The Global Revenue Assurance Market size is expected to reach $7. 7 billion by 2026, rising at a market growth of 14. 4% CAGR during the forecast period. Revenue assurance refers to a series of activities or principles allowing organizations, for all products sold or for the services offered, to accurately collect revenue.
New York, July 21, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Revenue Assurance Market By Component, By Deployment Type, By Vertical, By Region, Industry Analysis and Forecast, 2020 - 2026" - https://www.reportlinker.com/p05933120/?utm_source=GNW
The principle or tools of retail assurance allow companies to check and fix current or potential revenues leakage points on the networks and intermediate customer-facing systems and to correct the data before they arrive at the billing systems of the organization, instead of correcting financing errors after they have occurred or have not identified or corrected them at all.
Products and services-based organizations currently face huge challenges and issues, from raising the customer base in saturated markets to handling the rapidly growing consumer base in developing markets. Markets with a number of providers often offer firms with a highly competitive environment demanding constant innovation and technological developments to gain competitive edge. All these scenarios make firms more exposed to revenue leaking and call for the integration in their overall scenario of revenue management of effective income insurance instruments.
Globally, telecommunications operators lose billions of dollars annually through revenue leakage caused by inadequate internal control, systems and fraud. Nevertheless, despite the awareness of its significance, many service providers are continually faced with problems related to revenue leakage. As the new access and service delivery systems adapt their networks to a more complex infrastructure, there is constant need to change services, in order to meet the needs of the market. The increasing effect of revenue leakage is projected to contribute to a greater development in demand for revenue assurance solutions and services. In addition, increasing awareness of the serious impact of revenue leakage on the overall profitability of the organization is likely to drive the market in the years to come.
Based on Component, the market is segmented into Software and Services. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Vertical, the market is segmented into Telecom, BFSI, Healthcare & Social Assistance, Energy & Utilities, Retail and Others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The major strategies followed by the market participants are Partnerships and Product Launches. Based on the Analysis presented in the Cardinal matrix, Tata Consultancy Services Ltd., IBM Corporation, and Accenture PLC are the forerunners in the Revenue Assurance Market. Companies such as Amdocs Limited, Subex Limited, Nokia Corporation, and Itron, Inc., Hewlett Packard Enterprise Company, and Tech Mahindra Limited are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, Hewlett Packard Enterprise Company, IBM Corporation, Tata Consultancy Services Ltd., Tech Mahindra Limited, Nokia Corporation, Itron, Inc., Subex Limited, Amdocs Limited, and Araxxe SAS.
Recent strategies deployed in Revenue Assurance Market
Partnerships, Collaborations, and Agreements:
Mar-2020: Tata Consultancy Services came into collaboration with Bharti Airtel. The collaboration was focused on accelerating the former company’s digital transformation journey. Under the collaboration, Airtel would leverage TCS’ HOBS product portfolio management (PPM) solution.
Feb-2020: IBM announced partnership with C3.ai, a leading enterprise AI software provider. The partnership was focused on bringing enterprise artificial intelligence (AI) solutions across industries globally. Together, C3.ai and IBM Services aimed to provide a powerful platform for companies seeking to dramatically reduce cost and risk, accelerate deployment, and quickly generate financial returns from their digital transformation programs.
Jan-2020: Subex extended its partnership with Jawwal, the foremost mobile network operator in Palestine. The partnership was aimed at providing an upgrade with the latest versions of ROC Revenue Assurance and ROC Fraud Management. With the help of Subex’s revenue assurance and fraud management solutions, Jawwal would transform itself into a holistic digital service provider by using insights into their business/ operations support systems (B/OSS) and avail a comprehensive coverage against traditional and new-age frauds.
Sep-2019: Subex signed an agreement with VIVA, Kuwait’s fastest-growing and most developed telecom operator. Under this collaboration, Subex would provide its ROC Revenue Assurance and ROC Fraud Management solutions on a Managed Services model. The agreement was aimed at helping VIVA Kuwait accelerate their drive towards digitalization across different verticals, and to support them in various innovations including 5G and IoT.
