Growing Demand for Revenue Assurance Services, during the COVID-19 Outbreak to Promote the Development of Global Revenue Assurance MarketDownload Sample Reports Overview
This outbreak of COVID has positively affected the global revenue assurance market and the market is expected to experience a significant growth throughout the forecast timeframe. During this period of pandemic, many of the enterprises are concentrating on generating a business model including frequent billing business to detect the revenue losses due to fake transactions. These revenue losses can be detected through continuous monitoring of revenue transactions by revenue assurance solutions. These factors are eventually driving the demand for revenue assurance services, which is expected to drive the market growth in this time of crisis. Moreover, many government bodies are continuously taking initiatives in the period of COVID-19 emergency to support the enterprises. For instance, in recent times, government of china has announced financial relief package to help smaller business to support facilitate an economy recovery during the period of crisis.
This study provides inclusive information about the impact of COVID-19 on global revenue assurance market. Our report includes:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
As per new study done by Research Dive, the global revenue assurance market is projected to register for $948.3 million revenue by 2026 and rising at a 10.9% CAGR throughout the forecast period from 2019 to 2026. The global market segmented into type, deployment model, industry vertical and region. This study provides comprehensive information about drivers, opportunities, restraints, segmentation and prominent players in the overall market.
Factors affecting the market growth
As per our analysts, increasing revenue loss due to numerous frauds and growing focus on business to enhance customer experience are the major drivers for the growth of the market. However, dearth of skilled persons and high cost of solution are major restraints for the growth of the revenue assurance market.
Managed services type held the major revenue share in 2018
The market for managed services type dominated the global market in the previous years by generating highest revenue share, which was about 33.0% and is estimated to continue its healthy growth throughout the projected time. Rapidly increasing the number of organizations consulting for managed services for revenue assurance because they don’t have in house facilities is for revenue assurance, this approach is projected to enhance the market growth. Planning & consulting type will witness to grow at a healthy rate of 11.0% CAGR and is expected to account for $239.9 million till 2026. Growing utilization of revenue assurance for planning & consulting services is estimated to accelerate the growth of the market.
On-premises segment accounted for significant market size in the previous years
On-premises deployment model generated for highest revenue assurance market size in 2018, it was valued at $223.9 million and is projected to experience a moderate growth in the forecast timeframe. Critical data is stored in on-premises model with higher safety and no third party access is projected to impel the growth of the market. However, due to internet penetrate across the globe, there is a remarkable growth in the cloud based plat forms, is estimated to limit the on-premises market. Also, cloud deployment model is becoming more popular and that permits complete accessibility & customization to end use industries. Due to its complete accessibility, the market for cloud deployment model will witness to grow at a rapid pace in the end of forecast time.
BFSI segment accounted for largest market share in 2018
BFSI industry vertical held the significant market share in the year 2018, it accounting for $105.6 million and is projected to generate a revenue of $227.6 million by 2026. BFSI sector contains various sensitive data including insurance, loan details, mutual funds along with personal account details such as credit & debit card information, pin & log in details. Thereby, extensive adoption of revenue assurance systems by BFSI industry to identify fake transactions & payments and maintain privacy of customer data, this aspect is expected to propel the growth of the market. Telecommunication industry vertical will witness to rise at a faster CAGR of 11.5% and is projected to reach up to $217.2 million till end of 2026. Increasing use of revenue assurance services in telecommunication sector for identification of revenue leakages and finding reasons for losses and suggesting corrective actions. This factor will drive the market growth in the projected time.
Revenue assurance market, regional analysis
Asia-pacific will experience a remarkable growth in the global market and is projected to create ample growth prospects in the estimated period. Rapid growth in the telecommunication networks such as 4G especially in the developing economies such as India, China and Australia is expected to fuel the market size in Asia-Pacific. North America held the highest global revenue market share in the previous years, which was about 32.0% and is anticipated to account for $289.2 million in 2026. Presence of well-developed infrastructures in the North America is expected to produce huge demand for the revenue assurance systems, which will drive the market growth.
Prominent participants in the global revenue assurance market
The key global revenue assurance market players include Cartesian, Inc., Mobileum, SUBEX, Tech Mahindra Limited, Telefonaktiebolaget LM Ericsson, AMDOCS, Sagacity Solutions, IBM, Tata Consultancy Services Limited, Hewlett Packard Enterprise Development LP, Accenture and Adapt IT Holdings Limited.