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IN THE NEWSJuly 01, 2021: Hewlett Packard Enterprise announced the acquisition of Zerto, a leader in cloud data management, to expand its portfolio in cloud computing technology.
The global cloud-based revenue assurance market is estimated to grow at a CAGR of ~9% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing demand for revenue assurance solutions, combined with the growing adoption of cloud computing technology. The increasing demand for revenue assurance systems amongst end-users, especially communication service providers, and management service provider, is estimated to significantly fuel the market growth. Moreover, growing penetration of internet and installation of cloud servers are estimated to boost the growth the market. According to the World Bank Statistics, 48.997% of the global population used internet in 2018; which grew to over 59% in 2020 and is estimated to cross 60% by the end of 2021. Moreover, growing technological research and innovation, and upgrades in cloud technology are estimated to further boost the market growth.
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The market is segmented by end-user into telecom, utilities, BFSI, healthcare and others, out of which, the telecom segment is anticipated to hold the notable share in the market over the forecast period on account of high requirement of revenue assurance solutions. Telecom industry primarily provides communication service, which requires revenue assurance. Moreover, increasing adoption of cloud computing in every industry vertical, including telecom is estimated to boost the segment growth.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global cloud-based revenue assurance market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness modest growth over the forecast period on the back of increasing investment in technological development in the countries, such as, India, and China. Moreover, emergence of new enterprises, and up-surge in the service sector is estimated to boost the market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the higher adoption of advanced technologies, and rising BYOP trend in workplaces in countries, such as, Canada, and the United States. Moreover, more people are starting their own businesses, and are working from home. This is estimated to fuel the regional market growth.
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The global cloud-based revenue assurance market is further classified on the basis of region as follows:
Our in-depth analysis of the global cloud-based revenue assurance market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing adoption of cloud-based software, and need for revenue assurance solutions to boost the market growth.
The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 – 2030.
Technical issues associated with cloud computing are estimated to hamper the market growth.
The market in the Asia Pacific region is estimated to witness highest growth during the forecast period owing to the growing digitalization and technological advancement in the region.
The major players in the market are Tech Mahindra, IBM Corporation, Microsoft Corporation, SAP SE, Oracle Corporation, MicroStrategy Incorporated, SAS Institute, Information Builders, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by end-user, application, and by region.
The telecom segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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