Revenue Assurance Market expands as businesses implement solutions for revenue optimization and compliance.

AUSTIN, TEXAS, UNITED STATES, June 7, 2024 /EINPresswire.com/ -- Market Scope and Overview

The Revenue Assurance Market size was valued at USD 5.74 billion in 2023, with a projected CAGR of 11.32% to reach USD 13.6 billion by 2031 as per the SNS Insider report. With the adoption of new service delivery technologies and incessantly changing solutions, service providers are constantly confronted with revenue leakage difficulties, irrespective of the rising consciousness of the necessity of revenue assurance. Lack of transparency is one of the major reasons for revenue loss that hampers an organization’s ability to apply effective strategies to minimize risks. Through the tracking and prioritization of risk factors utilizing revenue assurance components, the companies could develop and implement effective policies & processes, that assist in mitigating revenue loss and majorly enhancing financial performance. As a result, awareness of the impacts of revenue leakages is most likely to accelerate the demand for revenue assurance components and services during the forecast period.

The increasing introduction of advanced technologies lag in reconciliations, and poor coordination between teams are responsible for the rising demand for network elements at a massive rate. The introduction of novel technologies and the advent of over-the-top services justify competition, even in national markets, from players with extremely disruptive business models. The market is majorly competitive, which results in the presence of major alternatives for customers to choose from. It has motivated operators to capitalize on state-of-the-art technologies. These new services, all together with bundled product plans and flat rates, have propelled the demand for billing and OSS and BSS systems. Billing and collection, which were relatively straightforward exercises, have now turned out to be more complex. It has further resulted in increasing demand for these solutions ensuring that everything that is paid and billed for is done at the right time, for all services across all revenue streams in a simple manner. It, in turn, is witnessed to propel the growth of the overall market in the forecast future.

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Some of the Major Key Players Studied in this Report are:

➤ IBM Corporation
➤ Amdocs
➤ Tech Mahindra
➤ Tata Consulting Services
➤ Ericsson
➤ Subex Limited
➤ Hewlett Packard
➤ Accenture
➤ Nokia
➤ TransUnion
➤ Others

Segment Analysis

The software segment is leading in 2023 due to the availability of flexible and innovative revenue assurance software. The distinct process-driven methodology of this software supports service providers and improves their business and financial performance majorly by properly tracking revenue leakages within the desired network. It is responsible for the traffic to be monitored, highlighting all discrepancies that could direct an inappropriate usage of services, offering a flexible, easy-to-use environment for the control of major events, and allowing an automatic pause of specific services to be instigated if specific conditions developed.

The service segment is expected to expand at the fastest rate during the forecast period. Various end-use verticals across the world are majorly adopting this software as well as services to minimize the effects of revenue leakages. The rising need for an organization to understand the potential influence of revenue leakage in business is propelling the segment. The planning and consulting services in this software assist the service providers in tracking the affected areas more precisely, thereby assisting them in streamlining the process to ignore further losses.

Market Segmentation and Sub-Segmentation Included Are:

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

Investing heavily in R&D Operations is Propelling the Market Growth

The presence of large and medium-sized players has captured the major market. These companies are actively investing in R&D activities to manufacture innovative components to sustain their presence in the market. For example, in February 2023, Mobileum announced its Active Intelligence Platform to gather and analyze a larger volume, and velocity, and sort the complex data streams produced by Communication Service Provider networks.

Recent Developments Showcase Strategic Alliances & Partnerships

In July 2023, Amdocs has acquired TEOCO's service assurance business to enable Amdocs to provide service providers a complete end-to-end service orchestration solution, ensuring high service quality and proper monetization of next-generation dynamic customer experiences.

In September 2021, SUBEX has announced a new patent for network edge revenue maximization capabilities. This patent establishes guidelines for operators to proactively pursue monetization opportunities, shaping the future of telecom revenue maximization.

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North America has Dominated the Market in 2023 Driven by the Rising Empowerment and Visibility in The Region

North America has dominated the market due to its favorable business environment, and strong consumer assistance that continues to propel innovative projects spending. The solutions have been experiencing rising empowerment and visibility in the region due to the strong telecom sector and increasing awareness about the influences of revenue leakages on a company's overall profitability. Furthermore, the BFSI sector was visualized as the second-largest revenue holder in 2023. Loss of banking income from inconsistent patterns, poor pricing controls, and lack of focus on detail is usually reasonable for revenue leakages in the banking industry. When financial establishments lack constant observance of a pricing structure with clear pricing communication, revenue leakage arrives, and price confusion reigns.

Key Takeaways:

➤ The Asia Pacific Market witnessed to account the fastest growth in CAGR during the forecast period owing to the rising demand for cloud-based services from various small and mid-sized companies.

➤ The cloud segment accounted for the largest in 2023 and is witnessed to expand at the fastest CAGR during the forecast period owing to the paradigm shift from on-premise to cloud is set to create various lucrative opportunities in the market in upcoming years.

Table of Contents- Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities
3.4. Challenges

4. Impact Analysis
4.1. Impact of Ukraine- Russia war
4.2. Impact of Ongoing Recession on Major Economies

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. Revenue Assurance Market Segmentation, By Component
8.1. Introduction
8.2. Trend Analysis
8.3. Software
8.4. Services

9. Revenue Assurance Market Segmentation, By Deployment
9.1. Introduction
9.2. Trend Analysis
9.3. On-premise
9.4. Cloud

10. Revenue Assurance Market Segmentation, By End-use
10.1. Introduction
10.2. Trend Analysis
10.3. BFSI
10.4. Telecom
10.5. Healthcare
10.6. Retail
10.7. Energy & Utilities
10.8. Others

11. Regional Analysis
11.1. Introduction
11.2. North America
11.3. Europe
11.4. Asia-Pacific
11.5. The Middle East & Africa
11.6. Latin America

12. Company Profile

13. Competitive Landscape
13.1. Competitive Benchmarking
13.2. Market Share Analysis
13.3. Recent Developments

14. USE Cases and Best Practices

15. Conclusion

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