Revenue Assurance Market Growth & Trends
The global revenue assurance market size is projected to reach USD 12.14 billion by 2030, expanding at a CAGR of 11.5% from 2023 to 2030, according to a study conducted by Grand View Research, Inc. Revenue assurance is a prime factor that upholds operators’ margins. It mainly focuses on the important areas such as detecting leakage of revenues, correcting, or fixing the issue and then ensuring that changes are made to avoid recurring issues. It is imperative for operators to assess the complete lifecycle of capturing and identifying data leakages and recovering them to prevent revenue loss and establish a building block for fee or income transparency.
The telecommunication industry has undergone a rapid evolution. Technological advancements in regards with artificial intelligence (AI) capabilities, 5G networks, and IoT have mainly been led by the need to offer tailored services and applications effortlessly to users in a pervasive manner. Significant changes are expected to take place in existing telecommunications networks and service infrastructure for offering new and converged services across the heterogeneous access networks to a wide range of end users. For instance, changes in voice calling and networks have exposed many carriers to revenue losses. The deficiency of quality arises from concerns such as call routing across multiple networks. Poor or inadequate call quality compromises the customer experience and revenue is often delayed through inter-carrier differences over fair charges and the service quality delivered. This transformation in itself is a huge challenge for operators since they need to safeguard their unique and evolving infrastructure from fraud and revenue assurance threats.
Access the Revenue Assurance Market Size, Share & Trends Analysis Report By Component (Software, Services), By Deployment Model (On-premise, Cloud), By End-use, By Region, And Segment Forecasts, 2023 - 2030
Growing business complexities are expected to catapult the demand for revenue assurance solutions and services over the forecast period. An increase in complication of networks and services, coupled with rising usage of technology by fraudsters, is also expected to boost the demand for revenue assurance over the forecast period. The revenue streams processes have become complex due to rising number of participants and types of services being offered. Despite the improved technology infrastructure, revenue leakage occurs at several points alongside the revenue flow and are possibly very significant.
Nevertheless, lack of organizational empowerment and shortage of skilled personnel may pose a challenge to market growth. End-use industries often lack their responsibility towards empowering their resources and refuse to spend extra in investing in revenue assurance solutions and services, which is expected to restrain the demand in the years to come. Additionally, with millions of subscribers, a range of new and innovative products, customized solutions, operational support services, including order fulfillment, service configuration, billing, and customer care, are becoming complex. Hence, the cost of handling these operations requires skilled resources, thereby increasing the financial overhead. Lack of emphasis on change frequently leads to severe instances, which have a financial impact like unexpected revenue leakages that affect billing due to changes in the network, particularly if risk management activity is absent or weak. This is further projected to pose a challenge to market growth.
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Revenue Assurance Market Report Highlights
· The software segment accounted for the largest revenue share of 63.1% in 2022. It is attributed to the availability of highly flexible and innovative revenue assurance software.
· The cloud segment accounted for the largest revenue share of 52.0% in 2022 and is expected to expand at the fastest CAGR over the forecast period.
· The telecom segment held the largest revenue share of 36.6% in 2022 and is expected to expand at the fastest CAGR over the forecast period.
· North America dominated the market and accounted for the largest revenue share of 30.5% in 2022.
Key Companies & Market Share Insights
The presence of both large-scale and medium-scale revenue assurance providers has characterized the market. These companies are aggressively investing in R&D activities to develop innovative components to sustain their presence in the market. For instance, in February 2023, Mobileum, a telecom analytics components provider, announced its Active Intelligence Platform (AIP), a cloud-native big data component created to gather and analyze a growing volume, velocity, and diversity of complex data streams produced by Communication Service Provider (CSP) networks.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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