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A15211 | Pages: 280 | Charts: 55 | Tables: 109 |
The global revenue assurance market was valued at $507 million in 2021, and is projected to reach $1.3 billion by 2031, growing at a CAGR of 10% from 2022 to 2031.
Revenue assurance has been defined as the use of high-quality data and workflow improvement approaches to increase profitability, income, and cash flows through proper revenue collection for all given services. A significant portion of revenue assurance strategies involves correcting data before it enters the billing system and finding and repairing leakage points in the system's network and customer-facing systems.
Revenue assurance is the process of ensuring that a company issues accurate bills in accordance with the contracts it has with its customers. If the terms of a contract are complex, billing errors may result in clients being undercharged. Even slight errors can add up over time and result in revenue leakage. Revenue assurance can help prevent revenue leakage and maximize both cash flow and revenue by routinely looking for discrepancies between contract wording and billing history. Revenue assurance includes manual inspections by a company's sales or account management teams, recurrent audits by dedicated revenue assurance teams, and automated procedures carried out by Artificial Intelligence (AI) software platforms to discover problems.
Revenue assurance is a complex and manual process that requires teams to meticulously review contracts and compare them with billing data to identify any errors in invoicing. This process can be time-consuming, especially since revenue assurance requires immediate attention. Delayed detection of errors may result in contractual obligations preventing the re-issuance of un-invoiced charges, ultimately leading to financial losses for businesses. These are the major factors projected to hamper the revenue assurance market growth in the upcoming years.
New technologies including cloud computing, the Internet of Things (IoT), software-defined networking (SDN), network functions virtualization (NFV), 4G/5G networks, and others have offered telecom operators the chance to introduce fresh services and business models. Telecom companies will be able to provide cutting-edge services like connected autos, smart cities, and remote healthcare owing to these techniques. Real-time revenue assurance is essential to guaranteeing that operator can monetize these services, which need a dependable and secure network architecture. The ability to monitor network traffic in real-time, spot irregularities and potential income leaks, and take corrective action before a problem arises is known as real-time revenue assurance. Therefore, operators' revenue streams are optimized, customer satisfaction is raised, and profitability is also raised.
The key players revenue assurance market forecast in this report include Amdocs, Araxxe, Cartesian, Itron Inc, Hewlett Packard Enterprise Development LP, Subex Ltd, Wedo Technologies, Sandvine, Sigos, and Tata Consultancy Services Limited (India).
The revenue assurance market share is segmented on the basis of component, deployment type, application, and region. By component, it is classified into solutions and services. By deployment type, it is divided into cloud and on-premise. By application, it is classified into BFSI, telecom & IT, government, hospitality, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
[COMPONENTGRAPH]
By component, the solutions sub-segment dominated the revenue assurance market in 2021. Revenue assurance tools assist in various revenue assurance solutions such as risk management, fraud management, and revenue recovery. In addition, these options help organizations to strengthen their revenue management and maintain regulatory compliance. In the telecommunication sector, revenue assurance solutions help to identify revenue leakage, identify anomalies, and take corrective actions to prevent revenue leakage. Revenue assurance solutions help in the detection and prevention of fraudulent actions in the banking & financial services industries. These technologies assist in guaranteeing proper invoicing and preventing revenue leakage due to errors in the healthcare industry.
[DEPLOYMENTTYPEGRAPH]
By deployment type, the on-premise sub-segment dominated the global revenue assurance market share in 2021. The on-premises deployment segment currently holds the most market share as it has various advantages that are particularly appealing to enterprises in industries such as telecommunications, banking, healthcare, and retail. The on-premise implementation provides stronger security because the software and data are within the company's own infrastructure, limiting the danger of external breaches.
[APPLICATIONGRAPH]
By application, the telecom and IT sub-segment dominated the market in 2021. One of the primary factors driving the demand for revenue assurance solutions in the telecom sector is the increase in prevalence of telecom fraud. Telecom providers face significant income loss due to several issues such as network problems, billing errors, and fraud. Revenue assurance solutions assist operators in determining the fundamental causes of revenue leakage and taking corrective action to avoid further losses. These are predicted to be the major factors driving the market size during the forecast period.
[REGIONGRAPH]
By region, North America accounted for a dominant market share in 2021 and is projected to remain the fastest-growing during the forecast period. North America is anticipated to experience significant growth due to the increasing popularity of cloud computing and the rising need to increase operational efficiency in large companies and SMEs. The market is developing in North America owing to the region's cutting-edge IT and telecom infrastructure and high level of digital maturity. This is driving demand for revenue assurance solutions that can help to reduce revenue leakages. Also, the North America revenue assurance market is dominated by reputable rivals such as TEOCO, Subex, and Hewlett Packard Enterprise. The widespread implementation of modern technologies such as AI and cloud-based solutions, as well as the rising need for revenue assurance solutions in the healthcare and retail sectors, are factors boosting the demand for the market in North America.
Key Market Segments
Key Market Players