Revenue Assurance Market by Component (Solutions and Services), Deployment Type (Cloud and On-Premise), Application (BFSI, Telecom & IT, Government, Hospitality, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2031

IC : Information, Infrastructure & Network Security

RA00265

Pages: 220

May 2023

Global Revenue Assurance Market Analysis

The Global Revenue Assurance Market Size was $507 million in 2021 and is predicted to grow with a CAGR of 10.0% by generating a revenue of $1,300 million by 2031.

Global Revenue Assurance Market Synopsis

Revenue assurance is the process by which an operator assures that revenues for services delivered to consumers and other parties are appropriately billed, accounted for, and collected. It is an umbrella term for the operations that a corporation engages in to guarantee that its procedures and processes minimize revenue leakage. Leakages occur when revenue received by the company and services delivered to the customer are lost on their route to billing systems and the client is never billed. Therefore, one of the primary reasons likely to drive the market during the forecast period is the increasing prevalence of revenue leakages. Changes in internal customer objectives, a mismatch between solution expectations and deliverables due to implementation challenges or poor communication, and unknown or unanticipated invoicing and billing errors are just a few of the factors that contribute to revenue leakage. Revenue assurance solutions help telecom providers get revenue for services they deliver but are unable to charge for due to inadequate back-office practices including regulatory compliance, maintaining records, and accounting.

The revenue assurance business is an extremely tightly controlled sector and organizations participating in this sector need to follow rigid rules and regulations. The continually changing regulatory landscape is a fundamental constraint for the revenue assurance sector. Companies need to verify that their revenue assurance practices conform with new laws and regulations when they are implemented. Failure to comply with these rules can result in high penalties and legal consequences, which can have a major effect on an organization's earnings and credibility. These factors are projected to hamper the market growth during the forecast period.

The global revenue assurance market is anticipated to expand significantly during the forecast period owing to the rising demand for real-time information, a structured process for data delivery from developers, and the efficient management of hierarchical master data produced across various verticals. In addition, the market development is anticipated to be driven by the increasing need to ensure regulatory compliance and the rising adoption of IoT devices during the forecast period.

According to regional analysis, North America revenue assurance market is anticipated to experience the fastest growth by 2031. The market in North America is driven by the increasing demand for revenue assurance solutions from various industries such as telecommunications, banking, and healthcare.

Revenue Assurance Overview

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 likelihood of losses due to mistakes, negligence, or fraud. It also assists firms in identifying chances to enhance revenues and maximize profits. Revenue assurance involves more than just managing revenue-generating activities like invoicing and collections. It is also involved with identifying potential chances for cost optimization and streamlining operations. This might include automating billing operations or enhancing inter-departmental communication by implementing new technology such as digital billing or enhanced consumer service systems.

COVID-19 Impact on Global Revenue Assurance Market

The COVID-19 pandemic had a major impact on the revenue assurance market resulting in an increase in a shift toward digital technologies. The pandemic accelerated the development of digital technologies and remote employment in numerous businesses, including the revenue assurance market. Organizations have been forced to adapt to new ways of working due to the pandemic, which has raised the demand for cloud-based revenue assurance systems that can be monitored and administered remotely. Cloud-based revenue assurance solutions provide various advantages to businesses, including lower expenses, better flexibility, and improved scalability. They also permit remote access, which was critical in the pandemic situation where many employees worked from home. Therefore, there has been a rapid increase in demand for revenue assurance solutions during the COVID-19 pandemic.

Increasing Demand for Revenue Assurance Solutions in the Telecommunications Industry to Drive the Market Growth

The digital revolution has generated a major wave of disruption, and most sectors are now forced to create new revenue-protection measures. The telecom industry has been encountering challenges owing to several developments that have a direct influence on income streams. Although revenue assurance can benefit a variety of businesses, it is especially beneficial to the telecom industry. The emergence of connected devices is rapidly changing the technology landscape of the telecommunications sector and redefining the role of telecommunications operators. Therefore, revenue assurance has become even more important in the telecom industry.. Consumer behavior is being influenced by innovation and cutting-edge technology, which will continue to drive demand for new services. The billing scenario gets more complex as a result of new agreements with partners who can provide revenue assurance services , as well as new business models and related income streams. These new services generate complex pricing systems, such as revenue sharing, sponsored and zero-rated services, elastic pricing, prorated services, and others. There are numerous technologies, systems, items, and procedures in the typical telecom revenue chain.

To know more about global revenue assurance market drivers, get in touch with our analysts here.

High Cost of Implementing Revenue Assurance Solutions is Expected to Hamper the Revenue Assurance Industry

The high cost of installing revenue assurance solutions is a significant barrier for the revenue assurance business. The cost of deploying revenue assurance solutions can be significant, especially for small and medium-sized enterprises (SMEs) that may not have the resources to invest in these solutions. This can limit the adoption of revenue assurance solutions and restrain the industry growth. This is one of the major factors anticipated to hinder the revenue assurance market growth in the upcoming years.

Emergence of New Technologies Such as Artificial Intelligence and Machine Learning to Drive Excellent Opportunities in The Market

Revenue assurance solutions for the telecom industry ensure that billing and contracts appropriately reflect the contractual agreement between the customer and the service provider. Improving data procedures and data quality that power revenue assurance solutions can increase margins, earnings, and cash flow demand and decrease revenue risk. As the telecom industry continues to undergo digital transformation, Artificial Intelligence (AI) and Machine Learning (ML) technologies are used to improve functionality of revenue assurance and fraud management systems. In the telecom business, artificial intelligence applications use powerful algorithms to search for patterns in data, assisting in the detection and prediction of network anomalies, manually sifting through all of it error-free would be nearly impossible. To fully use the potential of the massive volumes of data created, specialized tools and algorithms must be used. AI and ML in telecom have emerged as preferred techniques for dealing with such vast amounts of complicated data in order to deliver superior insights.

To know more about global revenue assurance market opportunities, get in touch with our analysts here.

Global Revenue Assurance Market, by Component

Based on component, the market has been divided into solution and services. Among these, the solution sub-segment accounted for the highest market share in 2021, whereas the services sub-segment is estimated to show the fastest growth during the forecast period.