New York, Feb. 06, 2024 (GLOBE NEWSWIRE) -- The global revenue assurance market size is slated to expand at ~9% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 2 billion by the end of 2036, up from a revenue of ~USD 602 million in the year 2023.The growth of the global market can be attributed to the increasing demand for operational efficiency and fraud detection in industries such as telecom, retail, and banking. In 2021 the telecommunications industry suffered a loss of USD 38[R1] billion due to fraudulent activities.
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It is alarming to note that in the United States as many, as 75 million customers have already had their personal data exposed on the dark web before the first quarter of this year came to an end. The increasing instances of data breaches and fraudulent activities in the telecommunications industry are driving the need for revenue assurance solutions. These solutions help in identifying and preventing revenue losses due to fraudulent activities and errors in business processes, leading to increased operational efficiency and fraud detection.
Increasing Complexity of Telecom Networks to Boost Market Growth
Telecom networks often involve multiple service providers, each with their own systems and processes. This complexity can lead to challenges in revenue assurance. Further, telecom networks utilize a variety of technologies, including 2G, 3G, 4G[R2] , and now 5G. Each technology has its own unique requirements and complexities that need to be managed. This increasing complexity of telecom networks has led to a greater need for revenue assurance solutions. These solutions help telecom companies identify and rectify revenue leaks, ensuring accurate billing and revenue collection. Revenue assurance solutions provide telecom companies with the necessary tools and mechanisms to track and monitor the usage of various technologies on their networks. By analyzing data and analyzing patterns, these solutions can identify any discrepancies or revenue leaks caused by different technologies.
Revenue Assurance Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
The Increasing Adoption of Cloud-Based Solutions to Drive the Growth in the North America Region
The revenue assurance market in North America region is estimated to garner the largest revenue by the end of 2036. This dominance can be attributed to the widespread use of advanced technology in various industries, such as telecommunications and banking, which are more prone to revenue leakages. Additionally, the demand for revenue assurance solutions is expected to increase as organizations focus on ensuring accurate revenue reporting and identifying potential revenue losses. Furthermore, the increasing adoption of cloud-based solutions and the need to comply with industry standards and regulations are also driving the demand for revenue assurance solutions in the region. Over 90[R3] % of large enterprises have adopted multi-cloud infrastructures in US. As companies recognize the importance of revenue assurance in safeguarding their financial integrity, the region is expected to retain its leadership position in the market throughout the forecast period.
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Expanding Digital Ecosystem to Drive the Growth in the Asia Pacific Region
The Asia Pacific revenue assurance market is estimated to garner the largest revenue by the end of 2036. The growth of the Asia Pacific market can be attributed to factors such as the increasing adoption of advanced data analytics solutions, the rising focus on revenue optimization, and the growing adoption of revenue assurance practices in industries such as telecommunications, retail, and banking. Additionally, the expanding digital ecosystem and the rapid adoption of new technologies in the region are further fueling the market growth. The proportion of India’s economy that relies on technologies grew from 5.6% in 2014 to 8.9% in 2019 and it is estimated that around[R4] 23% of the country’s GDP in 2019 was generated by activities dependent on digital platforms.
Revenue Assurance Segmentation by Components
- Solutions
- Services
The solutions segment is anticipated to hold the largest revenue by 2036, attributed to the increasing demand for revenue assurance services from various industries, including telecommunications and banking & financial services. Revenue assurance service providers provide risk assessment, fraud detection, and revenue recovery, helping businesses protect their revenue and uphold regulatory compliance. In the healthcare industry, revenue assurance technologies ensure accurate invoicing and prevent revenue loss due to errors. This contributes to the overall growth and success of this market. In the United States the annual cost of healthcare fraud is estimated to be approximately USD 66[R5] billion. As healthcare costs rise, revenue assurance technologies are becoming increasingly critical in the healthcare industry. By preventing revenue loss due to errors and fraudulent activities, these solutions help healthcare organizations maintain financial stability and ensure quality care for patients.
Revenue Assurance Segmentation by End User
- Telecom
- Utilities
- BFSI
- Healthcare
The BFSI segment in revenue assurance market is anticipated to hold the largest revenue by the end of 2036 driven by the increasing demand for accurate revenue tracking and risk management in the banking sector. With the rise of digital transactions and the risk of financial fraud, banks are prioritizing the implementation of revenue assurance solutions to ensure transparency and prevent financial losses. In 2023, the overall[R6] worth of digital payments, in the United States will amount to approximately $2,040 billion. Similarly global mobile transactions reached a value of $2 trillion in 2022. Additionally, the emergence of blockchain technology is expected to further enhance transparency and security in the revenue assurance process, further driving the growth of the BFSI segment in the coming years.
A few of the well-known industry leaders in revenue assurance market that are profiled by Research Nester are InfoVista Ltd, Amdocs Ltd., Hewlett Packard Enterprise, Coupa Inc., Mobileum Inc., and other key market players.
Recent Development in the Revenue Assurance Market
- Amdocs, a leading provider of services and software for media and communications companies recently announced the acquisition of TEOCOs service assurance division. This strategic move enables Amdocs to provide service providers with a solution for orchestrating end to end services ensuring high quality service delivery and enabling the monetization of innovative customer experiences, in the dynamic next generation landscape.
- Hewlett Packard Enterprise has recently introduced a software solution for 5G that enhances their existing 5G offering with integrated automated management capabilities. By incorporating a zero touch closed loop system the HPE 5G Automated Assurance and the latest 5G feature, in HPE Service Director work together to streamline the management of 5G networks and minimize deployment risks.
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