Report : North America 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 11.3% CAGR, North America Revenue Assurance for BFSI Market is Projected to be Worth US$ 345.03 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the North America revenue assurance for BFSI market was valued at US$ 146.83 million in 2031 and is projected to reach US$ 345.03 million by 2031, registering a CAGR of 11.3% from 2023 to 2031. Increasing need for revenue leakage prevention in complex banking environment and integration of artificial intelligence and machine learning are among the critical factors attributed to drive the North America revenue assurance for BFSI market growth.
Enterprises face an increasingly complicated data landscape, filled with ever-changing applications, data sources, data types, and data quantities, posing a significant data and technological burden on company operations.
With the proliferation of 5G and IoT, the complexity of this landscape has grown even more, particularly in advanced applications such as digital payments and e-wallet services. The complexity, combined with the increasing influx of customer-generated data, poses a significant challenge to revenue assurance and fraud management measures. Fundamentally, revenue assurance and fraud management are dependent on effective monitoring, highlighting the need to gather, connect, and evaluate data as the foundation of operational efficiency. Machine learning (ML) and artificial intelligence (AI) provide a potent solution to this problem, resulting in linked, automated, or semi-automated solutions that are effective in a complex and data-rich operating environment.
The modern banking sector is driven by rapid digitalization. Data is constantly generated from online payments, premiums paid online, e-billings, and users using various payment gateways. This consumer-generated data is crucial for various applications and is an imperative asset for revenue assurance professionals. ML and AI solutions can capture that data in systems that provide safe, secure, and automated risk management, assisting human professionals in optimizing revenue and fraud operations.
Several organizations in the BFSI sector worldwide are increasing investments in AI and ML. Below is an instance.
- According to a November 2021 report by Retail Banker International, Canada's major banks are fighting for consumers by leveraging AI to personalize and enhance client experiences. They are integrating machine learning and natural language processing in their digital banking apps, providing chatbots and insights into user spending.
Such instances signify investments in AI, which is expected to be a major trend in the revenue assurance market for BFSI during the forecast period.
On the contrary, lack of awareness and understanding about revenue assurance hamper the growth of the North America revenue assurance for BFSI market.
Based on component, the North America revenue assurance for BFSI market is bifurcated into solution and services. The solution segment held 71.6% market share in 2023, amassing US$ 105.11 million. It is projected to garner US$ 257.22 million by 2031 to register 11.8% CAGR during 2023-2031.
Based on deployment, the North America revenue assurance for BFSI market is bifurcated into cloud and on-premise. The cloud segment held 76.3% market share in 2031, amassing US$ 111.97 million. It is projected to garner US$ 274.79 million by 2031 to register 11.9% CAGR during 2023-2031.
Based on organization size, the North America revenue assurance for BFSI market is bifurcated into large enterprises and SMEs. The large enterprises segment held 79.9% market share in 2031, amassing US$ 117.35 million. It is projected to garner US$ 272.65 million by 2031 to register 11.1% CAGR during 2023-2031.
Based on country, the North America revenue assurance for BFSI market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 75.6% share of North America revenue assurance for BFSI market in 2031. It was assessed at US$ 110.93 million in 2031 and is likely to hit US$ 265.25 million by 2031, registering a CAGR of 11.5% during 2031-2031.
Key players operating in the North America revenue assurance for BFSI market are Claptek Private Limited, Oracle Corp, Subex Ltd, and SunTec Business Solutions, among others.
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