Report : Africa Revenue Assurance Market Forecast to 2030 - Regional Analysis - by Component (Solution and Services), Deployment (On-Premise and Cloud-Based), Organization Size (SMEs and Large Enterprises), and Vertical (BFSI, Hospitality, Telecom, Utilities, and Others)
At 7.3% CAGR, Africa Revenue Assurance Market is Projected to be worth US$ 210.05 million by 2030, says Business Market Insights
According to Business Market Insights' research, the Africa revenue assurance market was valued at US$ 119.99 million in 2022 and is expected to reach US$ 210.05 million by 2030, registering a CAGR of 7.3% from 2022 to 2030. Growing importance of revenue assurance in non-telecom sectors and rapid evolution of digital technologies are among the critical factors attributed to drive the Africa revenue assurance market growth.
Traditionally associated with the telecommunications industry, revenue assurance is increasingly gaining significance in non-telecom sectors. As businesses across various industries face evolving revenue streams and complex financial operations, robust revenue assurance practices become paramount. Historically, revenue assurance has been focused on telecom companies, aiming to identify and prevent revenue leakages, optimize billing processes, and ensure accurate revenue recognition. However, as organizations outside the telecom industry experience similar challenges in revenue management, the scope of revenue assurance is expanding. Sectors such as banking, insurance, e-commerce, utilities, and healthcare recognize the value of implementing revenue assurance strategies to safeguard their financial operations.
Non-telecom sectors face unique revenue assurance challenges that differ from those in the telecom industry. For instance, banking institutions must ensure accurate transaction reconciliation, prevent fraudulent activities, and comply with regulatory requirements. E-commerce platforms must effectively track and reconcile online transactions, manage inventory, and address issues related to refunds and chargebacks. Similarly, healthcare providers must navigate complex billing processes, handle insurance claims, and ensure accurate revenue recognition. These challenges necessitate the adoption of revenue assurance practices tailored to the specific requirements of each industry.
On the flip side, lack of awareness and understanding of revenue assurance hampers the growth of Africa revenue assurance market.
Based on component, the Africa revenue assurance market is bifurcated into solution and services. The solution segment held 76.2 % market share in 2022, amassing US$ 86.90 million. It is projected to garner US$ 156.22 million by 2030 to register 7.6% CAGR during 2022-2030.
In terms of deployment, the Africa revenue assurance market is bifurcated into on-premises and cloud-based. The cloud-based segment held 72.1% share of Africa revenue assurance market in 2022, amassing US$ 84.51 million. It is anticipated to garner US$ 152.36 million by 2030 to expand at 7.6% CAGR during 2022-2030.
In terms of organization size, the Africa revenue assurance market is bifurcated into SMEs and large enterprises. The large enterprises segment held 77.8% share of Africa revenue assurance market in 2022, amassing US$ 96.27 million. It is anticipated to garner US$ 164.09 million by 2030 to expand at 6.9% CAGR during 2022-2030.
Based on vertical, the Africa revenue assurance market is segmented into BFSI, hospitality, telecom, utilities, and others. The telecom segment held 33.1% market share in 2022, amassing US$ 37.55 million. It is projected to garner US$ 69.76 million by 2030 to register 8.0% CAGR during 2022-2030.
Based on country, the Africa revenue assurance market is categorized into Northern Africa, Western Africa, Southern Africa, Eastern Africa, and Central Africa. Our regional analysis states that Northern africa captured 39.2% share of Africa revenue assurance market in 2022. It was assessed at US$ 47.00 million in 2022 and is likely to hit US$ 89.04 million by 2030, registering a CAGR of 8.3% during 2022-2030.
Key players operating in the Africa revenue assurance market are Nokia Corp, Tata Consultancy Services Ltd, Amdocs, Araxxe SAS, BDO South Africa Inc, Panamax Inc, and Adapt IT Holding Proprietary Ltd., among others.
- In February 2020, Amdocs announced that Safaricom, a major Kenyan mobile network operator, had successfully implemented revenue assurance. The project's purpose was to provide Safaricom with comprehensive and flexible revenue safeguards for the entire life cycle of new services across its whole company.
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