Revenue Assurance Market worth $780 million by 2026 at a growth rate of 9% – IndustryARC
Cloud witnessed a significant growth in the Revenue Assurance Market owing to growing emphasis on ensuring real-time and quick access to data along.
HYDERABAD, TELANGANA, INDIA, October 17, 2022 /EINPresswire.com/ — Revenue Assurance Market Size is forecast to reach $780 million by 2026, at a CAGR of 9% during 2021-2026. Revenue Assurance is a software solution that enables the communication service provider (CSP) to examine and plug dozens of actual or potential leakage points throughout the network and customer-facing systems, and to correct data before it reaches the billing system. Revenue Assurance market share has increased due to leakages that arise when revenue that has been earned by the company and when services are rendered to the customer when lost on its way to the billing systems and the customer never gets debited is driving the growth of the market.
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Key Takeaways
Surge in the BFSI sector along with the growth of Energy and Utility owing to the rising energy demands along with plans to improve the increase in the generation of transaction datahas driven the market growth.
Cloud witnessed a significant growth in the market owing to growing emphasis on ensuring real-time and quick access to data along with several benefits offered by the private cloud such as growing emphasis on ensuring real-time and quick access to data.
North America is witnessing a major growth with a CAGR of 14% in the market owing to the surge in adoption of cloud technology due to advancement in technology and growth of IoTalong with adoption of hosted services.
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Segmental analysis
Revenue Assurance Market Segment Analysis – By Deployment Type
The cloud segment is growing at a significant market value of 13% in the forecast period as it is used by most of the end users to store and process their critical data within the firewall of organizations and the private cloud also provides high levels of security and encryption. Cloud deployment provides the ability to spend more on the hardware and storage options due to which large enterprises use more the cloud Infrastructure. Cloud infrastructure is a software-as-service platform for storing and accessing critical data.
Revenue Assurance Market Segment Analysis – By End Users
The Telecommunicationsector is expected to witness a highest CAGR of 5%the forecast period owing to the increasing incidences of telecom fraud. In 2019, Huawei a telecommunication equipment company has committed to invest up to $800 million over the next three years to expand its presence in Brazil via a new manufacturing facility in São Paulo. As the Brazilian telecoms are planning to make the telecom sector world’s largest 5G spectrum in the year 2020. Middle East is one of the fastest-growing regions in broadband penetration, cellular networks and others. The high broadband and internet penetration have led to the rise in companies that rely on the internet leading to the growth of the telecommunication sector.
Revenue Assurance Market Segment Analysis – By Geography
North America region held significant market share of 14% in 2020. North American Telecommunication markets owing to the growth of device and module manufacturers, communication service providers, IoT platform players, applications, analytics and security software vendors and professional service providers have poised for Internet of Things. As there is an upsurge in population the served mobile subscribers are rising owing to which the revenue assurance market is growing. According to the U.S. Small Business Administration, the country has 30.2 billion small and medium-sized firms, many of which employ enterprise software to minimize the costs and complexity of internal technical systems.
Competitive landscape
The top 5 players in the Revenue Assurance industry are –
1. Amdocs
2. Araxxe, Inc.
3. Digital Route
4. Profit Insight
5. Subex
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