The global revenue assurance market was valued at USD 574.20 Million in 2022 and is projected to reach USD 961.89 Million by 2031, expanding at a CAGR of 5.9% during the forecast period, 2023–2031. The growth of the market is attributed to rising incidence of revenue leakages across various industry verticals.
Revenue assurance is the process of ensuring that all products and services provided by the telecom service provider are billed as per the commercial agreement with customers by ensuring billing and configuration integrity and accuracy across the relevant systems. Revenue assurance services uses process improvement methods that improve profits, revenues, and cash flows without impacting the supply and demand.
Revenue assurance utilization is not limited to telecom service providers but has become a common term across various industry verticals. It is a practical response to perceived or actual issues that are related to billing and collection of revenue.
Market Trends, Drivers, Restraints, and Opportunities:
Increasing penetration of complex business models in emerging economies is anticipated to propel the market growth during the forecast period.
Rising awareness about the severe consequences of revenue leakages in speculated to drive the growth of the market.
Dearth of skilled persons and high cost of solution can restraint the growth of the market.
Technological advancements such as Internet of Things (IoT), 4G/5G, and cloud in the revenue assurance market is anticipated to create remunerative opportunities for the industry players during the forecast period.
Scope of the Report
The report on the global revenue assurance market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Revenue Assurance Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Components (Software and Services), Deployment Models (On-premise and cloud), End-users (BFSI, Telecom, Healthcare, Retail, Energy & Utilities, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Accenture plc, Amdocs, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Subex Limited, Tata Consultancy Services Limited, Tech Mahindra Limited, Telefonaktiebolaget LM Ericsson, TEOCO, and WeDo Technologies
Global Revenue Assurance Market Segment Insights
Software segment accounts for large market share
On the basis of components, the market is divided into software and services. The software segment accounted for a market revenue share of over 55% in 2020. This segment is anticipated to grow at a healthy rate owing to the availability of highly flexible and innovative revenue assurance.
The service segment is anticipated to exhibit a substantial CAGR during the forecast period. Growing need for an organization to understand the potential impact of revenue leakage in business is the prime factor driving the growth of the market segment.
Cloud segment to exhibit a high CAGR
Based on deployment models, the market is divided into on-premise and cloud. The cloud segment accounted for a significant market share in 2020 and is expected to exhibit a high during the forecast period. Cloud-based solutions enable operators to have agility and effective revenue and fraud management.
The cloud-based delivery model makes the software extremely flexible as it can be accessed remotely. Integration of latest technologies has led organizations to use cloud-based solutions. Moreover, the COVID-19 pandemic has persuaded employees to work from home, which in turn, has encouraged to deploy cloud-based software model. On the other hand, the on-premise segment is anticipated to grow at a steady rate during the forecast period.
BFSI segment anticipated to grow at a rapid pace
On the basis of end-users, the market is divided into BFSI, telecom, healthcare, retail, energy & utilities, and others. The telecom segment dominated the market with a share of over 35% in 2020, in terms of revenue. Telecom giants have been struggling with revenue leakages. Increasing incidence of telecom fraud is driving the growth of the market segment. However, the BFSI segment anticipated to expand at a healthy growth rate owing to rising occurrence of revenue loss in all areas of bank sector.
The market in Asia Pacific anticipated to exhibit a high CAGR
Based on the regions, the market is divided into Asia Pacific, North America, Latin America, Europe and Middle East & Africa. The market in North America dominated the market with a share of over 30% in 2020.
The presence of strong telecom sector in countries such as the US and Canada are some of the factors driving the growth of the market in this region. On the other hand, the market Asia Pacific is anticipated to exhibit a CAGR of around 15% owing the increasing awareness about revenue assurance in various industry verticals including healthcare, retail, energy & utilities.
The global revenue assurance market has been segmented on the basis of
- Banking, Financial Services and Insurance
- Energy & Utilities
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Accenture plc
- Hewlett Packard Enterprise Development LP
- International Business Machines Corporation
- Subex Limited
- Tata Consultancy Services Limited
- Tech Mahindra Limited
- Telefonaktiebolaget LM Ericsson
- WeDo Technologies
Major players of the global revenue assurance market are Accenture plc, Amdocs, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Subex Limited, Tata Consultancy Services Limited, Tech Mahindra Limited, Telefonaktiebolaget LM Ericsson, TEOCO, and WeDo Technologies.
In 2019, WeDo Technologies addressed more than 200 telecom specialists at its WeMeet Europe. The WeMeet Europe convened the industry experts about 5G is anticipated to disrupt the existing telecom business models. The chief strategy & marketing officer Bernardo Galvão Lucas talked about the importance of technology that can fight the revenue assurance threats.