Revenue Assurance Market Expected to Reach $1.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Revenue Assurance Market," The revenue assurance market size was valued at $507.02 million in 2021, and is estimated to reach $1.3 billion by 2031, growing at a CAGR of 10% from 2022 to 2031.

Revenue assurance defines a set of procedures or guidelines that enables businesses to correctly collect money for all goods sold or services rendered. The retail assurance method or solutions enable businesses to verify and address current or potential revenue leakage points on networks and intermediate customer-facing systems, as well as to correct data before it arrives at the organization's billing systems, rather than correcting financing errors after they have occurred or not identifying or correcting them altogether. Products and services-based enterprises are nowadays facing enormous challenges and issues, ranging from increasing customer base in highly saturated markets to dealing with a fast-growing consumer base in emerging markets. Markets with multiple providers can give organizations a highly competitive environment that necessitates ongoing innovation and technology improvements to maintain a competitive edge. All of these conditions increase an organization’s vulnerability to revenue leakage and necessitate the incorporation of efficient income insurance systems into their overall revenue management model.

The collaborative cloud model has a higher initial cost than the on-premises model, as well as a higher maintenance cost, even though cloud deployment has become an essential part of all businesses to maintain high levels of security and privacy. In addition, as cloud deployment has a limited amount of bandwidth and storage, it is problematic when different organizations share the same bandwidth and resources.

Putting in place strong revenue assurance systems can help companies not only discover issues promptly but also prevent similar mistakes in the future. When a discrepancy is discovered, it's critical to verify all contracts with comparable clauses to ensure that the same problem isn't occurring elsewhere, but variations in contract wording or structure might make this a time-consuming operation. The structured data formats used by AI revenue assurance tools make this simple by detecting different iterations of similar clauses and reformatting them to ensure consistency. By assessing contract documents and converting them to structured data, AI technology may streamline and simplify the revenue assurance process. AI-powered revenue assurance software consolidates all contract data into a single repository. It then employs complex algorithms trained on hundreds of thousands of contracts in different languages to scan contract provisions in a range of different forms and extract clauses into a uniform format, making them substantially easier for the team to examine. All these factors are anticipated to boost the revenue assurance market share.

The global revenue assurance market analysis is segmented based on component, deployment type, application, grade, and region. By component, it is classified into the solutions and services. By deployment type, it is classified into cloud and on-premises. By application, it is classified into the BFSI, Telecom and IT, government, hospitality, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key player in the Revenue assurance market forecast report include Amdocs, Araxxe, Cartesian, Itron Inc, Hewlett Packard Enterprise Development LP, Subex Ltd, Wedo Technologies, Sandvine, Sigos, and Tata Consultancy Services Limited (India).

The report offers a comprehensive analysis of the global Revenue assurance market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.

Key Findings of the Study

• Based on component, the solutions sub-segment emerged as the global leader in 2021 and is anticipated to be the fastest-growing sub-segment during the forecast period.
• Based on the deployment type, the on-premises sub-segment emerged as the global leader in 2021 and cloud sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on the application, the telecom & IT sub-segment emerged as the global leader in 2021 and is predicted to show the fastest growth in the upcoming years.
• Based on region, the North America market registered the highest market share in 2021 and Asia-Pacific is projected to maintain the position during the forecast period.