Global Revenue Assurance Market: Overview
Revenue assurance refers to the set of activities or principles that enable organizations to accurately capture revenue for all the products sold or services provided. Instead of rectifying financing errors after they have occurred, or not identifying or correcting them at all, revenue assurance principles or tools allow companies to examine and fix present or potential revenue leakage points throughout networks and intermediate client- and customer-facing systems and correct the data before it reaches the organization’s billing systems.
Though prevention and detection of revenue leakage is the primary objective of any revenue assurance system, technologically advanced revenue assurance systems also help companies improve and automate their conventional revenue assurance detection and monitoring processes, and detect and prevent frauds and data inconsistencies.
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Products and services based organizations in present times face wide-ranging challenges and struggle with numerous issues – from expanding their consumer base in saturated markets to managing the rapidly rising consumer base in developing markets. Markets with several vendors also present companies with intensely competitive environment that requires innovations and technological developments at a steady pace to gain competitive edge in the market. All these scenarios make companies more vulnerable to revenue leakage and call for the integration of effective revenue assurance tools in their overall revenue management scenario.
Global Revenue Assurance Market: Key Trends and Opportunities
The increasingly complex business environment and practices and the need to adhere to numerous revenue streams are the key driving forces for the global revenue assurance market. The report presents a detailed analysis of the impact of other major drivers, restraints, and trends in the market’s future developmental prospects.
The report analyzes the market for criteria such as crucial revenue assurance services, software products, deployment methods of revenue assurance tools, size of companies adopting revenue assurance tools, key end-use industries, and major regional markets for the global revenue assurance market.
The key end-users of revenue assurance systems include industries such as telecom, banking, finance services and insurance (BFSI), logistics, retail, and energy and utilities. The key deployment methods for revenue assurance systems include on-premise and the cloud.
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Over the report’s forecast period, the availability of an increasing number of revenue assurance services on the cloud medium would lead to their increased adoption in small- and mid-sized companies worldwide.
Global Revenue Assurance Market: Region-wise Outlook
The revenue assurance market has been witnessing growing visibility and empowerment in some of the regional markets. While the market currently earns a majority of revenue from North America, the rising awareness regarding the severe impacts of revenue leakages on an organization’s overall profitability would drive the market for revenue assurance in developing regions at a significant pace over the report’s forecast period. As such, the market would witness growth at the fastest pace in Asia Pacific and be driven by the increased demand for cloud-based services from small- and mid-sized companies in the region. The flourishing telecom sector in Asia Pacific would also boost the revenue assurance market in the region over the report’s forecast period.
Global Revenue Assurance Market: Competitive Landscape
The market features a large number of solution developing companies and services providers. As such, it demonstrates intense competition and calls for constant innovations and development of technologically-advanced revenue assurance solutions. Some of the major vendors in the market are IBM, Amdocs, Tech Mahindra, Tata Consulting Services, Ericsson, Subex, Hewlett Packard, and Accenture.
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