The size of the revenue assurance market is expected to rise from $512 million in 2020 to $782 million by 2025, during the forecast period at a Compound Annual Growth Rate (CAGR) of 8.9 percent.
Revenue assurance refers to the collection of operations that enable businesses to correctly collect revenue for all the goods sold or services rendered. Instead of mitigating or correcting funding errors after they have occurred, the concepts or instruments enable businesses to observe and repair existing or possible revenue leakage points through networks and intermediate consumer and customer-facing processes and correct the data until it enters the billing systems of the company.
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Factors such as increasing focus of businesses on enhancing customer experience, rise in the use of subscription-based economy and need for automation solutions for revenue assurance: RPA are driving the market growth. Though, trust on human-led services for market growth is restraining the market growth. Moreover, growing demand for innovative payment services: Telco-OTT partnerships are the opportunities for the revenue assurance market.
The emergence of both large-scale and medium-scale revenue assurance providers has characterised the industry. In order to maintain their position in an increasingly competitive business setting, these businesses are actively investing in R&D activities to establish creative solutions. In addition, the market exhibits fierce competition among the major players, necessitating constant innovation and production of technologically advanced revenue assurance solutions.
For example, in June 2019, WeDo Technologies, a fraud management and revenue assurance specialist, convened more than 200 telecom experts at its WeMeet Europe event. WeMeet Europe provided insight into how 5G can challenge current telecom business models, as well as key areas where the company is investing in its product portfolio to help CSP risk reduction and revenue assurance strategies.
Digitization is one of the primary reasons responsible for the growth of revenue assurance market the increase in internet penetration, the increase in transaction data generation, the growth of small and medium-sized businesses providing digital service delivery solutions, the increase in subscription business models and the adoption of emerging technologies such as Big Data, ML and IoT.
Globally, Telecom operators lose billions of dollars through annual revenue leakages that are caused by inadequate internal control processes, system and fraud. However, despite the awareness of this importance, many service providers are incessantly facing problems related to revenue leakages. As their networks evolve into a more complex infrastructure with the adaption of new access and service delivery technologies, there is a constant need for changing service offerings to meet the market demands. With the increasing incidences of revenue leakages, the demand of revenue assurance solutions and services is projected to increase at a greater extent thereby driving the market growth.
Over the forecast period, technological advances in revenue assurance are likely to create opportunities for the industry. Cloud, 4G/5G, IoT, and SDN/NFV are among the emerging innovations that are enabling operators to introduce new business models and services, but they are also allowing new instances of fraud to emerge. Traditional structures cannot keep up with the dynamics of today’s mobile world, resulting in sales loss and possible profit erosion. In the coming years, the implementation of new technologies and processes, such as real-time revenue assurance, is expected to fuel market growth.
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Impact of COVID-19 on Revenue Assurance Market
The global revenue assurance sector has been positively affected by the COVID-19 emergency. More than 65 percent of employees have started opting for the job from home with safe communication networks available during this time. The frequency of revenue attacks, including SMS scams, international revenue share fraud (IRSF), social engineering fraud, distributed denial-of-service (DDoS) and robocalls, has recently shown a sharp decline. Many financial & government organizations are introducing revenue assurance programmes to distinguish internal & external fraud revenue transactions because of these revenue attacks. This factor is expected to drive growth in the market during the emergency era.
Source: VynZ Research