The global revenue assurance market generated $422.5 million in 2018; it is projected to reach a revenue of $ 948.3 million till the end of 2026 and increasing at a CAGR of 9.8%.
The global revenue assurance market has witnessed a remarkable growth in previous years, owing to increasing focus on business to improve consumer experience by monitoring revenue transactions. Also, the global market will witness significant growth rate during COVID-19 pandemic. This growth would be due to rapid growth in the awareness among the organizations and individuals regarding the serious revenue leakages because of increasing online transactions. This factor is predicted to increase the demand for revenue assurance services. In this unpredicted time, we are facilitating market players to understand the situation of the global revenue assurance market.
|Realtime BPS||*Estimate market Size, 2020,
|**Real Time market Size, 2020,
|8.6%||10.9%||231||USD 499.7 Million||USD 518.7 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Growing utilization of subscription-based economy method is significantly driving the revenue assurance market growth. This growth is because many enterprises are generating a business models to curb growing revenue loss due to fake transactions. Furthermore, growing number of users performing real-time transactions is increasing the demand for revenue assurance solutions. Increasing number of mobile & online banking network services will accelerate the market growth in the forecast time. In addition, revenue assurance solutions are designed to refining operational competence and safeguards the possible revenue. Due to this importance, there is growing implementation of revenue assurance in the BFSI, telecommunication and other sectors. The above mentioned factors are expected to fuel the market growth in the estimated time.
Presence of fewer skilled professionals to monitor fake transactions along with high cost associated with the implementation of revenue assurance solutions are the significant restraints for the growth of the market. Also, monitoring fake transactions at an early phase is still a challenge for the enterprises, which may limit the growth of the market.
The COVID-19 emergency has positively impacted the global revenue assurance market. During this period, more than 65% of the employees have started opting for the work from home option with available secure connectivity networks. In recent times, there has been a sharp incline in the occurrence of revenue attacks including SMS scams, international revenue share fraud (IRSF), social engineering fraud, distributed denial-of-service (DDoS) and robocalls. Due to these revenue attacks, most of the financial & government organizations are implementing revenue assurance systems to detect internal & external fraud revenue transactions. This factor is estimated to drive the market growth in the period of emergency.
In addition, there are increasing government initiatives to help the enterprises to withstand in the period of pandemic. For instance, in recent times, government of UK has announced a package of more than $1.75 billion for small businesses to support them in the coronavirus outbreak. Also, the government has decided to make an adjustment to the non-domestic rates (NDR) relief for the various sectors including hospitality, leisure and retail sectors with the ability of a ratable value of around $600,000 or less to claim business relief rate in the fiscal year from 2020 to 2021.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global revenue assurance market is expected to experience a significant growth in 2020 and the global market will continue its growth even after recovery from coronavirus. This growth is due to increasing requirement of strong validation systems coupled with rapid growth in the consciousness among people about importance of revenue assurance systems in detecting revenue leakages. Furthermore, increasing trend for incorporation of artificial intelligence (AI) in revenue assurance systems is further expected to boost market growth in the coming years. This AI is used to detect the genuine transactions through innovative technologies such as data mining, deep learning, cloud computing and artificial language, which is also expected to create ample growth opportunities in the coming years.
In addition, many significant players are adopting several growth tactics such as new technology introductions and new product launches to fortify their position in the global market. For instance, in February 2020, AMDOCS, one of the leading suppliers of software and services to media and communication sectors, has successfully completed a revenue assurance service implementation at Safaricom, which is a leading network operator in Kenya. In this project, AMDOCS regenerated new revenue model for Safaricom with an innovative solution to recovery and detection of revenue leaks by automating its revenue assurance systems.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-Term and Short-Term impact of Covid-19 on the market
- Cascading impact of Covid-19 on Revenue Assurance Market , due to the impact on its extended ecosysytem
- Understanding the market behavior Pre- and Post-Covid-19 pandemic
- Startegy suggestions to overcome the nagative impact or turn the positive impact into the opportunity