Revenue Management Market – Overview
Revenue management, also called yield management, refers to a form of disciplined analytics that allows capacity-constrained industries to optimize product availability and profitability by predicting consumer behavior and allocating the right product to the right consumer at the right time and price. Concepts of revenue management can be applied to virtually all industries that have products or services which can be sold in advance, have inconsistent patterns of demand, are capacity constrained, and service at low marginal service charges. Understanding the consumers’ perception of the value of a service or a product and modifying their availability and prices to earn the maximum profit forms the core of revenue management practices.
Some industries that are ripe for the application of revenue management principles are airlines, hotels, car rentals, freight transportation, television broadcast, advertising, web conferencing, theaters, healthcare, telecommunications, manufacturing, and retail. The report analyzes the global revenue management market based on the application of revenue management systems in some of these key end-user industries.
The report also presents a detailed analysis of key revenue management solutions in the market, including pricing and revenue forecast management, risk management, data management, revenue leakage detection, and channel revenue management.
On the basis of mode of deployment of revenue management systems, the market has been examined for on-premise and hosted services.
The report presents detailed quantitative and qualitative data of the key market segments, from the global as well as regional standpoint. The data has been gathered using standard primary and secondary research mechanisms and narrowed down with the help of a number of industry-based analytical methods.
Revenue Management Market: Growth Drivers, Challenges, and Opportunities
Rising awareness of the direct impact of revenue management systems on overall revenues of organizations of all sizes, and the flourishing telecommunications, tourism, manufacturing, and airlines industries in developing countries in Asia Pacific, are chief drivers of the global revenue management market. An increased rate of utilization of a variety of revenue management systems in several small- and mid-sized organizations, owing to the reduction in prices of products and services, and the flexibility allowed by cloud hosting platforms, will help the market witness exponential growth across the globe over the report’s forecast period. The cloud is expected to be the most popular mode of deployment in the global revenue management market over the report’s forecast period.
Revenue Management Market: Regional Scenario
The report examines the global revenue management market for regional markets such as North America, Asia Pacific, Europe, and Rest of the World (RoW). Over the report’s forecast period, North America is projected to be the dominant regional market for revenue management, on account of heightened demand from companies in service industries that are looking to increase revenues and profitability in the extremely competitive environment.