The global revenue management system market size is expected to reach USD 37,106.75 Million by 2028; registering at a CAGR of 13.1% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Increase in Demand for Revenue & Channel Management and Upgrades in Existing Legacy System Boost Revenue Management System Market Growth
Due to the time-consuming nature of manually managing individual extranets of each online distribution site, the need for the implementation of advanced automation systems for revenue and channel management increased significantly. Channel management actively manages the distribution of rates and availability on multiple online distribution sites. Further, due to automation in the channel, the number of sites used across several business verticals is limited. Moreover, the upgrades in the existing revenue management systems provide personalized and customer-centric billing experiences and offer flexible billing solutions to improve customer experiences. Businesses generally lose ~3–8% of income due to outdated, fragmented, and inefficient pricing and billing methods; hence, several companies are boosting their revenue by adopting efficient revenue management systems. Therefore, the growing demand for optimizing revenue platforms and channel management systems is driving the revenue management system market growth.
Revenue Management System Market – by Region, 2021 and 2028
Revenue Management System Market 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)
Revenue Management System Market Share, Size and Growth by 2028
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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.
Impact of COVID-19 Pandemic on Revenue Management System Market Growth
The emergence and rapid spread of SARS-CoV-2 severely affected several developed and developing countries across the world. The onset of the COVID-19 pandemic hampered the global revenue management system market. Governments of several countries across the globe undertook several initiatives to maintain social distancing and temporarily closed domestic and international borders to combat the spread of COVID-19. The growth of the hospitality, retail, and media & entertainment industries was also hindered during the pandemic due to travel restrictions and social distancing norms. These factors decreased the demand for revenue management systems in 2020. However, since the normalization of the economy and the upliftment of travel bans, the hospitality industry has been reviving. The demand for several digital solutions such as billing and payment management systems and transaction management systems for reducing the manual labor in their operational process increased in the industry. Hence, the need for revenue management systems also grew across the globe in 2021.
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 a few of the key players operating in the revenue management system market.
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