The global Revenue Assurance market size is predicted to reach over USD 575 million in 2020 and projected to grow at a CAGR of 8.5% over the forecast period.
Revenue assurance is a more compelling option for carriers to improve profits than acquiring new customers or expanding into new markets due to its relatively low costs and quick payback. With cost and revenue leakages arising throughout the operator's business, it is critical to focus on identifying the source of revenue leakages, quantifying their magnitude, and addressing them holistically.
Revenue assurance is the process by which an operator ensures that revenues for services provided to customers and third parties are accurately billed, accounted for, and collected. It is a catch-all term for the activities that a company undertakes to ensure that its procedures and processes reduce revenue leakage. Leakages occur when revenue earned by the company and services rendered to the customer are lost on their way to billing systems and the customer is never debited. As a result, one of the major factors expected to drive the market during the forecast period is the increasing incidence of revenue leakages.
Changes in internal customer priorities, a mismatch between solution expectations and deliverables as a result of implementation issues or poor communication, and unknown or unforeseen invoicing and billing errors are just a few of the factors that contribute to revenue leakage. Revenue assurance promises to assist telecom providers in obtaining revenue for services they provide but are unable to charge for due to ineffective back-office practices such as record keeping, regulatory compliance, and accounting.
The report also emphasizes several distinctiveness of the global Revenue Assurance industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the Revenue Assurance industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The Revenue Assurance market has tough competition among the new emerging and pre-established market vendors. Besides, the Revenue Assurance industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
Telecom sector dominate the market share in the forecast period. This is due to an increase in telecom fraud, which is one of the primary causes of revenue leakages in the telecom industry. According to the Communications Fraud Control Association's (CFCA) Fraud Loss Survey, telecom operators lose USD 29.2 billion per year, or 1.27 percent of global telecom revenues, to a variety of revenue frauds.
North America is made up of developed countries with well-established infrastructures, ISPs, and CSPs, all of which drive a high demand for revenue assurance solutions in the region. The United States and Canada contribute the most to the North American market; the reason for their dominance is their well-established economies, which enable significant investments in new technologies such as 5G and network virtualization. Other major factors influencing revenue assurance solution adoption in the region include an increase in subscription-based data, the presence of major revenue assurance vendors, and improved telecom network infrastructure.
The major players of the global Revenue Assurance market Accenture PLC, Hewlett Packard Enterprise Company, IBM Corporation, Tata Consultancy Services Ltd., Tech Mahindra Limited, Nokia Corporation, Itron, Inc., Subex Limited, Amdocs Limited, and Araxxe SAS and among other. Renowned companies are offering new and modern Revenue Assurance software solutions. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global Revenue Assurance Market
Component Overview, 2019-2028 (USD Million)
Deployment type Overview, 2019-2028 (USD Million)
End User Overview, 2019-2028 (USD Million)
Industry Vertical Overview, 2019-2028 (USD Million)
- Telecom and IT
Regional Overview, 2019-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South Americ