Revenue Management Market Worth $22.4 Billion by 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 3, 2020 /PRNewswire/ -- According to a new market research report "Revenue Management Market by Solution (Billing and Payment, Price Management, Revenue Assurance and Fraud Management, and Channel Management), Service, Deployment Mode (On-premises and Cloud), Vertical, and Region – Global Forecast to 2024", published by MarketsandMarkets™, the Revenue Management Market size is projected to grow from USD 14.1 billion in 2019 to USD 22.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.6% during the forecast period.
The major factors driving the growth of the Revenue Management Market include the rising need for competitive pricing strategies, penetration of mobile devices worldwide, high growth in subscriber base in various regions, and digital transformation to compel Communication Service Providers(CSPs) for integrating revenue management throughout modern systems.
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By component, the solutions segment to record a larger market size during the forecast period
The solutions segment consists of billing and payment, price management, revenue assurance and fraud management, channel management where revenue management vendors can provide one-stop, end-to-end solutions for enterprises. The billing and payment solution comprises intelligent configuration, pricing, and quoting solutions, deal management tender management, order management, and financial accounting. The channel management solution consists of channel data management, rebate management, and marketing fund management. Channel management enables enterprises to provide personalized pricing and tailored products for customers, depending upon their attributes. The pricing management solution makes use of smart algorithms for data mining and smart pricing algorithms, thus using the information to arrive at better pricing and promotions for enterprises. The revenue assurance and fraud management solution optimizes enterprise control of the billing chain and ensures billing accuracy to detect even the minutest errors for reducing revenue leaks.
By service, the managed services segment to record a higher growth rate during the forecast period
Managed services offer support to businesses through infrastructure management, application configuration management, and business operations management. It has become difficult for companies to focus on core business processes and support various other functions as well, and therefore managed services have become a high growth segment in the industry. These services offer technical skills, which are required to maintain and update all software in the revenue management ecosystem. All the pre and post-deployment queries and needs of the customers are addressed under managed services. Managed services provide end users with software configured as per their requirements, offering assistance at every step of the software usage.
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APAC to record the highest growth during the forecast period
APAC countries considerably contribute to the growth of the Revenue Management Market. APAC is the fastest-growing region in the Revenue Management Market. Many countries in the APAC region have initiated smart city projects, which boost high demand specifically in the telecom, transportation, hospitality, and manufacturing verticals to enforce revenue management solutions. Companies in developing countries, such as India, Japan, South Korea, Australia, Singapore, China, Malaysia, and New Zealand, have already started implementing cloud-based revenue management solutions to better predict consumer demands, and accordingly devise effective pricing strategies to increase the number of revenue streams. In the APAC region, China, Australia, India, and Japan are expected to drive the market with China being the most potent player in the cloud-based revenue management initiatives. Japan and India are expected to be the next-high potential preferences for major revenue management vendors due to the presence of major cloud and data center technology companies.
Major vendors of Revenue Management Market include Huawei (China), Amdocs (US) Oracle (US), Netcracker (Japan), CSG (US), Ericsson (Sweden), Cerillion (UK), Mahindra Comviva (India), Optiva (Ireland), SAP (Germany), Accenture (Ireland), Enghousenetworks(Canada), Accelya (India), HQ Revenue (Germany), IDeaS (US), ZuoraREVPRO (2007), R1RCM (US), Workday (US), Fiserv (US), Apttus (US), and Infor (US).
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