The revenue management software market is predicted to be worth US$ 20.09 billion in 2023, and rise to US$ 71.27 billion by 2033. The global industry was expanding at a CAGR of 9.6% during 2018 to 2022.The distinctive features of revenue management software can change the pace of the market growth. The foundation of a next-generation revenue management system is machine learning and AI, and it is built on self-learning algorithms that improve accuracy over time.
A new trend for all industries is moving towards cloud-based deployment, which has a significant impact on the need for revenue management software. Companies must prioritize mobile optimization if they want to stay ahead of the competition.
Owing to this, optimizing a website for mobile devices ensures that the pages load quickly and display content on diverse mobile devices.
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Profitable Market Opportunity
Better pricing strategies for long-term decisions based on competitor data and evolving trends are made possible with the aid of a revenue management system. Also, the growing use of mobile devices is boosting subscription-based billing and revenue management platforms, which is a major driver fueling the market’s expansion.
Over the years, the global IT and telecom industry has experienced enormous expansion. The demand for revenue management software in the global IT & telecom business is being fueled by the industry’s growing offering of revenue-generating goods and services.
Key Takeaways
- By 2033, the revenue management software market in Europe is likely to expand with the emerging AI technologies.
- The revenue management software market was significantly expanding, with a size of US$ 17.7 billion in 2022.
- The market is anticipated to expand at a valuation of US$ 29.37 billion by 2026, as a result of rising applications in different verticals.
- Due to the market’s excellent potential and rising demand for data integration, analysts expect it is likely to rise 1.13 times between 2022 and 2023.
- China is likely to expand significantly in the revenue management software market, with a CAGR of 18.6% by 2033.
- By 2033, the United States is anticipated to dominate the North American region, with a valuation of US$ 36.8 billion by 2033.
- Based on components, the risk management solutions dominated the market in 2022 and continued to lead the market with a 12.2 % CAGR during the forecast period.
- Based on deployment, the cloud-based segment led the market share in 2022, and continues to lead the market with a CAGR of 12% during the forecast period.
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Critical Approaches Increasing Top Players’ Wealth
Key market players are spending in product launches, alliances, mergers and acquisitions, and expansions to obtain a competitive edge in the sector. Moreover, market expansion is anticipated to be fueled by present players working together to boost quality over the course of the research period.
Recent Developments
- In February 2022, Agilysys, Inc., a producer of next-generation Software as a Service hospitality software solutions and services, and Integrated Decisions and Systems, an SAS firm, announced a cooperation.
- The multi-tenanted BSS platform from Cerillion became live for LINK Mobility in various European nations in November 2022. With Cerillion’s assistance, LINK harmonized its billing practices throughout Europe.
Market Segments Covered in Revenue Management Software Market Analysis
By Solution:
- Risk Management
- Price & Revenue Forecast Management
- Revenue Analytics
- Revenue Leakage Detection
- Channel Revenue Management
By Services:
- Managed Services
- Professional Services
By Deployment:
- Cloud
- On Premise
By Vertical:
- Banking, Financial Services and Insurance (BFSI)
- Government & Defence
- Telecommunications & IT (ICT)
- Retail
- Energy & Utilities
- Healthcare
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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