Following a recent report published by The Brainy Insights, the global revenue assurance market is projected to grow from USD 4.60 Billion in 2020 to USD 12.26 Billion by 2030, at a CAGR of 10.03% during the forecast period 2021-2030.
North America region emerged as the largest market for the global revenue assurance market with a 37.9% share of the market revenue in 2020. The presence of a strong telecom sector in countries like the US and Canada is one of the factors propelling the market’s growth in this region. North America includes developed nations with well-established infrastructures, CSPs, and ISPs that generate massive demand for revenue assurance in the region. Furthermore, the presence of significant revenue assurance players, increase in subscription-based data, and improved telecom web infrastructure are other significant factors affecting the region’s revenue assurance adoption.
Leading companies in the industry include Araxxe, Accenture plc, Amdocs, Subex Limited, Hewlett Packard Enterprise Development LP, Tech Mahindra Limited, TEOCO, Telefonaktiebolaget LM Ericsson, International Business Machines Corporation, Tata Consultancy Services Limited, WeDo Technologies, and among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The deployment model segment is divided into cloud and on-premise. By 2030, the cloud segment is likely to dominate the market. Revenue assurance industry share will be bolstered by cost-effectiveness, ease of operation over different enterprises, and flexibility & scalability delivered via these solutions in this segment’s growth. Additionally, the need for consolidated & simplified warehouse resources to decrease cost & improve workflow by annihilating departmental silos of clinical data is driving cloud growth. Further, the storage & server power for the association is hosted off-premise. The cloud vendor delivers all the off-premise system help resources that serve as a cloud deployment driver. The component segment is divided into services and software. By 2030, the services segment is likely to dominate the market. This growth is attributed to the industry’s dependence on human interaction for growth & development. The vertical segment is divided into retail, telecom, BFSI, healthcare, energy & utilities, and others. The telecom led the market with a market share of 26.36% in 2020. This is due to the growing incidence of telecom fraud.
The increasing incidence of revenue leakages is driving the revenue assurance industry. Also, technological improvements like 4G/5G, Internet of Things (IoT), and cloud in the revenue assurance industry are expected for the industry vendors during the projection period. Further, the increasing demand for revenue assurance like support & maintenance, planning & consulting, implementation & customization, and managed services to improve the revenue assurance portfolio of the services providers through delivering consumers with operational flexibility, value creation, and competitive benefit are propelling the market’s growth.
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