New York, USA, Sept. 10, 2020 (GLOBE NEWSWIRE) -- The Global Revenue Assurance Market is likely to observe an increase in the growth rate due to the global COVID-19 pandemic. According to a new report added to Research Dive’s offerings, the global revenue assurance market is projected to reach up to $948.3 million and grow at a CAGR of 10.9% during the forecast period from 2019 to 2026. The primary reason behind this positive growth is the increase in number of online transactions and rising awareness amongst individuals and organizations regarding revenue assurance. Comprehensive analysis on drivers, restraints, growth opportunities, key segments, and strategies implemented by the industry players are further delivered in the report to wisely understand the pandemic effect on the global market.
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Key Features of the Market
Our analysts stated that the rise in number of users performing real-time transactions is the major factor fuelling the growth of the global revenue assurance market. The projected market size of the revenue assurance industry post COVID-19 pandemic is $518.7 million in 2020, which is an impressive rise from $499.7 million before the pandemic situation. However, the high costs associated with implementation of revenue assurance and lack of skilled professionals to monitor false transactions is estimated to restrict the market growth in the coming years. On the contrary, a rise in the number of online & mobile banking network services is expected to create enormous growth opportunities for the market growth.
Growth Strategies & Initiatives to Sustain in the Pandemic Situation
A number of players of the global revenue assurance industry are implementing several growth strategies such as new technology introductions and novel product launches to obtain a strong position in the global industry. For instance, in February 2020, AMDOCS successfully completed a revenue assurance service implementation at a leading network operator, Safaricom in Kenya. A new model is generated by AMDOCS in this project with an innovative solution to recover and detect the revenue leaks by automating its revenue assurance systems.
Moreover, the governments of various countries are taking initiatives to help the enterprises to withstand during the pandemic period. For instance, the British government has announced a package of around $1.75 billion to help small business sustain in these unexpected crisis created due to COVID-19. In addition, the government has decided to make an adjustment to the non-domestic rates (NDR) relief for the various sectors including hospitality, leisure and retail sectors for the fiscal year 2020 to 2021.
Post-Pandemic Scenario
As per the report, the global revenue assurance market is estimated to witness an impressive growth post-coronavirus pandemic. The significant growth of this market is majorly owing to growing requirement of strong validation systems and the importance of revenue assurance to detect revenue leakages. In addition, the rising trend for incorporating AI in revenue assurance systems will further boost the growth of global market after COVID-19 pandemic.
Leading Companies in Revenue Assurance System Market
- Cartesian, Inc.
- Mobileum
- SUBEX
- Tech Mahindra Limited
- Telefonaktiebolaget LM Ericsson
- AMDOCS
- Sagacity Solutions
- IBM
- Tata Consultancy Services Limited
- Hewlett Packard Enterprise Development LP
- Accenture
- Adapt IT Holdings Limited.
The report offers several strategies and tactics of the leading players functioning in the market such as the latest strategic plans & developments, financial performance, product portfolio, and SWOT analysis. Quick Download Top Companies Development Strategies Summary Report [75 pages]