Report : Asia Pacific Revenue Assurance for BFSI Market Forecast to 2031 - Regional Analysis - by Component (Solution and Services), Deployment (Cloud and On-Premise), and Organization Size (Large Enterprises and SMEs)
At 9.5% CAGR, Asia Pacific Revenue Assurance for BFSI Market is Projected to be Worth US$ 196.32 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific revenue assurance for BFSI market was valued at US$ 94.81 million in 2023 and is projected to reach US$ 196.32 million by 2031, registering a CAGR of 9.5% from 2023 to 2031. Increasing need for revenue leakage prevention in complex banking environment and growing technological adoption in banking sector are among the critical factors attributed to drive the Asia Pacific revenue assurance for BFSI market growth.
Digital adoption in banking is the process of integrating and using digital technology and solutions to improve client experiences, streamline operations, and increase overall efficiency in the banking business.
As more banking transactions move online and via digital channels such as mobile banking and online payments, the number and complexity of transactions rise. Revenue assurance solutions assist banks in resolving and verifying these transactions, assuring proper revenue recognition and reducing revenue loss due to errors or fraud. For instance, according to 2021 data released by the World Bank, two-thirds of adults worldwide now make or receive digital payments, with developing economies accounting for 57% in 2021, up from 35% in 2014. In developing countries, 71% hold an account with a bank, another financial institution, or a mobile money provider, an increase from 63% in 2017 and 42% in 2011. Digitalization has raised client expectations for consistent, tailored banking services across all channels. Revenue assurance solutions help banks improve the customer experience by optimizing revenue streams, recognizing cross-selling and upselling opportunities, and delivering targeted marketing campaigns based on customer data. According to a 2023 survey by Astera Software, with more than 70% of customers underlining the importance of personalized offers in banking, it is clear that individuals place great value on individualized experiences from their financial institutions. Also, a 2023 study by Genesys stated that 72% of business leaders believe that customer loyalty is achieved majorly by offering personalized products and services.
Thus, the digitization of the BFSI sector is driving the market for revenue assurance in banking. By employing modern technologies and data-driven insights, banks can improve revenue assurance methods, manage risks, and seize new income opportunities in the digital world.
On the contrary, lack of awareness and understanding about revenue assurance hampers the growth of the Asia Pacific revenue assurance for BFSI market.
Based on component, the Asia Pacific revenue assurance for BFSI market is bifurcated into solution and services. The solution segment held 76.1% market share in 2023, amassing US$ 72.19 million. It is projected to garner US$ 154.67 million by 2031 to register 10.0% CAGR during 2023-2031.
Based on deployment, the Asia Pacific revenue assurance for BFSI market is bifurcated into cloud and on-premise. The cloud segment held 78.8% market share in 2031, amassing US$ 74.73 million. It is projected to garner US$ 161.43 million by 2031 to register 10.1% CAGR during 2023-2031.
Based on organization size, the Asia Pacific revenue assurance for BFSI market is bifurcated into large enterprises and SMEs. The large enterprises segment held 81.6% market share in 2031, amassing US$ 77.34 million. It is projected to garner US$ 157.96 million by 2031 to register 9.3% CAGR during 2023-2031.
Based on country, the Asia Pacific revenue assurance for BFSI market is categorized into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 28.4% share of Asia Pacific revenue assurance for BFSI market in 2031. It was assessed at US$ 26.92 million in 2031 and is likely to hit US$ 59.35 million by 2031, registering a CAGR of 10.4% during 2031-2031.
Key players operating in the Asia Pacific revenue assurance for BFSI market are Claptek Private Limited, Oracle Corp, SSPL, Subex Ltd, Sunoida Solutions DMCC, and SunTec Business Solutions, among others.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com