Global Customer Revenue Optimization Software market is forecast to reach $11.36 billion by 2025, growing at a CAGR of 7.43% during the forecast period from 2020 to 2025. Rising technological advancements along with improved business workflow capability are acting as major driving factors towards significant market growth of customer revenue optimization software. Moreover, growing demands towards revenue management solutions across various industries have been also causing a positive impact on the market growth towards customer revenue optimization software.
Deployment Type - Segment Analysis
Cloud deployed software are expected to have a major growth in the customer revenue optimization software market during the forecast period 2020-2025. Deployment of cloud based revenue optimization software have been increasing across various industries due to its capability of providing much more efficient and faster data access, thus improving the workflow productivity. Cloud deployed models of such software's helps in offering comparatively high security standards than the web based ones due to reducing the amount of access towards malicious websites, thus boosting its market demands. Moreover, cloud based revenue optimization software's have been providing better pricing models with monthly or annual subscriptions, acting as a cost effective solution.Due to such features of the cloud software, automating revenue optimization processes becomes more flexible and efficient, thus creating high market demands Such factors have been causing a positive impact on the market growth of cloud software with high adoption from small scale and medium businesses.
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Geography - Segment Analysis
North America is anticipated to have a major growth in the global customer revenue optimization softwaremarket during the forecast period from 2020 to 2025.High investments towards research and development activities has been helping in high growth towards customer revenue software market in this region .The rising adoption of revenue management solutions from large enterprises across the region has also fuelled the market growth of customer revenue softwares. Moreover, rising digitalization as well as growth of industrial sectors towards improving business productivity standards is also causing a major impact on the market growth of customer revenue optimization software in this region. Presence of some key players such asGainsight Inc., Upland software Inc. and Evergent Technologies Inc.are acting as major drivers for the growth of customer revenue optimization software market.
Drivers – Customer Revenue Optimization Software Market
Increases business productivity
The demands towards customer revenue optimization software have been rising due to its capability of increasing business productivity standards, thus acting as a major driving factor towards a significant market growth. Deployment of customer revenue optimization software helps the organizations in optimizing their profits per customer by maintaining a stable customer relationship. Moreover, customer revenue optimization software acts as an upgraded version of CRM software's with helping the sales teams of the organizations to increase revenues by leveraging the information related to marketing, customer service andmany others. With the help of such revenue optimization software's , companies are able to have a more advanced knowledge about the growing customer demands in the market, thus helping them in planning methodologies and delivering outcomes accordingly.Usage of customer revenue optimization software has been growing widely across various organizations as it offers real time business insights much faster compared to traditional processes, thus increasing team efficiency along with boosting the performance standards. Customer revenue optimization software helps in conducting predictive analysis more efficiently along with providing early alerts about the up sell or cross sell opportunities to the organizational teams automatically, thus boosting the productivity of the business.
Rising technological advancements
Rising technological growth has been acting as one of the major drivers towards the significant growth of customer revenue optimization software market. With rapid digital transformation and growing demands towards advanced technologies such as artificial intelligence, cloud and many others, various organizations has been shifting towards adoption of advanced pricing technologies to enhance their market growth. Implementation of artificial intelligence for revenue optimization offers accuracy while unlocking of untapped data along with providing real time pricing strategies and buying models, thus helping in boosting the business growth of organizations. Aiosell Technologies, an Indian smart tech startup firm have been working woth over 150 hotels by leveraging use of artificial intelligence and machine learning for providing dynamic pricing as well as revenue optimization, thus improving occupancy and reducing operational costs and overheads. Such growing advancements towards advanced technologies for the end-users have been creating higher demands towards customer revenue optimization software market. Moreover, growing digitalization along with improving automation in business revenue optimization has been also causing a positive impact on the market growth of customer revenue optimization software.
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Challenges – Customer Revenue Optimization Software Market
High costs
Requirement of high investments has been acting as one of the major challenge towards hampering the growth of customer revenue optimization software market. With rising demands towards revenue optimization, such software's have been facing higher demands owing to its capability of increasing workflow productivity within the organizations. Moreover, investments towards training of workforce towards efficient operation of such software's with complexity to maximize customer satisfaction levels. Additionally, integration of advanced technologies in the market and many others are also having effect on the pricing models for such software's as well as costs of such software's have been incrementing accordingly. Such factors are highly contributing towards restraining the market growth towards customer revenue optimization software along with causing lesser adoption from small scale businesses.
Market Landscape
Partnerships and acquisitions along with product launches are the key strategies of the players in the Customer Revenue Optimization Software Market. The major key players in the Customer Revenue Optimization Software Market include Gainsight Inc., Evergent Technologies Inc., Revegy Inc., Sales Optimizer LLC, Upland Software Inc., Spherexx, Planon, Finastra, Sage Intacct Inc. and Zuera.
Partnerships/Product Launches/Acquisition
In February 2020, RealPage Inc. announced the launch of a multi dimensional revenue optimization solution named AI Revenue Management. This solution helps in increasing revenues by execution of price, demands, credit as well as workforce. Moreover, with additional capabilities, this solution leverages company’s data platform in order to offer an AI engine for sending optimized signals during executing the dynamic marketing spending as well as optimize leasing agent focus and credit criteria.
In November 2019, Upland Software Inc. has announced the release of a customer revenue optimization solution Altify. This will help in streamlining of sales processes with improved relationship map visualizations, smart analytics using salesforce’s Einstein and tableau along with integration improvement for applications within CRO system.
Key Takeaways
Cloud based software is expected to have a significant growth during the forecast period in the customer revenue optimization software market due to its capabilities of providing better scalability and improved security standards.
Key players such as Upland software Inc. and Gainsight Inc. have been helping towards significant market growth of customer revenue optimization software in North America.
Rising technological advancements along with capability of the software towards increasing business productivity standards act as some of the major driving factors causing significant growth of customer revenue optimization software market.
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