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COVID-19 Pandemic: Influence on Digital Economy and Revenue Assurance Market
02 November 2020 14:58, UTC
By Abhinav Chandrayan
Currently, all the major industries across the globe are dealing with the devastating effects of COVID-19. 2020 is witnessing shifts in the way organizations and businesses operate in the wake of the deadly virus. The impact of COVID-19 is being felt by almost all businesses around the world, besides the digital economy and revenue assurance industry.
According to Research Dive, the global revenue assurance market is predicted to witness an additional growth due to the outbreak of COVID-19. Besides, the outbreak has accelerated the digital economy as well. Let’s find out how the COVID-19 pandemic has surged the growth of the digital economy and the revenue assurance market.
Influence of COVID-19 Pandemic on Digital Economy
The outbreak of COVID-19 across the globe has accelerated the data growth mainly due to unexpected rise in work from home culture, a surge in consumption of video-based content, and a changing mixture of richer data sets. The massive business transformation is majorly illustrated by the incredible success of mega-scale internet businesses such as Netflix, Twitter, Amazon Prime, and others. All these businesses are now the integral part of our everyday lives and exemplify the new worldwide digital economy. Fueling this transformation are rapid increases in digitized data and the capability to apply huge compute and storage capacity to it. For instance, since 2016, digitalization has created about 90% of the global data. According to the International Data Corporation (IDC), over 59 zettabytes (ZB) of data will be created and consumed across the globe in 2020.
The digitalization of the economy is accelerating as novel technologies and services are serving a reshaped workforce. Furthermore, the competitive landscape across all the market sectors is transforming. Now more than ever, businesses are looking for technology to create new digital business models and be agile in the face of disruption. In addition, digital content consumption is surging as homebound consumers are shifting towards digital content providers to meet their entertainment needs. For instance, according to Statista, about 51% of the internet users around the world are watching more shows on streaming services owing to lockdown enforced in many parts of the world. Also, according to BBC, Netflix alone saw around 16 million new signups for its service in the first quarter of 2020.
Influence of COVID-19 Pandemic on the Revenue Assurance Market
The outbreak of COVID-19 has progressively impacted the global revenue assurance market, owing to the increase in the number of online transactions during pandemic and the rapid growth in the awareness amongst individuals and organizations related with the serious revenue leakages. Research Dive originally anticipated that the global revenue assurance market would reach US $499.7 million by the end of 2020. However, new estimations with COVID-19 pandemic impact show the outbreak will help the industry to reach up to US$ 518.7 million.
During the pandemic, more than 65% of the employees have started to go for the work from home option with accessible secure connectivity networks. Over the last few months, there has been a sharp inclination in the occurrence of revenue attacks including social engineering frauds, SMS scams, robocalls, international revenue share fraud (IRSF), and distributed denial-of-service (DDoS). Most of the government and financial organizations around the world are adopting revenue assurance systems to detect internal and external fraud revenue transactions during the pandemic crisis. This factor is predicted to accelerate the market growth in the pandemic period.
Furthermore, the leading companies of the revenue assurance market are adopting various strategies such as business expansion, partnership, and new product launches. For instance, in February 2020, AMDOCS Corporation successfully completed the implementation of a revenue assurance service at a Kenya-based leading network operator, Safaricom. In this project, AMDOCS regenerated the novel revenue model for Safaricom with an innovative solution for detection and recovery of revenue leaks.
In the COVID-19 pandemic, the demand for digital services and revenue assurance systems surged to volumes never seen before. With innovation comes new technologies, which raises the profile of the best service and supports partners for companies eyeing to re-establish themselves in a new, post-COVID-19 competitive landscape.
About the Author: Abhinav Chandrayan has worked in the Writing industry for 2 years, gaining experience in Media & Advertising and Market Research Industry. As a seasoned writer, he is passionate about advancing his writing skills by reading and working on versatile domains. In addition to writing, he is also involved in filmmaking, where his film has won the Gold Film of the Year Award in the year 2016 at IFP. Outside of the office, Abhinav enjoys traveling, sports, and exploring different movie niches.
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