Press release
Revenue Assurance Market to Garner $1,300 Million by 2031, Growing at a CAGR of 10.0% During the Forecast Period from 2022-2031
Revenue Assurance Market
According to the latest report published by Research Dive, the global revenue assurance market garnered a revenue of $507 million and is predicted to reach $1,300 million by 2031, at a tremendous CAGR of 10.0% during the forecast period from 2022 to 2031.
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Dynamics of the Market
Drivers: Increasing demand for real-time information across various verticals is expected to become the primary growth driver of the revenue assurance market in the forecast period. Moreover, the growing prevalence of revenue leakages across the world is expected to help the market grow substantially in the forecast period.
Opportunities: Increasing demand for revenue assurance solutions in the telecommunications industry is predicted to offer numerous growth opportunities to the revenue assurance market in the forecast period. Along with this, the emergence of new technologies such as Artificial Intelligence (AI) and machine learning is estimated to push the market forward.
Restraints: Market analysts are, however, skeptical about the full-paced growth of this market owing to the high cost of implementation of revenue assurance solutions, which might prove to be a restraint for the revenue assurance market.
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Impact of COVID-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The revenue assurance market, however, has been positively affected by the pandemic. Growing shift towards digital technologies due to remote employment tendencies led to an increase in revenue assurance solutions which helped the market grow during the pandemic period.
Segments of the Market
The report has divided the revenue assurance market into certain segments based on component, deployment type, application, and region.
Based on component, the solutions sub-segment is expected to be a highly dominant sub-segment by 2031. The increasing use of revenue assurance solutions by a variety of industries, including banking, telecommunications, healthcare, and retail is predicted to boost the growth of this sub-segment in the forecast period.
Based on deployment type, the on-premise sub-segment is expected to have a significant market share during the 2022-2031 timeframe. Since many organizations are switching from manual to automated systems to carry out different tasks, there is an increase in demand for on-premises software which is predicted to push the sub-segment forward in the forecast period.
Based on application, the telecom & IT sub-segment is expected to be one of the most dominant sub-segments by 2031. Increasing adoption of revenue assurance solutions by telecom operators and IT companies for monitoring and analyzing revenue sources, detecting and preventing revenue leakage, and ensuring compliance with regulatory requirements is predicted to boost the growth of this sub-segment in the forecast period.
Based on region, the revenue assurance market in the North America region is expected to become the most profitable sub-segment. The rising need for actual time revenue monitoring and administration in the telecommunications industry is expected to be the main growth driver of the market in the forecast period.
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Prominent Market Players
Some of the prominent players of the revenue assurance market are Amdocs, Hewlett Packard Enterprise Development LP, Sandvine, Araxxe, Subex Ltd, Sigos, Cartesian, Wedo Technologies, Tata Consultancy Services Limited (India), and Itron Inc., among others. These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
For instance, in February 2022, Subex, a software company, announced a partnership with Ethio Telecom, an Ethiopian telecom operator. This partnership is expected to help both the companies to increase their footprint in the industry in the coming period.
Finally, the report also summarizes many crucial aspects of the revenue assurance market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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Research Dive is a market research firm offering actionable insights and extensive analysis of various markets across different verticals. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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