New York, USA, April 15, 2021 (GLOBE NEWSWIRE) — A latest report on the global revenue assurance market by Research Dive unfolds the impact of COVID-19 pandemic on the current and future growth of the global industry. The global revenue assurance market registered a revenue of nearly $422.5 million in 2018 and is anticipated to grow at a 9.8% CAGR, surpassing $948.3 million by 2026. The report is drafted by closely evaluating important factors like prime industry drivers & limitations, current trends & advances, regional market conditions, and size & scope of the industry in the course of the pandemic. The report states that the COVID-19 pandemic has made an optimistic impact on the industry growth.
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Factors Impacting the Market Growth during the COVID-19 Pandemic
Rise in the utilization of subscription-based economy method is notably the growth of the revenue assurance market. Many companies are designing business models to address the rising sales loss caused by fraudulent transactions. Moreover, the demand for revenue assurance solutions is rising as the number of users making real-time transactions increases. Growing number of mobile and online banking network services will boost the growth of the market in the analysis period. Furthermore, revenue assurance solutions are intended to enhance organizational competence while still maintaining revenue capacity. Revenue assurance is becoming more widely used in BFSI, telecommunications, and other industries as a result of its increasing importance.
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The lack of qualified professionals to track fake transactions, as well as the high cost of implementing revenue assurance solutions, are significant restraints on the market’s growth. Monitoring fake transactions at an early stage is also a challenge for businesses, which can restrict the growth of the global revenue assurance market.
Highlights of the Report
1. The global revenue assurance market CAGR, as projected before the rise of the COVID-19 pandemic, was 8.6% in the forecast period, 2018—2026.
2. The global revenue assurance market CAGR, as projected post the rise of the COVID-19 pandemic, is anticipated to be 10.9% during the course of the forecast period, 2018—2026.
3. The global revenue assurance market sector size as projected before the commencement of the COVID-19 pandemic, was USD 499.7 Million.
4. The current market size (2020), tolerating the impacts of the COVID-19 pandemic, is USD 518.7 Million.
Present Picture of the Market due to COVID-19 Disaster:
The global revenue assurance market has benefited from the COVID-19 emergency. During this time, more than 65 percent of workers began to choose the work-from-home option due to the availability of stable connectivity networks. Revenue attacks such as SMS scams, international revenue share fraud (IRSF), social engineering fraud, distributed denial-of-service (DDoS), and robocalls have increased dramatically in recent years. Most financial and government entities are introducing revenue verification programs to detect internal and external fraud revenue transactions as a result of these revenue attacks. In times of emergency, these aforementioned aspects are expected to drive the growth of the global revenue assurance market.
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Top Leading Companies
1. Cartesian, Inc.
4. Tech Mahindra Limited
5. Telefonaktiebolaget LM Ericsson
7. Sagacity Solutions
9. Tata Consultancy Services Limited
10. Hewlett Packard Enterprise Development LP
12. Adapt IT Holdings Limited.
Future Scope of the Industry:
According to the report, the global revenue assurance market will witness significant growth in 2020 and is anticipated to follow the trend until the end of the analysis period. This rise is due to a growing demand for strong validation systems, as well as a growing awareness of the value of revenue assurance systems in detecting revenue leakages among the general public. In addition, the growing trend of incorporating artificial intelligence (AI) into revenue assurance systems is expected to fuel market growth in the coming years. This AI is used to detect genuine transactions by using cutting-edge technology such as data mining, cloud computing, deep learning, and artificial language. All these aforementioned factors provide lucrative investment opportunities in the industry.
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The report offers many strategies and ideas of the top industry players functioning in the industry such as the current strategic plans & developments, financial performance, SWOT analysis, and product/service range. Click Here to Get Enquiry for Short-term and Long-term Impacts of COVID-19.
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