Revenue Management System Market Growth Report ($37.10 Billion) is Driven by Integration of AI and ML Technologies – Exclusive Study by The Insight Partners

The global revenue management system market size is estimated to grow at a CAGR of 13.1% from 2022 to 2028; it is projected to grow from USD 17.71 billion in 2022 to USD 37.10 billion by 2028.

New York, Feb. 02, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Revenue Management System Market Size, Share, Growth and Global Forecast to 2028 – COVID-19 Impact and Global Analysis by Component (Solution and Services), Deployment (Cloud Based and On-Premise), and Verticals (IT & Telecom, Hospitality, Travel and Tourism, Retail and E-commerce, Banking, Healthcare, Insurance, Media & Entertainment, and Others)”, The global revenue management system market growth is impelled by growing need for competitive pricing strategies, rising upgrades in existing legacy revenue & channel management systems and surge in demand for personalized revenue management solutions.

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Global Revenue Management System Market – Report Scope:

Market Size Value in USD 17.71 Billion in 2022
Market Size Value by USD 37.10 Billion by 2028
Growth rate CAGR of 13.1% from 2022 to 2028
Forecast Period 2022-2028
Base Year 2022
No. of Pages 234
No. of Tables 162
No. of Charts & Figures 95
Historical data available Yes
Segments covered Component, Deployment, and Verticals

Revenue Management System Market: Competitive Landscape and Key Developments

Accelya Solutions India Ltd, Amdocs Ltd, Cerillion Plc, CSG Systems International Inc, Telefonaktiebolaget LM Ericsson, Netcracker Technology Corp, Optiva Inc, Oracle Corp, SAP SE, and Sage Group Plc are among the leading players profiled in the revenue management system market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments are mentioned below:

  • In January 2023, Egyptian carrier Air Cairo selected and signed a multi-year agreement with Accelya for its revenue management solution to analyze its sales opportunities and pricing decisions.
  • In February 2022, Amdocs launched Amdocs freestyle billing solution for service providers or operators to evolve their billing with flexible and customizable solutions.

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Increase in Number of Cross-Department Collaborations to Provide Lucrative Opportunities for Global Revenue Management System Market Growth during (2022-2028)

Cross-departmental collaborations follow an approach of “customer-first” in every department of a company. The collaboration aids in fostering the customer’s needs and easing the process of achieving the targets. With modern enterprises adopting and expanding their digital business through subscription and usage business, companies are planning to focus beyond the importance of sales as their source of business success. In addition, cross-department collaborations represent an organizational and cultural shift from the traditional emphasis on new sales to customer retention and upsell and cross-sell opportunities. For instance, revenue managers maximize the property’s profitability in the hospitality industry, driving the average daily rate (ADR) while still converting bookings. However, the sales managers responsible for securing group and negotiating business are often paid to maximize the number of contracts they can close and the room nights booked under group rates. Further, the sales and marketing team works with the revenue manager to identify prospects and remain competitive, which contributes to their plans to boost business. Therefore, a growing number of cross-department collaborations is likely to create a demand for revenue management systems, which is expected to boost the revenue management system market growth in the coming years.

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Revenue Management System Market: Industry Overview

The revenue management system market is segmented on the basis of component, deployment, industry verticals, and geography. Based on component, the revenue management system market is bifurcated into solution and services. Based on deployment, the revenue management system market is divided into on-premise and cloud-based. Based on industry verticals, the revenue management system 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.

The revenue management system market in North America is projected to witness significant growth from 2022 to 2028. Businesses across North American countries such as the US and Canada have been pioneers in the adoption of new technology and automation over the past years. The high penetration of the internet across the region, coupled with government initiatives to promote the adoption of digital technologies for business operation for smooth and seamless operation and minimizing human error, are further catalyzing the adoption of revenue management systems across North America. North America has a high presence of IT and telecom companies such as Comcast Corporation, AT&T, Verizon Communications, Lumen Technologies, and T-Mobile. These companies offer their products and services across the globe, thereby generating revenue from several countries. All these factors are increasing the demand for revenue management systems across the IT & telecom sector in the region.

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