The global revenue assurance market is anticipated to reach $1.3 billion by 2031, growing from $507 million in 2021 at a CAGR of 10.0% from 2022 to 2031.
Revenue assurance is a system that enables large corporations, such as telecommunications and financial technology companies, to accurately record and track revenue for their services. Revenue assurance allows an organization to identify and fix payment or invoicing mistakes. Revenue assurance is a data-driven method that tracks huge amounts of payments and optimizes earnings, sales, and cash flow without affecting demand. Revenue assurance management software analyzes existing or potential network leakage points to guarantee that all operations involved with receiving money operate smoothly with any revenue leakage. This allows organizations to rapidly update customer accounts with collecting payments and allows data to be changed before it reaches the billing system.
Revenue assurance is a crucial process in the telecom industry that ensures that all goods and services provided to customers are accurately billed in compliance with contractual agreements. By maintaining consistency and accuracy across billing and configuration processes, revenue assurance helps to reduce leakages and improve profits, revenues, and cash flows without affecting customer demand. In addition to revenue assurance, corporations are Increasingly focusing on preventing tax revenue leakage, which occurs when clients pay less than expected to their vendors over the course of a contract. Various factors contribute to revenue leakage, Including changes in customer priorities, shifting strategic alliances, discrepancies between solution expectations and deliverables, discounts, and invoicing errors. Addressing these factors is critical to maintaining revenue and profitability for telecom service providers and other businesses. These factors are estimated to drive the market growth during forecast period.
The process of revenue assurance can often be challenging due to the laborious nature of manually going through contracts and comparing them to billing data to identify invoicing errors. This task is made even more difficult when companies lack a strong version control system or a single repository for all their contracts. Identifying revenue leakage can also be complicated due to the fact that long-term clients may have multiple contract iterations with changing specifics at each renewal period. As businesses grow and become more complex, the risk of revenue leakage Increases, making it crucial for companies to have robust revenue assurance processes in place to identify and address any potential issues. This factor is projected to hamper the market growth in the future.
Artificial intelligence (AI) and machine learning (ML) technologies are being utilized in the telecom industry to evaluate enormous amounts of information and identify patterns that would be difficult to identify manually. These modern tools and algorithms are critical for properly utilizing the vast amounts of data created in the sector. Analytical models that control vast amounts of data serve as the foundation for software interaction. Telecom firms may Increase collection assurance by reducing the need for manual intervention and speeding up data reconciliation against downstream billing data by using AI and ML. These technologies can assist businesses in detecting abnormalities and patterns in data that may cause any revenue leakage, billing problems, or fraudulent activities, thereby enhancing the accuracy and efficiency of revenue assurance procedures.
The COVID-19 pandemic had a significant impact on the revenue assurance market, as businesses had to rapidly adapt to new ways of working and managing data remotely. The pandemic accelerated the adoption of digital technologies, Including cloud-based revenue assurance solutions, as companies wanted to reduce costs and improve operational efficiency. This shift towards remote work also created new challenges for revenue assurance teams, as manual procedures became more difficult to carry out without physical access to systems and documents. However, the use of advanced technologies such as AI and ML in revenue assurance helped to mitigate these challenges and enable more efficient and accurate data analysis. Overall, the pandemic highlighted the importance of revenue assurance in ensuring consistent and accurate billing, even in times of disruption and uncertainty.
The key players profiled 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).
Revenue assurance is a system that enables large corporations, such as telecommunications and financial technology companies, to accurately record and track revenue for their services. Revenue assurance allows an organization to identify and fix payment or invoicing mistakes. Revenue assurance is a data-driven method that tracks huge amounts of payments and optimizes earnings, sales, and cash flow without affecting demand. Revenue assurance management software analyzes existing or potential network leakage points to guarantee that all operations involved with receiving money operate smoothly with any revenue leakage. This allows organizations to rapidly update customer accounts with collecting payments and allows data to be changed before it reaches the billing system.
