Revenue Management Market Driven By Growing Need for Enterprise Solutions to Streamline Business Operations By 2028
The rising demand and adoption of cloud-based
technologies is expected to drive the Global Revenue Management Market in the
forecast period of 2024-2028.
According to
TechSci Research report, “Revenue Management Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast. 2018–2028,” the global revenue
management market is anticipated to register a robust growth during the
forecast period, 2024-2028. The global revenue management market is driving
on account of rising need for competitive pricing strategies and increasing adoption
of revenue management solutions by telecommunication and aviation industry. The
solutions are enabling the customers to foster collaboration by eliminating
manual process and integrating technical solutions within the organizations
through forecasting the demand and dynamic pricing, which has improved the
customer experience. Moreover, growing focus on integrating business operation with
revenue management solutions to reduce costs expenditure by various
organizations are enhancing their analytical capabilities. The growing need for
cloud-based revenue management analytics solutions in various enterprises are
some of the key driving factors leading to the growth of the revenue management
market.
Furthermore, the
rising shift from Product-Centric to Customer-Centric Experience and growing
demand for system integration, increase in the distribution of ancillaries via
e-travel platforms, high growth in subscriber base in different regions, and
the penetration of mobile devices globally are furthermore accelerating the
expansion of the revenue management market across the globe.
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The global revenue management
market is segmented into component, structure, deployment, organization size,
end user, region, and competitive landscape. Based on component, the market is
bifurcated into solutions (billing and payment, price management, revenue
assurance and fraud management, channel management, risk management, others)
and services (professional, managed)). Based on structure, the market is
segmented into in-house and outsource. Based on deployment, the market is
segmented into on-premises and cloud. Based on organization size, the market is
segmented into small & medium enterprises and large enterprises. The end
user segment is further categorized into BFSI, hospitality, healthcare, IT
& telecommunications, energy & utilities, retail & e-commerce, and
others.
By Component, the solutions segment is expected to dominate in the global
revenue management market in the forecast period. The solutions in revenue
management further consist of billing and payment, price management, revenue
assurance, fraud management, and channel management. Enterprises require robust
solutions like billing and payment management for business operations as these
solutions support different businesses and help generate customer billings
using different tools and raise a single invoice. Furthermore, the requirement
of maintaining the ease by managing the fraud with revenue assurance and
enhancing the efficiency of billing operations are further leading to higher
preference for these solutions. Thus, the solutions segment is growing,
enabling the growth of the global revenue management market during the forecast
period.
Based on deployment, the cloud segment is expected to dominate in the global
revenue management market. The increasing applications of Software-as-a service
(SaaS) and the integration of advanced algorithms have benefitted the
enterprises and have enabled the cloud segment to concentrate more on
customer-centric business models. Furthermore, benefits such as the scalability
and cost-effectiveness of cloud-based solutions play a significant role in the deployment
services, enabling the adoption of revenue management solutions in the market.
Based on end user, IT &
Telecommunications segment dominates, with the largest share in the overall revenue management
market and is expected to remain dominant in the forecast period. The telecom
segment requires revenue management solutions such as billing rates, invoicing,
collection, and setting credit limits for the end-users and telecom service
providers. Revenue management adoption by telecom enterprises aids in the
administration of the complete billing lifecycle and encourage faster data
delivery to partners or end users. Moreover, the increase in consumer demand
and digitalization initiatives has significantly increased the service providers
and end-users in the telecommunication industry. Therefore, IT & Telecommunication
segment is therefore expected to contribute to the global revenue management
market during the forecast period.
Key market
players in the Global Revenue Management Market:
- Accenture
Inc.
- SAP SE
- Optiva Inc.
- CSG System International Inc.
- Cerillion Technologies Limited
- Ericsson Inc.
- Netcracker Technologies Corporation
- Amdocs Inc.
- Oracle Corporation
- Huawei Technologies Co. Ltd
Recent
Development
On December
06, 2022: Netcracker Technology Corporation announced that Fastweb, a major
Italian telecommunications operator and part of the Swisscom Group, will
upgrade to Netcracker Revenue Management platform as part of a partnership
extension. The next-generation revenue management platform will allow Fastweb
to personalize service offerings, support dynamic pricing and charging
capabilities and bring convergent billing capabilities that support multiple
lines of business on a single platform.
On
September 21, 2022: Nexign, a leading provider of BSS and digitalization solutions
had announced the introduction of new revenue management
solution to accelerate monetization for CSPs. Nexign revenue management
includes convergent charging, extensive policy management, network analytics functionalities that operate with
advanced 4G and 5G network monetization. The solutions offer operators
unlimited flexibility to capitalize on emerging monetization models and
services beyond connectivity.
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“North America is
estimated to hold the largest market share in the global revenue management
market owing to the advancement in technologies with a further higher adoption
rate to cloud-based revenue management solutions in the region. However, Asia Pacific
is likely to experience significant growth in the global revenue management
market throughout the forecast period. Additionally, established players in the
region such as CSG System International Inc., Oracle Corporation, Amdocs Inc.
and others are focusing on utilizing revenue management solutions to improve
business processes. Furthermore, it is anticipated that the market for network
technology applications would rise as robust computational infrastructure and
connected technologies are increasingly adopted. High-speed networks like 5G
services and the use of digitization in telecommunication, aviation, energy
& utility, logistics and healthcare are anticipated to fuel market
expansion in North America.” said, Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Revenue Management Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast. 2018–2028, Segmented By Component
(Solutions (Billing and Payment, Price Management, Revenue Assurance and Fraud
Management, Channel Management Risk Management, Others) and Services
(Professional and Managed)), By Structure (In-House, Outsource), By Deployment
(On-Premises and Cloud), By Organization Size (Small & Medium Enterprise
and Large Enterprise), By End User (BFSI, Hospitality, Healthcare, IT &
Telecommunications, Energy & Utilities, Retail and E-Commerce and Others), By
Region, ,” has evaluated the future growth potential
of Global Revenue Management Market and provides statistics & information
on market size, structure, and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in
the Global Revenue Management Market.
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