Revenue Assurance Market to Reach $1.3 Billion, Globally, by 2031 at 10.0% CAGR: Allied Market Research

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Jun 14, 2023, 05:22 ET

An increase in awareness among organizations regarding the benefits of the revenue assurance system and the rise in consciousness of organizations to detect and prevent revenue leakage by improving and automating their traditional revenue assurance monitoring process is expected to drive the growth of the global revenue assurance market during the forecast period. The Asia-Pacific region is projected to garner the highest revenue by 2031.

PORTLAND, Ore., June 14, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Revenue Assurance Market by Component (Solutions and Services), by Deployment Type (Cloud, On-Premise), by Application (BFSI, Telecom And IT, Government, Hospitality, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global revenue assurance market generated $507 million in 2021 and is anticipated to generate $1.3 billion by 2031, witnessing a CAGR of 10.0% from 2022 to 2031.

Prime Determinants of Growth

Revenue assurance is a method used by enterprises to discover, analyze, reduce, and prevent revenue loss through a variety of measures. Its goal is to limit the probability of losses due to mistakes, negligence, or fraud. It also assists firms in identifying chances to boost sales and profitability. The rising demand for revenue assurance solutions in the telecommunications industry is the factor predicted to boost the growth of the global revenue assurance market during the forecast period. However, the high expense of revenue assurance systems may restrict the market growth. Moreover, the increasing usage of artificial intelligence (AI) and machine learning (ML) in revenue assurance solutions presents new opportunities for the revenue assurance market in the coming years.

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Report Coverage & Details:

Report Coverage	Details
Forecast Period	2022–2031
Base Year	2021
Market Size in 2021	$507 million
Market Size in 2031	$1,300 million
CAGR	10.0 %
No. of Pages in Report	220
Segments covered	Component, Deployment Type, Application, and Region.
Drivers	Increasing demand from telecom service providers to reduce revenue losses caused by errors, fraud, and system inefficiencies Growing demand for advanced analytics and big data solutions to manage and analyze the huge amounts of data created in the telecom business Rising attention to improve customer experience and lowering customer turnover through the identification and resolution of billing and service quality concerns
Opportunities	Development of revenue assurance solutions based on AI and machine learning Growing usage of revenue assurance systems by businesses
Restraints	High costs of installing revenue assurance solutions

Covid-19 Scenario

The COVID-19 has had a significant impact on the growth of the global revenue assurance market. Due to the pandemic, remote access and management of cloud-based revenue assurance solutions are in higher demand. This has accelerated the adoption of digital technologies, including cloud-based revenue assurance solutions, as companies sought to reduce costs and improve operational efficiency.
The pandemic also highlighted the significance of revenue assurance in controlling cash flows and preventing leakages, driving up the demand for revenue assurance solutions in industries, such as healthcare and retail. This has fueled the revenue assurance market growth amidst the pandemic period.

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Solutions Sub-Segment to Maintain its Leadership Status throughout the Forecast Period

Based on component, the solutions sub-segment held the highest share of the revenue assurance market in 2021rand is estimated to maintain its leadership status throughout the forecast period. This sub-segment is projected to manifest the highest CAGR of 10.1% from 2022 to 2031, owing to the rise in revenue assurance solutions such as risk management, fraud detection, and revenue recovery. These solutions are used by companies across a range of industries, including banking, telecommunications, healthcare, and retail.

On-premise Sub-segment to Generate Largest Revenue by 2031

Based on deployment type, the on-premise sub-segment held the highest share of the revenue assurance market in 2021. This industry's success is primarily due to the remarkable security it provides. Critical data can be stored on-premises without requiring third-party access. Although the growing popularity of the cloud framework, many businesses may continue to rely on on-premise solutions. However, the cloud sub-segment is projected to manifest the highest CAGR of 10.3% from 2022 to 2031. The transformation from on-premise to cloud-based technology is likely to open an enormous number of opportunities in the coming years. Operators can handle revenue and fraud more quickly and efficiently by using cloud-based revenue assurance solutions.

Telecom & IT Sub-segment to Maintain its Lead Position by 2031

Based on application, the telecom & IT sub-segment accounted for the largest share of the revenue assurance market in 2021 and is projected to maintain its lead position during the forecast period. This sub-segment is projected to manifest the highest CAGR of 10.3% from 2022 to 2031, owing to the increasing revenue leaks in the telecom industry. Advanced technologies, such as the internet, mobile applications, and social media are pushing telecom companies to develop innovative technology and enhance their services. This has increased the demand for revenue assurance solutions that can assist telecom companies in staying ahead of the competition and meeting regulatory obligations.

North America Region to Maintain its Dominance by 2031

Based on region, North America held the highest share of the revenue assurance market in terms of revenue in 2021 and is likely to dominate the market during the forecast period. This dominance is majorly because of the growth in the favorable business environment, strong consumer backing, continuous innovative initiatives, and technology spending in the North America region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 10.5% from 2022 to 2031. Due to the rapid development of the telecom industry and the rising uptake of cutting-edge technologies in the Asia-Pacific region, there is growing demand for revenue assurance solutions.

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Leading Market Players: -

SUBEX
Nokia
Cartesian, Inc
Itron Inc.
SANDVINE
PROFIT INSIGHT
Sagacity Solutions
Sigos GmbH
Tata Consultancy Services Limited
Adapt IT Holdings Limited

The report provides a detailed analysis of these key players in the global revenue assurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of revenue assurance market players to showcase the competitive scenario.

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