Revenue Assurance Market Size, Share & Segmentation by Component (Software and Services), by Deployment Model (On-premise and Cloud), by End-use (BFSI, Telecom, Healthcare, Retail, Energy & Utilities, Others), by Regions and Global Market Forecast 2023-2030

Report Scope & Overview:

The Revenue Assurance Market size was valued at USD 5.17 Bn in 2022 and is expected to reach USD 10.98 Bn by 2030, and grow at a CAGR of 9.87% over the forecast period 2023-2030.

Revenue assurance is a collection of actions or concepts that enable firms to correctly capture revenue for all items sold or services rendered. Instead of identifying and correcting financing errors after they occur, or not identifying and correcting them at all, revenue assurance principles or tools enable businesses to examine and fix current or potential revenue leakage points throughout networks and intermediate client- and customer-facing systems, and correct the data before it reaches the organization's billing systems.

Though the primary goal of any revenue assurance system is to detect and prevent revenue leakage, technologically advanced revenue assurance systems also assist companies in improving and automating their traditional revenue assurance detection and monitoring processes, as well as detecting and preventing fraud and data inconsistencies.

Products and services-based firms confront several obstacles and issues today, ranging from extending their customer base in saturated markets to managing the fast-growing consumer base in new countries. Markets with many suppliers also offer organizations an extremely competitive environment that necessitates constant innovation and technical improvement to acquire a competitive edge in the market.

MARKET DYNAMICS:

KEY DRIVERS:

• The increased adoption of subscription-based economies.

• Businesses are increasingly focusing on improving the consumer experience.

• Automation solutions for revenue assurance are required.

RESTRAINTS:

• Market progress is dependent on human-led services.

OPPORTUNITY:

• BDT use id rising.

• Increasing need for novel payment services: Telco-OTT collaboration.

CHALLENGES:

• The demand for corporate assurance solutions is increasing.

• Economic slump and Coronavirus outbreak.

IMPACT OF COVID-19:

In the context of the COVID-19 pandemic, leading companies in the revenue assurance industry guarantee that the COVID-19 issue has a low commercial impact on their clients. Telecommunications businesses are focusing on improving network resilience and assessing how COVID-19 would affect their planned investments, notably in 5G. Companies are also implementing improvements to benefit clients who want networking services at this time, but in certain nations, data is being utilized as a tool to track and control the virus's spread.

MARKET ESTIMATION:

With a share in 2021, the software category led the market and is predicted to retain its dominance throughout the forecast period. This is because very adaptable and creative revenue assurance software is now available. Revenue assurance software, which innovative process-driven technique greatly assists service providers and improves their commercial and financial performance by finding revenue leakages inside the targeted network. The service sector is predicted to grow at the fastest rate throughout the projection period. Planning and consulting, operations and maintenance, system integration, and managed services are all sub-segments of this market. Several end-user verticals throughout the world are gradually embracing revenue assurance software and services to mitigate the consequences of revenue leakages.

In terms of revenue, on-premise led the market in 2021, with a share. The extraordinary security provided by this industry is primarily responsible for its rise. Critical data may be stored on-premises without the need for third-party access. Despite the growing popularity of the cloud model, on-premise solutions may continue to meet the business demands of many enterprises. Data security is required for both on-premise and cloud deployments. As a result, security is a top priority for many firms. Over the projected period, the cloud sector is predicted to grow at the fastest CAGR. A paradigm shift from on-premise to cloud computing is expected to provide a variety of industry possibilities in the coming years. The cloud enables operators to manage revenue and fraud with more speed, agility, and effectiveness.

In terms of revenue, the telecom sector dominated the market in 2021, with a share that is predicted to expand the quickest during the projection period. This is due to an increase in telecom fraud, which is one of the primary causes of income leakages in the telecom business. Revenue leaks have long plagued telecom behemoths. With the increasing competition from merging media such as the internet, telecom goods must combine quicker as well as better technology to meet the regulatory bodies' requirements. Over the projection period, the BFSI industry is expected to increase at a robust rate. Revenue leakage happens in nearly every department of a bank. Both business and retail clients may be contributing to the income loss. Revenue assurance programs are yielding excellent outcomes in the banking industry, creating several market development potentials.

KEY MARKET SEGMENTS:

On The Basis of Component

• Software

• Services

On The Basis of Deployment Model

• On-premise

• Cloud

On The Basis of End-use

• BFSI

• Telecom

• Healthcare

• Retail

• Energy & Utilities

• Others

REGIONAL ANALYSIS:

North America is made up of industrialized countries with well-established infrastructures, ISPs, and CSPs, all of which drive a high need for revenue assurance solutions in the area. The United States and Canada contribute the most to the North American market; the reason for their dominance is their well-established economies, which permit significant expenditures in new technologies such as 5G and network virtualization. Other key variables influencing revenue assurance solution adoption in the region include an increase in subscription-based data, the presence of large revenue assurance suppliers, and improved telecom network infrastructure.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

The major key players are IBM Corporation, Amdocs, Tech Mahindra, Tata Consulting Services, Ericsson, Subex Limited, Hewlett Packard, Accenture, Nokia, TransUnion

Frequently Asked Questions (FAQ) :