Revenue management can provide enormous opportunities to the companies and enterprises via helping them in identifying profitable ways in order to stimulate demand. It is an organized way to rise profits by means of pricing, inventory and other controllable methods in ways that are consistent with higher customer service. Revenue management, also called yield management permits different businesses to optimize product profitability and availability by predicting consumer behaviour and apportioning the right thing to the right consumer at the right price.
Concepts of revenue management are functional to all industries having products/services that can be traded in advance, products are capacity constrained, and which has unpredictable demand arrays. Considering the consumers’ perception of the significance of a service/product and changing their availability and prices according to the preferences to earn the maximum profit bases the primary revenue management practices.
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Growing awareness with respect to the benefits of revenue management and its application in different industries is likely to drive revenue management solutions market in the forecast period. Expanding end user industries are stimulating demand for revenue management solutions. Some end use industries that are suitable for the application of revenue management principles are airlines, car rentals, hotels, transportation, advertising, entertainment, healthcare, retail, telecommunications, and manufacturing.
Revenue Management Solutions Market: Drivers & Restraints
Some of the major drivers of the growth in global revenue management solutions market is growing awareness of the revenue management systems and their impact on revenues of organizations of different sizes. In addition, the booming industries such as telecommunications, manufacturing, tourism and aviation in developing nations of Asia-Pacific, are expected to offer a lucrative growth to the global revenue management market.
Also, an increased rate of adoption of a number of revenue management systems in various organizations due to the decline in pricing of the products/services is also expected to grow the market very speedily. The growing usage of flexible cloud hosting platforms, will also benefit the market witnessing growth across the globe over the forecast period.
Despite of robust and reliable source of management solutions the revenue management solutions suffers from some challenges such their high prices of the software, which is likely to restrain the global revenue management solutions market from growing.
Revenue Management Solutions Market: Segmentation
By type, the global revenue management solutions market is segmented as follows:
- Revenue Forecasting
- Channel Management
- Inventory Management
- Data Management
- Others (Risk Mgt., Analytics)
By End-use Sector, the global revenue management solutions market is segmented as follows:
- Media & Entertainment
- Transportation & Logistics
- Energy & Utilities
- Retail & Wholesale
- Tourism & Hospitality
- Others (Manufacturing)
By Deployment, the global revenue management solutions market is segmented as follows:
Revenue Management Solutions Market: Region-wise Outlook
The global revenue management solutions market is projected to register a favourable growth for the forecast period, 2016-2026. North America is projected to withstand its control on the global revenue management solutions market. The region is anticipated to uphold its dominance in the global revenue management solutions market due to consistently growing demand from the service companies looking out for raising revenues and profits to sustain the rising competition. APAC is expected to grow at a faster rate owing to the increasing demand from small and mid-size companies in services market. The market is expected to grab a major share in the forecast period. Europe and ROW is expected to follow the Asia market in terms of growth in global revenue management solutions market.
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Revenue Management Solutions Market: Key Players
Some of the key market participants in global revenue management solutions market are Revenue Management Solutions, Amadeus Revenue Management Maxim Revenue Management Solutions, IDeaS Revenue Solutions, Softrax, among others.