.)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.