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Revenue Assurance Market Segmented By Solution that is Migration Assurance, Usage Assurance, Provisioning Assurance, Billing and Rating Validation, Roaming and Interconnect Partner Assurance
Revenue Assurance service is an end-to-end analysis of the revenue stream processes, which goes beyond the traditional approach, by identifying problems that are generally not revealed through the analysis of any single area of revenue generation. Revenue assurance is usually understood as a means to identify and remedy, and perhaps also to prevent, problems that result in financial under performance without seeking to generate additional sales.
New technologies and the arrival of OTT’s have meant increased competition, even in national markets, from global players with highly disruptive business models. This increasingly competitive global market where customers have more choices than ever before have stimulated operators to invest in new sophisticated technologies and products.
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In the backdrop of the COVID-19 pandemic, the major players in the market are ensuring the minimal business impact of the COVID-19 situation on their customers. Telecommunication companies are focused on increasing network resiliency and looking at how COVID-19 impact their planned investment, particularly in 5G.
Telcos are also making changes to benefit customer, who during this time need networking services whereas in some countries, data is being used as a tool to track and contain the spread of the virus.
Historically, the market for revenue assurance has grown by almost 8% globally in the past 5 years. Due to the COVID-19 outbreak, overall telecom traffic for has jumped by 10% and streaming platforms have witnessed a 20% spike in viewership as most companies already have business continuity plans.
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Get a Customized VersionIntegration with Network Elements is spurring the growth of Revenue Assurance Market
An end-to-end Revenue Assurance system plugs into various network elements, from SS7 probes all the way up to the billing system. It has an ability to interface with a variety of support systems and network elements that enable it to process usage information, track discrepancies and identify potential revenue leakages.
Moreover, Operator must thus look for Revenue Assurance systems that have an ability to build a workflow that reflects its existing procedures and also has the flexibility to configure new workflows as it evolves and improves.
Demand is increasing for Automation Solutions for Revenue Assurance
Revenue assurance and fraud management departments across various telecommunications firms are continuously innovating new ways to adapt to any emerging risks that are causing revenue loss.
Furthermore, the need of a robust risk mitigation approach would involve automating the volumetric activities performed by various teams and integrating the revenue assurance and fraud management systems with intelligent automation tools, e.g. robotic process automation and cognitive analysis tools, to build a comprehensive risk management framework.
Key players in the revenue assurance market are focusing on business acquisitions and product enhancements with the technology vendors to offer innovative payment services for sustained business growth. The major players offering revenue assurance solutions include Amdocs, TCS, Nokia, Subex, TransUnion, HPE, Itron, Cartesian, TEOCO, among others.
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