PUBLISHER: The Business Research Company | PRODUCT CODE: 1526820
PUBLISHER: The Business Research Company | PRODUCT CODE: 1526820
Revenue assurance is a critical process that ensures a company's revenue streams are accurately captured and optimized. It involves identifying and resolving discrepancies in billing, accounting, and operational systems to prevent revenue leakage and enhance financial performance. Through robust controls and monitoring mechanisms, revenue assurance helps businesses protect their revenues and enhance overall profitability.
The primary types of revenue assurance include software, services, planning and consulting, implementation and customization, support and maintenance, and managed services. Revenue assurance software comprises tools and systems designed to ensure accuracy and completeness in billing processes, detect revenue leakage, and optimize revenue streams for businesses. These solutions can be deployed via both cloud and on-premise models, catering to enterprises of various sizes, including large corporations and small to medium-sized businesses (SMEs). End users of revenue assurance solutions span industries such as banking, financial services and insurance (BFSI), telecommunications, healthcare, retail, energy and utilities, among others.
The revenue assurance research report is one of a series of new reports from The Business Research Company that provides revenue assurance market statistics, including the revenue assurance industry's global market size, regional shares, competitors with a revenue assurance market share, detailed revenue assurance market segments, market trends and opportunities, and any further data you may need to thrive in the revenue assurance industry. This revenue assurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The revenue assurance market size has grown rapidly in recent years. It will grow from $4.40 billion in 2023 to $4.90 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The expansion observed during the historical period can be attributed to several factors, including regulatory compliance requirements, an increase in the generation of transaction data, the rise of subscription-based business models, rapid growth in data usage, and the emergence of digital services.
The revenue assurance market size is expected to see rapid growth in the next few years. It will grow to $7.54 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The anticipated growth in the forecast period can be attributed to several factors, including the adoption and monetization of 5G technology, digital transformation initiatives, increasing demand for cloud-based solutions, the rising utilization of data analytics and artificial intelligence (AI), and the expanding adoption of revenue assurance within the telecom industry. Key trends expected in this period include a shift towards real-time assurance processes, product innovations, strategic partnerships and collaborations, integration of automation and AI technologies, and convergence with fraud management solutions.
The anticipated rise in the adoption of cloud computing is poised to drive the growth of the revenue assurance market in the foreseeable future. Cloud computing refers to the provision of computing services over the Internet, encompassing storage, processing, and software delivery on a pay-as-you-go basis. The increasing adoption of cloud computing is fueled by its scalability, cost efficiency, flexibility, and improved collaboration capabilities. Revenue assurance benefits from cloud computing through the provision of scalable, cost-effective infrastructure for real-time data processing and analytics, facilitating efficient revenue monitoring and fraud detection. For example, data from Eurostat in December 2023 indicates that 45.2% of enterprises within the European Union utilized cloud computing services, primarily for hosting email systems, storing electronic files, and performing various tasks. Compared to 2021, purchases of cloud computing services among EU enterprises increased by 4% in 2023. Thus, the growing adoption of cloud computing is a key driver behind the expansion of the revenue assurance market.
Prominent companies in the revenue assurance market are embracing a strategic partnerships approach to bolster their technological capabilities, extend their market presence, and offer comprehensive solutions to meet evolving customer requirements. Strategic partnerships involve companies leveraging each other's strengths and resources to achieve mutual benefits and success. For instance, in August 2021, Subex Ltd., an enterprise software company based in India, forged a partnership with Robi Axiata Limited, a mobile network company headquartered in Bangladesh. This collaboration enables Robi to harness Subex's revenue assurance and fraud management solutions' artificial intelligence and machine learning capabilities to combat modern telecom threats in the region and enhance customer experience while delivering 5G-based services.
In July 2023, Amdocs, a US-based provider of software and services to communications and media companies, completed the acquisition of TEOCO's service assurance business for an undisclosed sum. Through this acquisition, Amdocs aimed to furnish service providers with a distinctive end-to-end service orchestration offering that ensures service quality and enables the monetization of next-generation dynamic customer experiences. TEOCO, headquartered in the US, specializes in providing revenue assurance and business assurance services.
Major companies operating in the revenue assurance market are Accenture plc, Deloitte Touche Tohmatsu Limited, Hewlett Packard Enterprise Company, Telefonaktiebolaget LM Ericsson, Nokia Corporation, Tata Consultancy Services Limited, Tech Mahindra Limited, Amdocs Limited, TransUnion LLC, Itron Inc., Sandvine Corporation, Mobileum Inc., TEOCO Corporation, eClerx Services Limited, Hansen Technologies, DigitalRoute AB, Cerillion Technologies Limited, Subex Limited, WeDo Technologies S.A., Sagacity Solutions Inc
North America was the largest region in the revenue assurance market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the revenue assurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the revenue assurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The revenue assurance market includes revenues earned by entities by providing services such as manual inspections, prepaid balance validation, recurring audits, and automated procedures. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Revenue Assurance Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on revenue assurance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for revenue assurance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The revenue assurance market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.