Revenue Management Market is developing at an exceptionally quick pace to reach USD 21.92 Billion by 2020

(IT-NEWSWIRE.COM, May 05, 2018 ) Research Cosmos forecasts the revenue management market size to grow from USD 9.27 Billion in 2015 to USD 21.92 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 18.8%. Increasing customer awareness about revenue management tools, expanding subscription base, increasing cloud-based deployments of revenue management solutions in Small and Medium Businesses (SMBs) and enterprises, and increasing demand for system integration among organizations are the major driving factors for the growth of this market.

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The revenue management market is broadly classified by application area into aviation, real estate & construction, media & entertainment, telecommunication, transportation & logistics, manufacturing, energy & utilities, retail & wholesale, and tourism & hospitality. Media & entertainment, energy & utilities, and real estate & construction are the fastest-growing application areas in the market. The media and entertainment sector is the fastest-growing application area as the media houses are deploying the revenue management technology, which helps these companies in taking inventory allocation decisions based on supply, demand, and opportunity tradeoffs.

Pricing and revenue forecast management is expected to dominate the solution segment in the revenue management market during the forecast period as it helps the firms in devising their pricing strategies, along with revenue forecasting, and thus helps in budget formulation for the enterprises. Data management solution is the fastest-growing solution in this market because firms are increasingly deploying this solution to manage and store the vast amount of data generated from various revenue streams, which is then analyzed under revenue analytics to frame a suitable future revenue management action plan.

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The revenue management market is segmented across five regions, namely, North America, Asia-Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. The analysis shows that the spending on revenue management technology is increasing globally due to the increasing Information and Communications Technology (ICT) integration across different application areas, especially in the developing regions. North America is projected to dominate the market during the forecast period due to technological advancements and early adoption of revenue management solutions and services in the region. The APAC market is expected to grow at the highest CAGR between 2015 and 2020. The primary driving forces for this growth are huge technological spending and penetration of revenue management solution and services in manufacturing industries in countries such as China, India, and Japan.

The current revenue management systems are incapable of tackling the changing market conditions and do not support many cross-platform applications. This acts as a major restraining factor for the growth of the revenue management market. However, worldwide increase in the IT spending is expected to provide significant growth opportunities. On a strategic front, many companies are utilizing different growth strategies, such as mergers & acquisitions, partnerships & collaborations, and product development to increase their share in the market. Some of the major technology vendors include Accenture PLC, Amdocs, Inc., Ericsson, Netcracker Technology Corporation, and Oracle Corporation. Amdocs Inc., a key market player partnered with companies such as Crnogorski Telekom and Singtel and launched a new product portfolio, Amdocs CES 9.3, to gain a stronghold in the market. Also, Ericsson, adopted inorganic growth strategies by acquiring Sentilla Corp. and MetraTech Corp. to expand its presence in the Americas.

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Revenue Management Market is developing at an exceptionally quick pace to reach USD 21.92 Billion by 2020