The coronavirus outbreak has impacted the global revenue assurance market in a positive way. Because of the strict lockdowns, workplaces have shifted to homes of the employees. The new ‘work from home’ culture has increased the demand of regular revenue audits resulting in the growth of the market. The leading players of the market are focusing on developing strategies to sustain the market growth in the post-pandemic market.
New York, USA, June 30, 2021 (GLOBE NEWSWIRE) -- According to a recent report by Research Dive, the global revenue assurance market is forecasted to reach $948.3 million by the end of 2026, from $422.5 million in 2018. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figures Pre and during COVID-19
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the market has recorded a CAGR of 10.9% during recent months, while it was expected to be 8.6% in the pre-COVID-19 scenario. Because of the communal transmission of Covid-19, governments have imposed lockdowns. During this period, all small and medium businesses opted for ‘work from home’ system. Because of this, regular revenue audit became essential as cyber attackers are aiming for online fraud during huge transactions. This is the most important factor of the growth of the market.
Check out How COVID-19 impacts the Global Revenue Assurance Market: https://www.researchdive.com/connect-to-analyst/336
Factors Impacting the Market Size in the Pre-COVID and Real-time Scenario
According to the report, the real-time market size has been increased compared to the pre-COVID-19 estimations. The real-time market size has reached a revenue of $518.7 million in 2020, while it was estimated to reach $499.7 million in an analysis before the Covid-19 emergence.
With the Covid-19 pandemic, a new culture of working from home emerged. Most of the small and big companies succumbed to the convenience of this culture during the critical period of communal transmission of the fatal virus. However, with this culture surfaced many cyber-attacks such as international revenue share fraud, social engineering, SMS fraud, distributed Denial-of-Service and robo calls. To prevent such scam, companies installed revenue assurance system to keep the revenue safe during any digital transaction. These are the factors behind the growth of the market.
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Post Pandemic Insight
The global revenue assurance market will sustain the growth even after the pandemic because of the demand of strong validation systems and revenue assurance systems to detect any kind of scam or illegal activity in any organization. Apart from this, implementation of Artificial Intelligence in the revenue assurance technology will further increase the stream of growth of the market.
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Key Players of the Market
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.
These market players are concentrating on developing strategies such as new product launches, research and development, following trending market ideas, building product portfolio, mergers & acquisitions, and business expansions.
For instance, in August 2020, Amdocs, a leading provider of software and services to communications and media companies, announced about its acquisition of Openet, a global leader in 5G charging, policy and cloud technologies. This acquisition aims to combine Openet’s open and network-centric technologies and Amdocs’ 350+ service provider customers worldwide, helping them in thriving in the 5G wave around IoT, cloud, edge compute, and new user experiences.
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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