In 2021, the market for Global Revenue Assurance Market worldwide was worth $ 3.8 billion for the year 2021. AMR Group projects that the market will reach US$ 12.3 billion by 2031, growing at a CAGR of 11.3 % between 2022 and 2031.
The term "Revenue Assurance" refers to a set of practices or principles that help businesses accurately record sales and service revenue. Revenue assurance principles or tools enable businesses to examine and fix current or potential revenue leakage points throughout networks and intermediate client- and customer-facing systems, as well as correct the data before it reaches the organization's billing systems. This is in contrast to either not identifying or correcting financing errors at all, which would require correcting them after they have already occurred. While the primary goal of any revenue assurance system is to prevent and detect revenue leakage, technologically advanced revenue assurance systems also assist businesses in enhancing and automating their conventional revenue assurance detection and monitoring procedures, as well as in preventing fraud and data inconsistencies. Today, businesses that sell products and services face a wide range of challenges and struggle with a variety of issues, such as managing the rapid growth of their customer base in emerging markets and expanding their customer base in saturated markets. Companies in markets with multiple vendors face intense competition as well, necessitating constant technological advancements and innovations to maintain a competitive edge. Companies need to incorporate efficient revenue assurance tools into their overall revenue management scenario because all of these scenarios increase their vulnerability to revenue leakage.
From SS7 probes to the billing system, an end-to-end revenue assurance system plugs into various network components. It is able to connect to a wide range of support systems and network components, allowing it to process usage data, keep track of discrepancies, and spot potential revenue leaks. In addition, the operator needs to look for revenue assurance systems that can build a workflow that reflects the company's current procedures and has the flexibility to accommodate new workflows as they develop.
In order to deal with any new risks that could result in revenue loss, the revenue assurance and fraud management departments of various telecommunications companies constantly develop new strategies. In addition, in order to develop a comprehensive risk management framework, a robust risk mitigation strategy is anticipated to include automating the volumetric tasks carried out by various teams and integrating revenue assurance and fraud management systems with intelligent automation tools like robotic process automation and cognitive analysis tools. Effective management of the company's revenue from all sources is necessary for revenue assurance. Companies' income streams become increasingly complex as a result of their diverse business segments, multiple income and expenditure sources, and various mergers, acquisitions, partnerships, and collaborations with other businesses. The World Economic Forum stated that in the Fourth Industrial Revolution, the skills gap across industry verticals is anticipated to widen. As a result, despite the fact that revenue assurance software aids in revenue management and reduces revenue leakage, the revenue assurance market is likely to expand ineffectively due to a lack of skilled labor and organizational management.
Major players in the revenue assurance market ensure that the COVID-19 situation will have a minimal effect on their customers' businesses in light of the pandemic. In some countries, data is being used as a tool to track and contain the spread of the virus, while in others, companies are making changes for the benefit of their customers, who require networking services at this time. Telecommunications companies also look at how COVID-19 affects their planned investments, particularly in 5G.
The global market for revenue assurance has expanded by nearly 8% in the past five years, according to a Deloitte report released in April 2021. Since the majority of businesses already have plans in place for business continuity, the COVID-19 pandemic has resulted in an increase of 10% in overall telecom traffic and a 20% increase in viewership on streaming platforms.
North America is home to developed nations with established infrastructures, ISPs, and CSPs, all of which contribute to the region's high demand for revenue assurance solutions. The US and Canada are the two nations that contribute the most to the North American market; their supremacy is due to their economies' long histories, which have allowed them to make significant investments in cutting-edge technology like 5G and network virtualization. Other significant aspects that affect the adoption of revenue assurance solutions in the region include the increase in subscription-based data, the existence of significant revenue assurance providers, and improved telecom network infrastructure.
The report includes competitive landscape based on the extensive assessment of the product portfolio offering, geographic presence, and key strategic developments adopted by the leading market players in the industry over the past 5 years. The key players profiled are 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. These players have adopted various growth strategies, such as partnerships and new service launches, to expand their presence further in the MEA WaaS market and broaden their customer base.
· Planning and Consulting
· Implementation and Customization
· Support and Maintenance
· Managed Services
By Deployment Type
· Migration Assurance
· Usage Assurance
· Provisioning Assurance
· Billing & Rating Validation
· Roaming & Interconnect Partner Assurance
By End User
By Industry Vertical
· Telecom & IT
· North America
· South America
· Middle East and Africa
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Market Research Process
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One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached Straits Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
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Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2028.
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