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The cloud has seen significant growth in the revenue assurance market due to the growing emphasis on ensuring fast, real-time access to data.
HYDERABAD, TELANGANA, INDIA, Oct. 17, 2022 /EINPresswire.com/ — The revenue insurance market size is expected to reach USD 780 million by 2026, growing at a CAGR of 9% in 2021-2026. Revenue Assurance is a software solution that enables the Communications Service Provider (CSP) to investigate and remediate dozens of actual or potential leak points on the network and customer-facing systems, and correct data before they reach the billing system. The revenue assurance market share has increased due to the leakages that occur when the revenue generated by the business and when the services are rendered to the customer when they are lost on the way to the billing systems and the customer is never debited drive market growth. .
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Key points to remember
The rise of the BFSI sector along with the growth of energy and utilities owing to the growing demand for energy along with plans to enhance the increase in transaction data generation has driven the growth of the market .
The cloud has witnessed significant growth in the market due to the increasing emphasis on ensuring fast and real-time access to data, as well as several advantages offered by the private cloud, such as the growing emphasis placed on the guarantee of rapid and real-time access to data.
North America is witnessing major growth with a CAGR of 14% in the market owing to the surge in adoption of cloud technology owing to technological advancements and the growth of IoT as well as the 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% over the forecast period as it is used by most of the end users to store and process their critical data in the organizations firewall and the private cloud also offers high levels of security and encryption. Deploying in the cloud offers the ability to spend more on hardware and storage options, resulting in larger enterprises making greater use of cloud infrastructure. Cloud infrastructure is a software-as-a-service platform for storing and accessing critical data.
Revenue Insurance Market Segment Analysis – By End Users
The telecommunications industry is expected to witness a highest CAGR of 5% over the forecast period owing to the growing incidence of telecommunications fraud. In 2019, Huawei, a telecommunications equipment company, pledged to invest up to $800 million over the next three years to expand its presence in Brazil through a new manufacturing plant in São Paulo. As Brazilian Telecom plans to make the telecommunications sector the largest 5G spectrum in the world in 2020. The Middle East is one of the fastest growing regions in terms of broadband penetration, cellular networks and others. High broadband and internet penetration has led to the increase in the number of businesses that depend on the internet, which has led to the growth of the telecommunications sector.
Revenue Insurance Market Segment Analysis – By Geography
The North America region held a significant market share of 14% in 2020. The North American telecommunications markets, owing to the growth of device and module manufacturers, communication service providers, telecommunications players IoT platform, applications, analytics and security software vendors and professional service providers, are ready for the internet of things. As there is an increase in population, the mobile subscribers served increase, due to which the revenue assurance market grows. According to the US Small Business Administration, there are 30.2 billion small and medium-sized businesses in the country, many of which use enterprise software to minimize the cost 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. Overview of benefits
5. Sub-ex
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