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Zuora, Inc., (NYSE:ZUO) the leading cloud-based subscription management platform provider, announced today that it was recognized for the second time in a row as a Leader by the IDC MarketScape1. The new IDC MarketScape: Worldwide Subscription Management 2019-2020 Vendor Assessment2 recommends to consider Zuora® when “you need a comprehensive subscription management offering for companies of all sizes and industries.”
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Zuora Recognized as a Leader in the IDC MarketScape: Worldwide Subscription Management 2019-2020 Vendor Assessment (Doc #US44867519, January 2020) (Graphic: Business Wire)
“The need for these applications has exploded over the past 20 years, as the world has seen a massive change in business models from selling widgets to selling service-driven solutions,” wrote report author Mark Thomason, Research Director for IDC responsible for Digital Business Models and Monetization practice. “Outside of the efficiency gains previously outlined, the main driver of the move toward subscriptions is the quest for durable recurring revenue, as starting the year off knowing how much revenue the company is likely to make is a wonderful thing that leads to higher company valuations and better financing terms.”
The IDC MarketScape report profiled Zuora’s strengths, including its platform analytics and automation, business model agility and revenue recognition solution. The report highlights the breadth of capabilities within the Zuora Central Platform: “Customers highly valued Zuora's broad feature set to enable recurring business models. Customers cited the platform's flexibility, extensive pricing models, discount and promotional charge models, multi-currency support, virtual goods, and mature mediation/usage/consumption pricing features,” wrote Thomason.
Customers also highly appreciated Zuora’s customer success process, multiple training programs, documentation of APIs, and high customer touch to discuss customer status and upcoming new features. “Some customers IDC talked to were in their customer advisory group (ZAG) and were delighted with Zuora's transparency and inclusiveness. Zuora even has a labs area to try out new (in beta) features and provide feedback before they are released,” the IDC MarketScape noted.
Additional highlights from the report feature Zuora’s unique platform capabilities that enable customers to:
Unlock Revenue Growth: “Zuora's analytics enables customers to segment users and recommend up/cross sell opportunities, perform price elasticity analysis, and test offers.”
Automate Revenue: “Zuora's integrated revenue recognition platform (RevPro) enables customers to fully automate the recognition of complex contracts and amendments using out-of-the-box rules. RevPro is revenue lifecycle-aware and automatically identifies related transactions and recalculates revenue whenever changes happen. RevPro has predefined integration with several ERP and accounting systems and has multi-book support for comparing performance across regulations (ASC605 and ASC606).”
Customize Workflows: “Customers were very happy with the new workflow tool as it allowed them to easily automate customer interactions using trigger data from the platform. One customer was using the workflow tool for CX workloads outside of Zuora since it allowed him to customize easily.”
“More than 1,000 of the world’s best companies have chosen Zuora as the mission critical platform to successfully launch subscription services, modernize their legacy billing systems, and transform their entire order-to-cash processes,” said Chris Battles, Chief Product Officer at Zuora. “The continued validation of our leadership position from industry analysts demonstrates our unique ability to help customers win in the subscription economy.”
The report, IDC MarketScape: Subscription Management Applications (doc #US44867519, January 2020), gives an overview of the market and assesses 13 key subscription management service providers. The report’s assessment is based on current and future capabilities with a view of presenting the most comprehensive analysis of enterprise requirements.
The IDC MarketScape report recognition comes on the heels of Zuora’s placement as a leader in other industry reports, including “The Forrester Wave™: SaaS Billing Solutions, Q4 2019” (November 18, 2019), and the MGI Research “MGI 360 Ratings for Automated Revenue Management” (October 28, 2019).
About Zuora, Inc.
Zuora provides the leading cloud-based subscription management platform that functions as a system of record for subscription businesses across all industries. Powering the Subscription Economy®, the Zuora platform was architected specifically for dynamic, recurring subscription business models and acts as an intelligent subscription management hub that automates and orchestrates the entire subscription order-to-cash process, including billing and revenue recognition. Zuora serves more than 1,000 companies around the world, including Box, Rogers, Schneider Electric, Xplornet and Zendesk. Headquartered in the Silicon Valley, Zuora also operates offices around the world in the U.S., EMEA and APAC. To learn more about the Zuora platform, please visit www.zuora.com.
About IDC MarketScape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
The Capabilities score measures vendor product, go-to-market and business execution in the short-term. The Strategy score measures alignment of vendor strategies with customer requirements in a 3-5-year timeframe. Vendor market share is represented by the size of the icons.
© 2020 Zuora, Inc. All Rights Reserved. Zuora, Subscribed, Subscription Economy, Powering the Subscription Economy, and Subscription Economy Index are trademarks or registered trademarks of Zuora, Inc. Third party trademarks mentioned above are owned by their respective companies. Nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of Zuora, Inc. or any aspect of this press release.
SOURCE: Zuora Financial
1 IDC MarketScape: Worldwide Subscription Relationship Management 2017 Vendor Assessment (Doc #US43172417, November 2017)
2 IDC MarketScape: Worldwide Subscription Management 2019-2020 Vendor Assessment (Doc #US44867519, January 2020)
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