Report : Middle East & Africa 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 8.9% CAGR, Middle East & Africa Revenue Assurance for BFSI Market is Speculated to be worth US$ 48.59 million by 2031, says Business Market Insights
According to Business Market Insights' research, the Middle East & Africa revenue assurance for BFSI market was valued at US$ 24.64 million in 2023 and is projected to reach US$ 48.59 million by 2031, registering a CAGR of 8.9% from 2023 to 2031. Increasing need for revenue leakage prevention in complex banking environment and benefits of managed service approach in revenue assurance are among the critical factors attributed to drive the Middle East & Africa revenue assurance for BFSI market growth.
Revenue leakage is the amount of money an organization has earned but has not collected. That is, money from the clients is processed but not credited to the company's account for a variety of reasons. One of the causes of revenue leakage is the lack of awareness within an organization.
Banking relationships are becoming more complicated, with most corporate customers operating across several geographies, currencies, companies, and engagements. Relationship managers must have a consistent and consolidated view of client involvement across touchpoints, as well as sophisticated insights into their behavior, to effectively offer hyper-personalized, specialized pricing alternatives and promotions. In the absence of empathic and timely discussions, there is increased customer dissonance, unhappiness, and procedural inefficiencies, which result in revenue leakages. Inefficient billing and invoicing systems, coupled with error-prone reporting processes, increase the risk of revenue leakage. The most typical causes of revenue leakage include incorrect pricing, refund problems, unbilled transactions, numerous freebies to the same client, faults in the discount calculation, undercharging, and inaccuracies during service downgrades. It could also result from avoidable clerical errors such as unsent invoices, inaccurate data entry, untracked payments, and conversion loss owing to exchange rates.
Banks want a revenue management solution that provides transparency to clients, improves customer experience, and plugs revenue leaks. A digital platform that can break down silos and integrate data across channels and touchpoints is a must-have for financial institutions/corporate banks aiming to plug revenue leaks. Many banks are partnering with third-party providers who can install middleware solutions to improve revenue assurance and client experience.
On the contrary, lack of awareness and understanding about revenue assurance hampers the growth of the Middle East & Africa revenue assurance for BFSI market.
Based on component, the Middle East & Africa revenue assurance for BFSI market is segmented into solution and services. The solution segment held 79.8% market share in 2023, amassing US$ 19.67 million. It is projected to garner US$ 39.88 million by 2031 to register 9.2% CAGR during 2023-2031.
Based on deployment, the Middle East & Africa revenue assurance for BFSI market is segmented into cloud and on-premise. The cloud segment held 81.2% market share in 2031, amassing US$ 20.01 million. It is projected to garner US$ 40.95 million by 2031 to register 9.4% CAGR during 2023-2031.
Based on organization size, the Middle East & Africa revenue assurance for BFSI market is segmented into large enterprises and SMEs. The large enterprises segment held 82.3% market share in 2031, amassing US$ 20.28 million. It is projected to garner US$ 39.50 million by 2031 to register 8.7% CAGR during 2023-2031.
Based on country, the Middle East & Africa revenue assurance for BFSI market is categorized into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 32.5% share of Middle East & Africa revenue assurance for BFSI market in 2031. It was assessed at US$ 8.01 million in 2031 and is likely to hit US$ 14.46 million by 2031, registering a CAGR of 7.7% during 2031-2031.
Key players operating in the Middle East & Africa revenue assurance for BFSI market are Oracle Corp, PROCEPT AFRICA, Subex Ltd, Sunoida Solutions DMCC, and SunTec Business Solutions, among others.
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