According to a new market report published by Credence Research, Inc., “Global Revenue Assurance Market (By Service Type (Planning & Consulting, Operation & Maintenance, System Integration and Managed Services), By Deployment Model (On-premise and Cloud), By End-use Vertical (BFSI, Telecom, Healthcare, Retail and Others)) – Growth, Future Prospects and Competitive Landscape, 2018 – 2026”, the global revenue assurance market is expected to witness a growth of 11.0% CAGR during the forecast period from 2018 to 2026.
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The global revenue assurance market was valued at US$ 2.52 Bn in 2017 and is likely to witness a steady growth, growing at a CAGR of 11.0% during the forecast period from 2018 to 2026. Revenue assurance is aimed at improving the operational efficiency and ensures that all possible revenue is collected. It aids service provider to accurately capture revenue of all the services that are rendered. Revenue assurance is helpful for the communication service providers to get rid of the leakages and increase profitability. It also benefits in turning up profits, cut down wastage and improve the operational efficiency if a company commits to change its internal systems, processes and management style. Revenue protection depends upon having the right information at the right time and in the right format for each and every user. Rising awareness about the severe consequences of revenue leakages on an organization’s overall profitability is driving the revenue assurance market across the globe.
The global revenue assurance market, based on end-use vertical was dominated by the telecom sector in 2017. The function of revenue assurance is central in today’s telecom industry. The major goal of revenue assurance is to protect the telecom income by finding revenue losses, discovering the root causes for those losses, and ultimately proposing corrective actions. Further, based on geography, North America led the revenue assurance market in 2017. The presence of some prominent players including Amdocs, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, etc. supports the regional growth.
Major players in the revenue assurance market include Accenture plc, Amdocs, Telefonaktiebolaget LM Ericsson, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Subex Limited, WeDo Technologies, Tech Mahindra Limited, Tata Consultancy Services Limited, and ISON Technologies among others. The revenue assurance market appears to be quite fragmented owing to the presence of some major regional as well as international tech giants. In order to serve the market in a better way, the market players are mainly aiming on finding out new avenues in order to reduce fraud and revenue leakages. These players are increasingly focusing on differentiating their product offerings to sustain the competitive market environment.