The global revenue assurance market is projected to grow at a considerable CAGR of around 10.5% during the forecast period (2024-2031). The market is driven by the increasing transaction data, growing adoption of digital solutions by small and medium enterprises (SMEs), and rising trend towards advanced technologies such as big data analytics, machine learning, and IoT. The global revenue assurance market is segmented by deployment (cloud-based and on-premises), by industry (BFSI, energy & utilities, retail, hospitality, telecom, and others), and by geography (into North America, Europe, Asia-Pacific, and the Rest of the World).
Market Dynamics
- The telecom industry segment is anticipated to grow at a considerable CAGR during the forecast period, owing to the growing demand for rapid identification of revenue losses, mapping areas of problem for remediation, decreasing time to resolution, leveraging efficiency, and minimizing cost. Telecom enterprises have deployed revenue assurance solutions to ease the maintenance of revenue losses and fraud management in the industry.
- Additionally, the growing demand for constant inspection, monitoring, and maintenance of components of the telecommunications network is driving the telecom segment growth. Furthermore, the growing cases of revenue losses in the telecom industry are anticipated to propel the segment growth.
- North America is projected to hold a significant market share owing to the wide adoption of revenue assurance solutions, the significant presence of revenue assurance vendors, and growing internet penetration.
- The growing number of large, small, and medium enterprises across the US and Canada, an increasing concern of big data management is furthermore contributing to the regional market growth. Companies in the region are hiring revenue assurance providers for the optimal management of their revenue frauds with more security and flexibility.
The key players in the revenue assurance market are significantly contributing to the market growth, by launching different types of products and increasing their geographical presence across the globe- through partnerships, collaborations, mergers and acquisitions. The key players include Amdocs Group, Hewlett Packard Enterprise Development LP, Itron Inc., Nokia Corp., Tata Consultancy Services Ltd., and others.
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