Increasing Need for Revenue Leakage Prevention in Complex Banking Environment Boosts Revenue Assurance for BFSI Market Growth
According to our latest study titled “Revenue Assurance for BFSI Market Forecast to 2031 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Component, Deployment, and Organization Size,” the market is projected to grow from US$ 409.92 million in 2023 to US$ 905.08 million by 2031; it is estimated to register a CAGR of 10.4% from 2023-2031. The report includes growth prospects in light of current revenue assurance for BFSI market trends and driving factors influencing the 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.
Revenue Assurance for BFSI – by Region, 2023 and 2031
Revenue Assurance for BFSI Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: Component (Solution and Services), Deployment (Cloud and On-Premise), Organization Size (Large Enterprises and SMEs), and Geography
Revenue Assurance for BFSI Market Size, Share and Scope 2031
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Source: The Insight Partners Analysis
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. Therefore, the increasing need for revenue leakage prevention in the complex banking environment is contributing to the growing revenue assurance for BFSI market size.
The revenue assurance for BFSI market analysis has been carried out by considering the following segments: component, deployment, and organization size. Based on component, the revenue assurance for BFSI market is segmented into solutions and services. Based on deployment, the market is segmented into cloud and on-premise. By organization size, the market is bifurcated into large enterprises and SMEs. The large enterprises segment held a larger revenue assurance for BFSI market share in 2023.
The scope of the revenue assurance for BFSI market report is primarily divided into North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South and Central America (Brazil, Argentina, and the Rest of South & Central America). North America accounted for the largest revenue assurance for BFSI market share in 2023. Companies are strategically expanding their businesses in North America, which is boosting the revenue assurance for BFSI market in the region. For instance, in October 2023, ESG—a prominent global player in energy SaaS Solutions—announced its strategic acquisition of Phidex, a cutting-edge provider of pricing, settlement, and revenue assurance software, as well as energy consultancy services. ESG offers a comprehensive software platform for energy providers, delivering essential solutions for market, customer, renewables, and asset infrastructure data management in both the UK and North America. With a client base encompassing over 300 leading energy companies and serving more than 40 million end users worldwide, ESG integrates a SaaS architecture, adaptable integration, and continuous innovation with extensive experience in the energy sector, making it the most widely adopted software platform in global energy retail markets. Meanwhile, Phidex specializes in top-tier data and pricing services. This strategic acquisition by ESG is likely to have a significant impact on the revenue assurance for BFSI market, as it will provide enhanced analytics tools and software solutions that empower energy companies to make data-driven decisions, which can have ripple effects across various industries, including BFSI. Thus, the increased use of SaaS solutions along with data analytics platforms is expected to fuel the revenue assurance for BFSI market growth in North America.
Oracle, Allibillis, Sagacity Solutions, Substratal Solutions P. Ltd., Sunoida Solutions DMCC, Claptek Private Limited, SUBEX, Intelli Solutions S.A., SunTec Business Solutions, and Procept are among the key players profiled in the revenue assurance for BFSI market report.
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