Revenue Assurance market to Eyewitness Huge Marginal Growth by 2027Posted by Mrudula Karmarkar on January 4th, 2022 The global revenue assurance market size is projected to reach USD 8.71 billion by 2027, expanding at a CAGR of 11.1% from 2020 to 2027, 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. 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. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/revenue-assurance-market/request/rs1 Revenue Assurance Market Report Highlights
The market has been characterized by the presence of both large-scale and medium-scale revenue assurance providers. These companies are aggressively investing in R&D activities to develop innovative solutions in order to sustain their presence in an extremely competitive market environment. Furthermore, the market demonstrates an intense competition amongst the key players and calls for constant innovations and development of technologically advanced revenue assurance solutions. For instance, in June 2020, WeDo Technologies, one of the specialists in fraud management and revenue assurance, arranged more than 200 telecom specialists at its WeMeet Europe. The WeMeet Europe offered communications service providers (CSPs) understandings into how 5G will disrupt the existing telecom business models and key areas where the company is investing in its product range for supporting CSP’s risk mitigation and revenue assurance strategies. Some of the prominent players in the revenue assurance market include:
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. Like it? Share it! More by this author |