Revenue Management System Market
According to our latest study on “Revenue Management System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, and Verticals,” the market is projected to grow from $17,717.02 million in 2022 to $37,106.75 million by 2028; it is estimated to grow at a CAGR of 13.1% from 2022 to 2028.
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Growing Need for Competitive Pricing Strategies Fuel Revenue Management System Market Growth
Pricing is an important factor that affects business growth, and competitive pricing strategies help maximize margins and prevent revenue losses. Competitive pricing is typically used by businesses that sell identical or highly similar products in the same market for an extended period, as prices of these products often reach a level of equilibrium. In addition, implementing pricing strategies with the help of a revenue management system supports long-term decisions based on dynamic competitor data. If prices for goods or services are lower than the company’s competitors, they can be increased while remaining competitive and boosting profit margins. Revenue management systems help optimize prices, streamline workflows, and focus on making strategic pricing decisions instead of manually collecting and analyzing information. As a result, the rising need for competitive pricing strategies across several businesses is boosting the demand for revenue management systems, which is driving the revenue management system market.
Many North American countries such as the US were severely impacted due to the COVID-19 pandemic. The retail industry in the region experienced an adverse impact due to the sudden spread of SARS-CoV-2, as many retail shops were temporarily shut down. Additionally, the state and federal government bodies across the region implemented travel restrictions, thereby impacting the hospitality industry across the region. These factors led to the decline in demand for revenue management systems from the retail & hospitality industry in 2020. However, with the normalization of economic activities, the requirement for digital solutions increased to reduce the number of individuals involved in business processes such as billing, payments, and transaction management. As a result, the demand for revenue management systems grew, thereby aiding the revival of the North America revenue management system market growth in 2021.
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Key Findings of Study:
The revenue management system market is segmented on the basis of component, deployment, industry verticals, and geography. Based on component, the market is bifurcated into solution and services. Based on deployment, the market is divided into on-premise and cloud-based. Based on industry verticals, the market is segmented into banking, IT & telecom, hospitality, healthcare, retail & e-commerce, insurance, travel & tourism, media & entertainment, and others. By geography, the revenue management system market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Based on component, the revenue management system market is bifurcated into solution and services. The solution segment is further segmented into billing and payment, price management, channel management and revenue assurance, and fraud management. Billing and payment solutions enable organizations to digitize their billing and payment processes, thereby allowing their customers to use the same platforms for making payments. These solutions are highly adopted across industries such as utilities, insurance, and banking. Businesses are able to generate monthly bills and payment schedules for customers through these solutions, simultaneously allowing them to make payments directly through the online portal, thus making it a time-saving process. These factors are influencing the adoption of billing and payment solutions across industries, influencing the market vendors to invest in innovating and upgrading their products. All these factors are acting as major drivers for the growth of the global revenue management system market in the solution segment.
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