May-2019: Hewlett Packard Enterprise (HPE) collaborated with Vodafone Idea. Following this collaboration, Vodafone Idea has selected HPE’s operations support systems (OSS) platform for Vodafone’s Service & Network Operations Center (SNOC). The latter company streamlined its service assurance processes with HPE Intelligent Assurance solution and expanded the SNOC’s existing robotic process automation (RPA) journey as it transforms into a digital service provider.
Mar-2019: Subex came into an agreement with Botswana Telecommunications, a leading telecommunications services provider in Botswana. Under this agreement, the former company has been implemented its integrated ROC Revenue Assurance and ROC Fraud Management Platform (iRAFM), along with its ROC Partner Settlement and ROC Route Optimization. Subex enabled BTC with an out-of-the-box solution to combat prevalent frauds such as Subscription Fraud, Internal Fraud, Premium Rate Service Fraud (PRS Fraud), and International Revenue Share Fraud (IRSF), amongst others.
Feb-2019: Subex announced an agreement with Umniah for deploying ROC Revenue Assurance. The deployment of ROC Revenue Assurance enhanced Umniah’s future readiness by providing flexibility to scale as required, enabling real-time Revenue Assurance, and by providing an unmatched customer experience while optimizing the cost of ownership.
Acquisition and Mergers:
Aug-2019: Accenture acquired Parker Fitzgerald, a strategic advisor, and consulting partner to leading global financial institutions. Parker Fitzgerald’s advisory and assurance expertise and regulatory experience complemented Accenture’s consulting and technology capabilities and strengthened Accenture’s client response to the evolving risk landscape in financial services.
Mar-2018: Hewlett Packard Enterprise (HPE) signed an agreement to acquire Cape Networks, the service assurance firm. After the acquisition, Cape Networks would be operated under HPE’s Aruba division. Cape Networks and its technology would expand the artificial intelligence (AI) capabilities of Aruba, specifically Aruba NetInsight, a machine learning technology. NetInsight helps expand Aruba’s mobile architecture by adding AI-based analytics and assurance that helps to optimize network performance.
Feb-2017: Nokia announced an agreement to acquire an operations support system (OSS) specialist, Comptel. Comptel would bolster Nokia’s portfolio by adding software for catalog-driven service orchestration and fulfillment. Comptel’s service orchestration portfolio would be combined with Nokia’s existing service assurance portfolio.
Jan-2016: Amdocs acquired Cvidya, the RA software vendor. Cvidya develops revenue analytics and revenue assurance systems. The acquisition strengthened Amdocs’ position in revenue assurance systems.
Product Launches and Product Expansions:
Feb-2020: Nokia introduced two new cloud-native software applications for helping communication service providers (CSPs) operate their networks more efficiently and effectively, and drive new revenue opportunities. These two applications are Nokia Assurance Center and Nokia Experience Center. The Nokia Assurance Center has its focus on the service layer down to the network layer, while the Nokia Experience Center has a focus from the customer and subscriber experience perspective.
Nov-2019: Accenture launched a compliance-as-a-service offering. The offering would help financial institutions, fintech, and technology companies cost-effectively combat financial crime and comply with related regulations. This compliance-as-a-service (CaaS) offering provides an end-to-end capability that uses SynOps, Accenture’s human-machine operating engine that synergizes data, applied intelligence, digital technologies, and exceptional talent.
Oct-2019: Amdocs introduced RevenueONE for enabling communications service providers (CSPs) to capture every revenue opportunity of the digital economy. Amdocs RevenueONE also reduced CSPs’ time to cash. This was made possible by decomposing mission-critical charging, payments, billing, billing, incentives, and product-catalog processes into DevOps-ready, cloud-native microservices. It also turned batch billing processes into real-time functions.
Feb-2019: Tech Mahindra Ltd. launched netOps.ai, the Network Automation and Managed Services Framework based on CI/CD (Continuous Integration / Continuous Deployment) principles.
Scope of the Study
By Deployment Type
• Healthcare & Social Assistance
• Energy & Utilities
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Accenture PLC
• Hewlett Packard Enterprise Company
• IBM Corporation
• Tata Consultancy Services Ltd.
• Tech Mahindra Limited
• Nokia Corporation
• Itron, Inc.
• Subex Limited
• Amdocs Limited
• Araxxe SAS
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