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)

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)

The North America revenue assurance for BFSI market was valued at US$ 146.83 million in 2023 and is expected to reach US$ 345.03 million by 2031; it is estimated to register a CAGR of 11.3% from 2023 to 2031.

Increasing Need for Revenue Leakage Prevention in Complex Banking Environment Fuels North America Revenue Assurance for BFSI Market

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.

North America Revenue Assurance for BFSI Market Overview

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.

North America Revenue Assurance for BFSI Market Revenue and Forecast to 2031 (US$ Million)

North America Revenue Assurance for BFSI Market Segmentation

The North America revenue assurance for BFSI market is categorized into component, deployment, organization size, and country.

Based on component, the North America revenue assurance for BFSI market is bifurcated into solution and services. The solution segment held a larger market share in 2023.

Based on deployment, the North America revenue assurance for BFSI market is bifurcated into cloud and on-premise. The cloud segment held a larger market share in 2023.

Based on organization size, the North America revenue assurance for BFSI market is bifurcated into large enterprises and SMEs. The large enterprises segment held a larger market share in 2023.

By country, the North America revenue assurance for BFSI market is segmented into the US, Canada, and Mexico. The US dominated the North America revenue assurance for BFSI market share in 2023.

Claptek Private Limited, Oracle Corp, Subex Ltd, and SunTec Business Solutions are some of the leading companies operating in the North America revenue assurance for BFSI market.

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