Revenue assurance is a crucial process in the telecom industry that ensures that all goods and services provided to customers are accurately billed in compliance with contractual agreements. By maintaining consistency and accuracy across billing and configuration processes, revenue assurance helps to reduce leakages and improve profits, revenues, and cash flows without affecting customer demand. In addition to revenue assurance, corporations are Increasingly focusing on preventing tax revenue leakage, which occurs when clients pay less than expected to their vendors over the course of a contract. Various factors contribute to revenue leakage, Including changes in customer priorities, shifting strategic alliances, discrepancies between solution expectations and deliverables, discounts, and invoicing errors. Addressing these factors is critical to maintaining revenue and profitability for telecom service providers and other businesses. These factors are estimated to drive the market growth during forecast period.
The process of revenue assurance can often be challenging due to the laborious nature of manually going through contracts and comparing them to billing data to identify invoicing errors. This task is made even more difficult when companies lack a strong version control system or a single repository for all their contracts. Identifying revenue leakage can also be complicated due to the fact that long-term clients may have multiple contract iterations with changing specifics at each renewal period. As businesses grow and become more complex, the risk of revenue leakage Increases, making it crucial for companies to have robust revenue assurance processes in place to identify and address any potential issues. This factor is projected to hamper the market growth in the future.
Artificial intelligence (AI) and machine learning (ML) technologies are being utilized in the telecom industry to evaluate enormous amounts of information and identify patterns that would be difficult to identify manually. These modern tools and algorithms are critical for properly utilizing the vast amounts of data created in the sector. Analytical models that control vast amounts of data serve as the foundation for software interaction. Telecom firms may Increase collection assurance by reducing the need for manual intervention and speeding up data reconciliation against downstream billing data by using AI and ML. These technologies can assist businesses in detecting abnormalities and patterns in data that may cause any revenue leakage, billing problems, or fraudulent activities, thereby enhancing the accuracy and efficiency of revenue assurance procedures.
The COVID-19 pandemic had a significant impact on the revenue assurance market, as businesses had to rapidly adapt to new ways of working and managing data remotely. The pandemic accelerated the adoption of digital technologies, Including cloud-based revenue assurance solutions, as companies wanted to reduce costs and improve operational efficiency. This shift towards remote work also created new challenges for revenue assurance teams, as manual procedures became more difficult to carry out without physical access to systems and documents. However, the use of advanced technologies such as AI and ML in revenue assurance helped to mitigate these challenges and enable more efficient and accurate data analysis. Overall, the pandemic highlighted the importance of revenue assurance in ensuring consistent and accurate billing, even in times of disruption and uncertainty.
The key players profiled 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).
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the revenue assurance market analysis from 2021 to 2031 to identify the prevailing revenue assurance market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the revenue assurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global revenue assurance market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
- BFSI
- Telecom and IT
- Government
- Hospitality
- Others
By Component
- Solutions
- Services
By Deployment Type
- Cloud
- On-premise
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- UAE
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Amdocs
- araxxe
- Cartesian
- Itron Inc
- Hewlett Packard Enterprise Development LP
- Subex Ltd
- wedo technologies
- Sandvine
- Sigos
- Tata Consultancy Services Limited (India)
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: REVENUE ASSURANCE MARKET, BY COMPONENT
CHAPTER 5: REVENUE ASSURANCE MARKET, BY DEPLOYMENT TYPE
CHAPTER 6: REVENUE ASSURANCE MARKET, BY APPLICATION
CHAPTER 7: REVENUE ASSURANCE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Revenue Assurance Market,' The revenue assurance market was valued at $507.02 million in 2021, and is estimated to reach $1.3 billion by 2031, growing at a CAGR of 10% from 2022 to 2031.Revenue assurance defines a set of procedures or guidelines that enables businesses to correctly collect money for all goods sold or services rendered. The retail assurance method or solutions enable businesses to verify and address current or potential revenue leakage points on networks and intermediate customer-facing systems, as well as to correct data before it arrives at the organization's billing systems, rather than correcting financing errors after they have occurred or not identifying or correcting them altogether. Products and services-based enterprises are nowadays facing enormous challenges and issues, ranging from increasing customer base in highly saturated markets to dealing with a fast-growing consumer base in emerging markets. Markets with multiple providers can give organizations a highly competitive environment that necessitates ongoing innovation and technology improvements to maintain a competitive edge. All of these conditions increase an organization’s vulnerability to revenue leakage and necessitate the incorporation of efficient income insurance systems into their overall revenue management model.
