According to the research report titled ‘Global Recurring Billing Software Market Size study with COVID-19 Impact, by Type (PC, Mobile, Cloud), by Application (Individual Use, Commercial Use) and Regional Forecasts 2020-2027‘, available with Market Study Report, global recurring billing software market is expected to witness significant growth during 2020-2027.
 

High prevalence of chronic diseases in consort with consumer preference for fast delivery from medical e-commerce websites are major factors expected to drive global recurring billing software market during the forecast period. The software organizes product catalogues by maintaining product updates, add-in discounts, and promotional rules which makes it easier for the customer to operate while offering flexibility to the merchant and providing comprehensive solution for business operations. Furthermore, extensive usage of smartphones & tablets along with emergence of e-commerce, and improvement in global e-payment industry are contributing to global recurring billing software market growth.

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Recurring billing is applied when the customer registers for a presubscribed schedule of goods or services and the seller automatically charges him periodically. Recurring billing software have various benefits such as improved operations, averts mismanagement in providing the service, and offers convenience of use for merchant as well as customer. Increasing prevalence of COVID-19 has boosted digitalization, due to which traditional businesses are opting for digital mode of operations. According to estimates by McKinsey & Company, as of 2019, electronic payment transactions have witnessed 22% growth rate in the emerging countries over the last 5 years. Favorable government initiatives and schemes to encourage digital payments will fuel the e-commerce sector, hence influencing global recurring billing software industry outlook. On the downside, issues pertaining to correction of billing errors from customer’s end, and privacy & security concerns are major factors restraining global recurring billing software industry forecasts over 2020-2027.

Based on type, global recurring billing software market is segmented into cloud, mobile, and PC. The application spectrum of the industry is classified into individual and commercial.
 

Regionally, global recurring billing software market is fragmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America industry generated modest revenues in the recent past mainly due to existence of major companies in the region. Meanwhile, Asia Pacific recurring billing market is anticipated to witness highest growth rate over 2020-2027, owing to rising digitization and swift technological adoption across APAC.
 

Major players operating in global recurring billing software market include Zoho Office Suite, Paystand Inc., Intuit Inc., Zuora, JustOn GmbH, FastSpring, Oneir Solutions Inc., Odoo S.A., Practice Ignition Pty Ltd., and ChikPea Inc.