Revenue Assurance market refers to the arrangement of rules that provide a license to the associations to identify the problems that are generally not revealed through a single analysis. Revenue assurance is an end-to-end procedure that helps in deriving the changes and future revenue leakage. Therefore, revenue assurance provides efficiency and ensures that all the revenue collected with operational safety.
The global revenue assurance market has the potential to grow and reach USD 790 million and potential CAGR in the forecast period from 2020-2027. The factors affecting the growth of the revenue assurance market is increasing internet penetration, development of digital solutions for delivering services to SMEs, emerging transaction data, adoption of technology like big data, machine learning, and IoT.
The approach of revenue assurance is to identify the revenue risks and address and enhance the revenue generation opportunities throughout the revenue process. It also helps in the development of the methods and control of the entire operations within the revenue assurance function.
Moreover, revenue assurance process monitors all the functions and operations and measures the process performance and provide an accurate report. Also, the integration capability of data analytics in the revenue assurance process analyzes the vast stream of data and determine the potential and past revenue leakage.
The revenue assurance arrangement used in companies to solves the hundreds of problems that arrive between delivering the services and collecting the cash. Thus, revenue leakage or any cost incurred due to mistakes will lead to impact customer loyalty as well as put a wrong impression on the brand. Therefore, revenue assurance required to assess various documents while undertaking multiple activities, network technologies, and systems and projects.
The revenue assurance process used to eliminate the revenue leakage in the company owing to the non-billing or non-collection of cash. These situations occur due to the rising number of acquisitions and corporate mergers taking place, which increases the chances of omitting of billings or non-mentioning of cashflows. Therefore, revenue assurance provides many services that combine with data analytics and reduce the chances of errors in the company.
Due to rising cases of fraud, cyber threats and data breaches have revised the rules and regulations of business. Thus, with the adoption of complex business environment situations and practices have increased the chances of passage of revenue assurance process in the companies for smooth functioning.
Based on the component, the global revenue assurance market segmented into Software, Services, Planning and Consulting, Implementation and Customization, Support and Maintenance, Managed Services. The service segment accounted for the largest share of the market is expected to grow at a higher rate during the forecast period from 2020-2027. It is mainly owing to the growing demand for revenue assurance solutions; the service portfolio includes support and maintenance, implementation and customization, planning, and consulting. The service portfolio helps in providing flexibility, value creation, and enhance competitive advantage while providing these services to customers.
Based on the deployment model, the global revenue assurance market bifurcated to Cloud, on-premise. The on-premise segment has the largest market share in the global revenue assurance market. It mainly owes to provide benefits of data security, flexibility, and easy accessibility to the investment capabilities of IT infrastructure. Moreover, the cloud segment will also bolster its market share in the forecast period. It is mainly owing to provide support to the business having a lack of capital for investing in physical servers and IT resources.
Based on the End-user, the global revenue assurance market categorized into TSPs, Enterprise. The enterprise segment accounts for the largest share in the forecast period from 2020-2027 in the global revenue assurance market. It is mainly owing to the requirement of the revenue assurance process require in the right size of enterprises. The revenue assurance process helps in optimizing the revenue chain to improve the bottom line. To reduce revenue leakage revenue assurance helps in providing new digital plans and services to accelerate the growth of the company.
Based on the verticals, the global revenue assurance market classified into Telecom, Utilities, BFSI, Hospitality, Others (logistics, aviation, healthcare, eCommerce, and retail). The Telecom segment has bolstered the market demand for the global revenue assurance market. The revenue assurance process is majorly used in the telecom industry to improve the profits, cashflow, and operation without influencing the demand. The revenue assurance process provides various services to eliminate the loss of money due to not billed or non-collection of payment. In the telecom sector, revenue assurance requires monitoring all the ratings and billings and used data quality methods to improve profits.
Based on geography, the global revenue assurance market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific expected to hold the largest share of the global revenue assurance market. It is mainly owing to the rising threat of data breaching activities, hackers, terror attacks coupled with emerging internet penetration, and massive investment in network technologies are fueling the market demand for the global revenue assurance market.
Companies such as Amdocs, Araxxe Inc., Adapt IT, Cartesian, Digital Route, eClerx, HPE Itron, Nokia, Profit Insight, Sagacity Solutions, Sandvine, Sigos, Subex, Synthesis Systems, TCS, Teoco, Transunion, and WeDo and Xintec and others are key players in the global revenue assurance market.
By Deployment Mode