Increase in tablet and smartphone usage coupled with rising speed of data services, both fixed and mobile, are contributing to geometric rise in the consumption of these services. However, decreasing usage of traditional voice and text services has left communication service providers in a real bind. Even with an increase in the consumption of data services, companies are experiencing a decrease in average revenue per user (ARPU). Thus, companies are focusing on deploying customer-centric strategies to boost their revenues. These strategies include customer attainment, customer engagement, customer retention, etc.
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A typical convergent charging solution helps telecom service providers accomplish these strategies. A convergent charging solution is a revenue management solution used by companies to consolidate all the service charges of the customer into a single invoice. This solution allows the service providers to charge users collectively for all the number of devices and services they use. This enables customers to make a single payment for all the services. Convergent charging solutions can also perform other tasks such as authenticating subscribers and delivering account balances of the users. These solutions can also be coupled with virtual assistants for effective usage. For instance, interactive virtual assistant tools can access convergent billing solutions and can tell the caller the exact amount owed for various servicers.
Rise in adoption of telecommunication services and increased number of subscribers are compelling telecom operators to adopt a robust billing solutions to simplify and manage the existing complex billing and pricing structures of the customers. This is one of the factor supporting the growth of the convergent billing solutions market. However, the process of moving from traditional billing process to convergent billing is tedious and time consuming. This is expected to act as a restraining factor for the global convergent charging solutions market.
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The global convergent charging solutions market can be segmented based on component, end-user industry, enterprise size, and region. In terms of component, the market can be divided into software and services. The software segment can be further classified into on-premise and cloud-based. The services segment can be further segmented into managed services and professional services. Professional services segment can be segmented into integration & implementation, consulting, and maintenance & operations. Managed services segment is expected to grow at higher pace as the end-users are preferring to outsource their payment & billing function to concentrate on their core functions. Based on end-user industry, the global convergent charging solutions market can be segmented into carriers, banks & financial institutes, and others. In terms of enterprise size, the market can be segmented into small & medium enterprises and large enterprises.
In terms of region, the global convergent charging solutions market can be segmented into North America, Europe, Middle East & Africa, Asia Pacific, and South America. Currently, North America dominates the global market, in terms of revenue, followed by Europe. Asia Pacific is expected to offer lucrative growth opportunities to key players operating in the global convergent charging solutions market in the next few years, due to a significant increase in urbanization in the region. An increase in the number of subscribers and rise in technology spending of the operators in South America and Middle East & Africa is one of the major factors that is propelling the growth of the convergent charging solutions market in these regions.
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The global convergent charging solutions market is expected to expand rapidly during the forecast period as the market players are focusing on their customer engagement strategies in order to enhance their customer base and retain their position in the market. Key players operating in the global convergent charging solutions market include Panamax Inc, Amdocs, Oracle Corporation, Telefonaktiebolaget LM Ericsson, CommVerge Solutions, Huawei Technologies Co., Ltd., Comarch SA, sterlitetech.com., SAP SE, and Mahindra ComVivad.