The global revenue assurance market is poised to grow from $0.53 billion in 2023 to $0.88 billion by 2030, marking a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period.
Revenue assurance encompasses a range of operations that enable businesses to accurately collect revenue for all goods sold or services rendered. Rather than addressing funding errors after the fact, these concepts and tools allow businesses to identify and rectify existing or potential revenue leakage points across networks and customer-facing processes before data enters the company’s billing systems.
Several factors are driving market growth, including the increasing focus of businesses on improving customer experience, the rise of the subscription-based economy, and the need for automation solutions like Revenue Process Automation (RPA). However, reliance on human-led services poses a constraint on market growth. Additionally, the increasing demand for innovative payment services and Telco-OTT partnerships present opportunities for the revenue assurance market.
Key Trends: The revenue assurance market is characterized by the emergence of both large-scale and medium-scale providers, each investing in Research and Development (R&D) to develop innovative solutions and maintain competitiveness. Fierce competition among major players necessitates constant innovation and the production of technologically advanced revenue assurance solutions.
For instance, in June 2022, WeDo Technologies, specializing in fraud management and revenue assurance, hosted over 200 telecom experts at its WeMeet Europe event. The event shed light on how 5G technology can challenge current telecom business models and highlighted areas where the company is investing in its product portfolio to assist Communication Service Providers (CSPs) in risk reduction and revenue assurance strategies.
Market Drivers: Digitization is a primary driver for revenue assurance market growth. Factors such as increased internet penetration, the rise in transaction data generation, and the growth of small and medium-sized businesses offering digital service delivery solutions are driving this trend. The adoption of subscription-based business models and emerging technologies like Big Data, Machine Learning (ML), and Internet of Things (IoT) also contribute to market growth.
Globally, telecom operators lose billions of dollars annually due to revenue leakages caused by inadequate internal control processes, systems, and fraud. Despite the awareness of this issue, many service providers continue to face challenges related to revenue leakages. As networks become more complex with the adoption of new access and service delivery technologies, the demand for revenue assurance solutions and services is expected to increase significantly, driving market growth.
Opportunities: Technological advances in revenue assurance are expected to create opportunities for the industry in the forecast period. Innovations like cloud computing, 4G/5G networks, IoT, and Software-Defined Networking (SDN)/Network Function Virtualization (NFV) enable operators to introduce new business models and services. However, these advancements also present new instances of fraud. Traditional structures struggle to keep pace with the dynamics of today’s mobile world, leading to revenue loss and potential profit erosion. Implementation of new technologies and processes, such as real-time revenue assurance, is expected to fuel market growth in the coming years.
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