Revenue Assurance Market Type
Increasing incidence of revenue leakages is one of the prominent factors expected to drive the market.
PORTLAND, PORTLAND, OR, UNITED STATE, December 7, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The USD 1.3 Billion Revenue Assurance Market Reach by 2031 | Top Players such as – Sandvine, Sigos, and TCS.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global revenue assurance market was valued at USD 507 million in 2021, and is projected to reach USD 1.3 billion by 2031, growing at a CAGR of 10% from 2022 to 2031.
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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.
The revenue assurance market share is segmented on the basis of component, deployment type, application, and region. By component, it is classified into solutions and services. By deployment type, it is divided into cloud and on-premise. By application, it is classified into BFSI, telecom & IT, government, hospitality, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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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.
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.
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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.
The key players revenue assurance market forecast in this report include Amdocs, Araxxe, Cartesian, Itron Inc, Hewlett Packard Enterprise Development LP, Subex Ltd, Wedo Technologies, Sandvine, Sigos, and Tata Consultancy Services Limited (India).
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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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