Revenue Assurance Market

Revenue assurance refers to a set of activities or principles that enable organizations to accurately capture revenue for all products sold or services provided. Instead of rectifying financing errors after they have occurred, or not identifying or correcting them at all, revenue assurance principles or tools allow companies to examine and fix present 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 prevention and detection of revenue leakage is the primary objective of any revenue assurance system, technologically advanced revenue assurance systems also help companies improve and automate their conventional revenue assurance detection and monitoring processes, and detect and prevent frauds and data inconsistencies.

Products and services-based organizations in present times face wide-ranging challenges and struggle with numerous issues, such as from expanding their consumer base in saturated markets to managing the rapidly rise in consumer base in developing markets. Markets with several vendors also present companies with intensely competitive environment that require innovations and technological developments at a steady pace to gain competitive edge in the market. All these scenarios make companies more vulnerable to revenue leakage and call for the integration of effective revenue assurance tools in their overall revenue management scenario.

COVID-19 Scenario Analysis:

In the backdrop of the COVID-19 pandemic, major players in the revenue assurance market ensure the minimal business impact of the COVID-19 situation on their customers. Telecommunication companies focus on increasing network resiliency and looking at how COVID-19 impacts their planned investment, particularly in 5G.

Companies are also making changes to benefit customers, who during this time need networking services, whereas in some countries, data is being used as a tool to track and contain the spread of the virus.

According to an April, 2021 report by Deloitte, the market for revenue assurance has grown by almost 8% globally in the past 5 years. Due to the COVID-19 pandemic, overall telecom traffic has jumped by 10% and streaming platforms witnessed a 20% spike in viewership as most companies already have business continuity plans.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis 

An end-to-end revenue assurance system plugs into various network elements, from SS7 probes to all the way up to the billing system. It has the ability to interface with a variety of support systems and network elements that enable it to process usage information, track discrepancies, and identify potential revenue leakages. Moreover, the operator must look for revenue assurance systems that have the ability to build a workflow, which reflects its existing procedures and also has flexibility to confi¬gure new workflows as it evolves and improves.

Revenue assurance and fraud management departments across various telecommunications firms continuously innovate new ways to adapt to any emerging risks that cause revenue loss. Furthermore, the need of a robust risk mitigation approach is expected to involve automating the volumetric activities performed by various teams and integrate the revenue assurance and fraud management systems with intelligent automation tools, for example, robotic process automation and cognitive analysis tools, to build a comprehensive risk management framework.

Revenue assurance requires effective management of the revenue earned by the company from all sources. The multiple sources of income and expenditures, multiple business segments, and the differential mergers, acquisitions, partnerships, and collaborations with other companies lead to the rise in complexities in the income streams of the companies. As stated by the World Economic Forum, the skills gap across industry verticals is anticipated to grow in the
Fourth Industrial Revolution. Thus, as revenue assurance software enables to assists in managing the revenue and decreases the revenue leakage share, the lack of organizational management and the skilled labors for effective adoption of the software are likely to restrain the revenue assurance market growth.

Key Benefits of Report:

• This study presents the analytical depiction of the industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the revenue assurance market share.
• The current market is quantitatively analyzed to highlight the revenue assurance market growth scenario. 
• The report provides a detailed market analysis based on competitive intensity and how the competition will take shape in the coming years.

Questions Answered in Revenue Assurance Market Report:

• Which are the leading market players active in the revenue assurance market?
• What would be the detailed impact of COVID-19 on the revenue assurance market?
• What current trends would influence the revenue assurance market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?

 Revenue Assurance Market Report Highlights