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.
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.
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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.
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.
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