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Revenue Assurance Market Drivers Emergence of IoT is Expected to Drive the Need for Revenue Assurance Services
HYDERABAD, TELANGANA, INDIA, December 29, 2022 /
EINPresswire.com/ -- IndustryARC, in its latest report, predicts that
Revenue Assurance Market Size is forecast to reach $780 million by 2026, at a CAGR of 9% during 2021-2026. Revenue Assurance is a software solution that enables the communication service provider (CSP) to examine and plug dozens of actual or potential leakage points throughout the network and customer-facing systems, and to correct data before it reaches the billing system. Revenue Assurance market share has increased due to leakages that arise when revenue that has been earned by the company and when services are rendered to the customer when lost on its way to the billing systems and the customer never gets debited is driving the growth of the market. The arrival of over-the-top (OTT’s) services intensifies competition, even in national markets, from players with extremely disruptive business models due to the introduction of new technologies are creating opportunities for operators to launch new business models and services. Many of the communication service providers deploy the revenue assurance at subscription business models for system integration purposes which has thereby boosted the growth of the Revenue Assurance market. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key takeaways:
1. Surge in the BFSI sector along with the growth of Energy and Utility owing to the rising energy demands along with plans to improve the increase in the generation of transaction datahas driven the market growth.
2. Cloud witnessed a significant growth in the market owing to growing emphasis on ensuring real-time and quick access to data along with several benefits offered by the private cloud such as growing emphasis on ensuring real-time and quick access to data.
3. North America is witnessing a major growth with a CAGR of 14% in the market owing to the surge in adoption of cloud technology due to advancement in technology and growth of IoTalong with adoption of hosted services.
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Segmental Analysis:
1. The cloud segment is growing at a significant market value of 13% in the forecast period as it is used by most of the end users to store and process their critical data within the firewall of organizations and the private cloud also provides high levels of security and encryption.
2. There is a surge in demand for revenue assurance leading to the government spending on electric projects, In 2019, the government allocated $6.13 billion investment of its Federal Government Budget for power and electricity projects.
3. North America region held significant market share of 14% in 2020. North American Telecommunication markets owing to the growth of device and module manufacturers, communication service providers, IoT platform players, applications, analytics and security software vendors and professional service providers have poised for Internet of Things.
4. According to the U.S. Small Business Administration, the country has 30.2 billion small and medium-sized firms, many of which employ enterprise software to minimize the costs and complexity of internal technical systems.
5. The Telecommunicationsector is expected to witness a highest CAGR of 5%the forecast period owing to the increasing incidences of telecom fraud. In 2019, Huawei a telecommunication equipment company has committed to invest up to $800 million over the next three years to expand its presence in Brazil via a new manufacturing facility in São Paulo.
Competitive Landscape:
The top 5 players in the Revenue Assurance industry are -
1. Amdocs
2. Araxxe, Inc.
3. Digital Route
4. Profit Insight
5. Subex
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