Africa Revenue Assurance Market Size, Forecast, and Trend Highlights Over 2022 - 2031
The Africa revenue assurance market is estimated to garner a robust revenue by the end of 2031 by growing at a notable CAGR over the forecast period, i.e., 2022 – 2031. Further, the market generated a significant revenue in the year 2021. The growth of the market is primarily attributed to the soaring high demand for revenue assurance solutions, associated with the increasing use of internet and cloud computing technology. For instance, in January 2022, South Africa had approximately 40 million internet users that denotes the internet penetration rate of 67% of the total population.
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Revenue assurance is defined as the procedure of making sure that all goods and services provided by a telecom service provider are invoiced by maintaining accuracy and consistency of billing and arrangement across all appropriate processes in accordance with the contractual agreement with customers. As new connectivity and service delivery technologies have been executed in recent years, service providers have frequently faced revenue leakage issues. In such cases, revenue assurance services owing to help to reduce leakages, increase profitability, revenues, and cash flows without affecting demand. This process includes regulation and control, management and tracking, correction and recovery, monitoring, reporting, and analysis. Additionally, it is regarded as the combination of business intelligence, technology, control, and audit conducted by SMEs who are offering digital solutions. Therefore, a rising count of SMEs in the region is leading the growth of revenue assurance services in the region. As of 2022, there are approximately 43 million SMEs in the Africa including the Sub-Saharan region.
Africa Revenue Assurance Market: Growth Drivers and Challenges
Growth Drivers
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Rise in Digitization – Rising trend of digitization is not only enhancing the services sectors but the day to day life of people in sub-Saharan region. A notable 36% hike in digital payments and an 18% raise in business continuity have been observed in the Sub-Saharan region till the start of 2022.
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Increasing Use of Cloud Technology - Through the delivery of cost savings and efficiencies, such as the cost of managing data and security, cloud computing is assumed to have the ability to significantly boost economic growth. Thus, cloud computing in Africa is the outcome of the implementation of cutting-edge software and technology. For instance, end-user spending on public cloud services in Middle East and Africa region is expected to increase by 18% to USD 5 billion by the end of 2022.
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Upsurge in 4G and 5G Connectivity - Mobile technology is going to become extremely prevalent in how people are living and companies operate their businesses. It allows new digital solutions for large and small businesses, as well as support consumers' expanding use of online channels. In Africa, 4G is still growing, and 5G is next in line. For instance, 4G availability in the region have reached approximately 48% till the first quarter of 2022, followed by Kenya (80%), Côte d’Ivoire (81%), Nigeria (75%), Tanzania (70%), and Botswana (68%). Additionally, 5G is accessible in several African countries, i.e., Senegal, Nigeria, Kenya and so on. The 5G network is estimated to be used by approximately 21 million Africans in the next five years.
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Growing Per Capita Income – As per the World Bank, the per capita income in Sub-Saharan Africa region was reached to USD 1645.5 in 2021.
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Rise in Big Mergers and Acquisitions deals – It is observed that around 56 mergers & acquisitions deals were declared in South Africa, with a total deal value of more than USD 16,770 million. The top five deals collectively equaled approximately USD 12,749 million and represented roughly 75% of the total deals announced (by value).
Challenges
- Lack of Skilled Workforce
- Lack of Organizational Management
- Currency Fluctuations in the Countries
The Africa revenue assurance market is segmented and analyzed for demand and supply by deployment mode into on-premises, and cloud-based, out of which, the cloud-based segment is estimated to garner the higher growth over the forecast period on the back of rising adoption of revenue assurance solutions among small and mid-sized businesses. Furthermore, growing surge in cloud technology, and being a traction point to the national and multinational cloud service providers who are expanding their business and services towards the Africa. For instance, in 2020, Amazon Web Services (AWS), a major cloud computing service provider, has opened its three data centers in Cape Town, South Africa, established its first "AWS Africa region."
Major Macro-Economic Indicators Impacting the Market Growth
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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.
Market Segmentation
Our in-depth analysis of the Africa revenue assurance market includes the following segments:
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By Component |
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By Deployment Mode |
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By Solution |
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By Industry Verticals |
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By End-User |
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Top Featured Companies Dominating the Africa Revenue Assurance Market
- BDO South Africa Incorporated (BDO SA Inc.)
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Subex Limited
- Itron, Inc.
- Boston Consulting Group, Inc. (BCG)
- MRI Software LLC
- Accenture PLC
- IBM
- Telefonaktiebolaget LM Ericsson
- Hewlett Packard Enterprise
- TransUnion LLC
