Pune, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Revenue Assurance Market Size Analysis:
“According to SNS Insider, the Revenue Assurance Market was valued at USD 645.7 million in 2023 and is expected to reach USD 1467.5 million by 2032, growing at a CAGR of 9.6% from 2024-2032.”
Market analysis
The major driver of the revenue assurance market is the regulatory push for financial transparency, enforced by prime governments all around the globe. Governments have advanced their regulations to fight revenue leakages and promote accountability across multiple domains, particularly in the telecom and utilities segments. For example, the U.S. Federal Communications Commission (FCC) reported a staggering loss of $1.3 billion due to billing errors and fraudulent activities in the telecom industry in 2022. All those issues have forced the professional bodies to conduct intensive governmental supervision leading businesses to adopt advanced revenue assurance solutions in order not to lose money on fraudulent activities and be compliant with the law. Furthermore, the European Union’s GDPR emphasizes transparency in financial transactions, with strict penalties for non-compliance, which in turn boosts the demand for robust revenue assurance tools. These measures have made corporations deploy automated revenue assurance systems for higher precision and the minimization of money losses.
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Major Players Analysis Listed in this Report are:
- Amdocs - (Revenue Assurance Platform, Intelligent Revenue Management)
- Hewlett Packard Enterprise (HPE) - (HPE Revenue Assurance, HPE Revenue Optimization)
- Araxxe - (Araxxe Revenue Assurance, Araxxe Fraud Detection)
- Adapt IT - (Revenue Assurance Suite, Fraud Detection Platform)
- Cartesian - (Revenue Assurance Platform, Fraud Management Solution)
- Digital Route - (Revenue Assurance Suite, Fraud Detection Platform)
- eClerx - (Revenue Assurance Services, Fraud Detection Services)
- Itron - (Revenue Assurance Solutions, Meter Data Management)
- Nokia - (Revenue Assurance Solutions, Network Performance Management)
- Profit Insight - (Revenue Assurance Software, Fraud Detection Software)
- Sagacity Solutions - (Revenue Assurance Platform, Fraud Detection Platform)
- Sandvine - (Revenue Assurance Solutions, Policy and Charging Control)
- Sigos - (Revenue Assurance Software, Fraud Detection Software)
- Subex - (Revenue Assurance Suite, Fraud Detection Suite)
- Synthesis Systems - (Revenue Assurance Software, Fraud Detection Software)
- Tata Consultancy Services (TCS) - (Revenue Assurance Services, Fraud Detection Services)
- Teoco - (Revenue Assurance Solutions, Network Performance Management)
- TransUnion - (Fraud Detection Services, Credit Reporting)
- WeDo - (Revenue Assurance Platform, Fraud Detection Platform)
- Xintec - (Revenue Assurance Software, Fraud Detection Software)
Revenue Assurance Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 645.7 Million |
| Market Size by 2032 | US$ 1467.5 Million |
| CAGR | CAGR of 9.6% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • New revenue streams from 5G, IoT, and cloud services demand better revenue assurance systems. • Adoption of AI-driven analytics and automation improves fraud detection and operational efficiency in revenue management |
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Segment analysis
Cloud Deployment Dominated with 52.9% Share in 2023
Cloud deployment has accounted for the highest market share of 52.9% in 2023 due to the accelerating adoption of cloud infrastructure within various domains. Multiple governmental initiatives, for example, the U.K. National Cyber Security Centre’s guidelines for secure cloud adoption or the Government Cloud Smart Strategy provided by the U.S. Government, have catalyzed organizations’ efforts to adopt cloud-based solutions. They provide high-quality and cost-effective scaling options for businesses that are forced to comply with cloud architecture. In addition, with cloud systems, it is easier to integrate various CRM systems among others, making the real-time monitoring and reporting of cloud outcomes possible. The Indian government’s Digital India plan, also promoting business cloud adoption is driving the market as companies become increasingly focused on their operational efficiency It is estimated that the cloud-based revenue assurance system will continue to develop professionals operating in the revenue assurance market.
Telecom Segment Held 38.4% Revenue Share in 2023
In 2023, the telecom sector accounted for 38.4% of the revenue share with substantial growth in data traffic and mobile services. According to the U.S. Department of Commerce, mobile data consumption increased by over 46% between 2020 and 2023. Therefore, the pressure on telcos to reduce or eliminate revenue leakage has increased, as they need to ensure accurate billing and revenue leakage prevention. The adoption of new and complicated services, such as 5G, has also fuelled the demand for advanced revenue assurance systems to address the management of data usage, billing accuracy, and fraud prevention. The Telecom Regulatory Authority of India reported in 2023 that revenue leakages in the sector cost Indian telecommunication companies an estimated $500 million/year. Thus, the growing competition in the sector is leading businesses to adopt precision revenue assurance tools that can facilitate the capturing of every penny possessed by them. The Indian Telecom market is one of the growing markets globally, and in response to the high market competition, revenue assurance practices securing a high revenue share in 2023 due to the growth of India’s telecom sector.
Revenue Assurance Market Segmentation:
By Component
- Software
- Services
By Deployment
- On-premise
- Cloud
By End-Use
- BFSI
- Telecom
- Healthcare
- Retail
- Energy & Utilities
- Others
Regional analysis
North America has dominated the revenue assurance market in 2023 due to the presence of several technology companies and booming telecom growth. The growth is fuelled by the growth of digital services and increased advancements in telecom. Therefore, the blending implementation of 5G and IoT solutions in North America is causing dramatic growth in data traffic, which in turn is increasing the demand for precision revenue assurance. Government support, such as the U.S. Federal Communication Commission Universal Service Fund or CRTC’s billing accuracy regulations in Canada, are enhancing the growth of the telecoms sector. The majority of the factors appear in North America, and the firm has robust digital infrastructure and stringent regulations, making it the biggest revenue assurance region.
The Asia-Pacific market is the fastest-growing market for revenue assurance. The demand is driven by rapid digitalization, a booming telecom market, and government support. According to the Asian Development Bank, Asia-Pacific’s digital economy is set to increase a further 50% by 2025, thus fuelling the demand for revenue assurance solutions. Both China and India are heavily investing in the digital economy and are set to lead other countries. The Indian government invested in the BharatNet project, which enables the rural population to access broadband networks, and this has greatly increased the penetration of the telecom. There is therefore a need for strong revenue assurance systems to be put in place to manage the operations of the increased number of users accessing the networks. Similarly, the Chinese government’s 14th Five-Year Plan focuses on digitalization and innovation in areas such as ICT. As cases of scams, frauds, and system failures continue to be reported, more opportunities for solution providers will continue to be experienced due to the booming telecom market and government support.
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Recent News in the Revenue Assurance Market
July 2024: Ericsson announced a major upgrade to its revenue assurance platform, integrating AI-driven analytics to enhance real-time revenue monitoring capabilities.
April 2024: Amdocs launched a new cloud-native revenue assurance solution designed to cater to the growing needs of telecom operators in emerging markets, leveraging advanced machine learning algorithms for fraud detection.
Key Takeaways
- The objective of this report is to provide a comprehensive analysis of the Revenue Assurance Market, highlighting key drivers, market trends, and regional dynamics.
- The report should offer insights into market sizing, growth forecasts, and emerging technologies shaping the industry landscape.
- North America leads the market due to strong telecom industry growth and government regulations.
- Strong government regulations and digital transformation efforts drive market growth.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Revenue Assurance Market Segmentation, By Component
8. Revenue Assurance Market Segmentation, by Deployment
9. Revenue Assurance Market Segmentation, by End-Use
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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