The collaborative cloud model has a higher initial cost than the on-premises model, as well as a higher maintenance cost, even though cloud deployment has become an essential part of all businesses to maintain high levels of security and privacy. In addition, as cloud deployment has a limited amount of bandwidth and storage, it is problematic when different organizations share the same bandwidth and resources.
Putting in place strong revenue assurance systems can help companies not only discover issues promptly but also prevent similar mistakes in the future. When a discrepancy is discovered, it's critical to verify all contracts with comparable clauses to ensure that the same problem isn't occurring elsewhere, but variations in contract wording or structure might make this a time-consuming operation. The structured data formats used by AI revenue assurance tools make this simple by detecting different iterations of similar clauses and reformatting them to ensure consistency. By assessing contract documents and converting them to structured data, AI technology may streamline and simplify the revenue assurance process. AI-powered revenue assurance software consolidates all contract data into a single repository. It then employs complex algorithms trained on hundreds of thousands of contracts in different languages to scan contract provisions in a range of different forms and extract clauses into a uniform format, making them substantially easier for the team to examine. All these factors are anticipated to boost the revenue assurance market share.
The global revenue assurance market share is segmented based on component, deployment type, application, grade, and region. By component, it is classified into the solutions and services. By deployment type, it is classified into cloud and on-premises. By application, it is classified into the BFSI, Telecom and IT, government, hospitality, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the Revenue assurance market report include Amdocs, Araxxe, Cartesian, Itron Inc, Hewlett Packard Enterprise Development LP, Subex Ltd, Wedo Technologies, Sandvine, Sigos, and Tata Consultancy Services Limited (India).
The report offers a comprehensive analysis of the global Revenue assurance market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.
Impact of Covid-19 on the Global Revenue Assurance Industry
The global spread of COVID-19 has increased data growth, owing to an unexpected increase in work-from-home culture, an increase in consumption of video-based content, and a changing mix of richer data sets. The incredible growth of mega-scale online companies such as Netflix, Instagram, Amazon Prime, and others demonstrate the massive business shift. All of these enterprises are now a part of our daily life, exemplifying the new global digital economy.The COVID-19 outbreak has gradually impacted the worldwide revenue assurance industry, owing to an increase in the number of online transactions during the pandemic and a rapid increase in awareness among individuals and organizations about the serious revenue leakages.
During the COVID-19 pandemic major companies in the revenue assurance market were pursuing various tactics such as business expansion, partnership, and new product launches. For example, in February 2020, AMDOCS Corporation successfully completed the introduction of a revenue assurance solution at Safaricom, a Kenya-based leading network operator. In this project, AMDOCS regenerated Safaricom's novel revenue model with an innovative method for detecting and recovering revenue leaks.
Key Findings of the Study
- Based on component, the solutions sub-segment emerged as the global leader in 2021 and is anticipated to be the fastest-growing sub-segment during the forecast period.
- Based on the deployment type, the on-premises sub-segment emerged as the global leader in 2021 and cloud sub-segment is predicted to show the fastest growth in the upcoming years.
- Based on the application, the telecom & IT sub-segment emerged as the global leader in 2021 and is predicted to show the fastest growth in the upcoming years.
- Based on region, the North America market registered the highest market share in 2021 and Asia-Pacific is projected to maintain the position during the forecast period.
Companies Mentioned
- Amdocs
- araxxe
- Cartesian
- Itron Inc
- Hewlett Packard Enterprise Development LP
- Subex Ltd
- wedo technologies
- Sandvine
- Sigos
- Tata Consultancy Services Limited (India)
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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