Newark, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 4.60 Billion in 2020 revenue assurance market will reach USD 12.26 Billion by 2030. A revenue assurance tool's main objective is to compare XDRs or CDRs from 2 different sources and determine whether all the records from the first system have been correctly transferred to the second system while taking into account the relevant business requirements. The revenue chain of a telecom institution often consists of a very intricate group of interconnected technologies and procedures that offer seamless services to the end user.
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Key Insight of the Revenue Assurance Market
North America emerged as the most significant market, with a 37.9% market revenue share in 2020.
North America dominated the market, with a market share of around 37.9% in 2020. A factor encouraging the market's expansion in this area is the existence of a robust telecom sector in nations like Canada and the US. Additionally, the improvement in the business climate and excellent customer service assistance keeps the market expansion in this region moving forward as well as supporting inventive ventures.
The cloud segment is expected to register the highest CAGR of 12.27% over the forecasted period.
During the projection period, the cloud segment is anticipated to grow rapidly at a CAGR of 12.27%. It is because these solutions offer scalability & flexibility. Additionally, a paradigm shift from on-premise to cloud is expected to create a number of market possibilities in the years to come.
The software segment dominated the market, with a market share of around 65.23% in 2020.
In 2020, the software segment led the market, accounting for about 65.23% of the market. It is because highly adaptable and cutting-edge revenue assurance software is readily available.
The telecom segment dominated the market, with a market share of around 26.36% in 2020.
In 2020, the telecom segment led the market, accounting for about 26.36% of the market. It is because telecom fraud is becoming more prevalent. Additionally, revenue assurance's main goal is to protect telecom revenues by identifying revenue losses, tracking down the reasons of those losses, and then suggesting corrective measures.
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Market Dynamics
Driver: Rise of the subscription economy
The market for revenue assurance is being driven by the growth of the subscription economy. Additionally, as more users conduct real-time transactions, the requirement for revenue assurance solutions rises. Additionally, while sustaining revenue capacity, the revenue assurance solutions aim to increase organisational competence.
Restraint: Dearth of skilled persons and high cost of solution
One of the main factors contributing to the shortage of skilled workers may be the ageing of the labour force. Additionally, it might be difficult for businesses to monitor fraud transactions at an early stage, which can restrain the growth of the revenue assurance market.
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Some of the major players operating in the revenue assurance market are:
• 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
Key Segments cover in the market:
By Deployment Model:
• Cloud
• On-premise
By Component:
• Services
• Software
By Vertical:
• Retail
• Telecom
• BFSI
• Healthcare
• Energy & Utilities
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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