Information technology and telecom are the largest markets for revenue management solutions, according to a study by Allied Market Research.
The revenue management segment is increasingly integrating artificial intelligence and machine learning into its tool chest, the researchers noted. These technologies enable providers to learn what customers want and institute better customized prices and product offerings.
Subscription-based services are growing in popularity, the report noted. That, in turn, is leading to the development of revenue management industry tools that handle recurring income streams efficiency.
Telecom Revenue Management Trends
Another trend is that revenue management tools are being linked to other systems, such as customer relationship management (CRM) and enterprise requirements planning (ERP). These tools, like many others, are moving to the cloud to improve affordability, flexibility and scalability.
Predictive analytics are increasingly central. These tools are being harnessed to forecast demand, understand market patterns, and take preventive measures to maximize revenue.
“[A]although the hospitality and aviation industries have historically been linked to revenue management, a wider range of businesses, including retail, telecommunications, healthcare, and more, are increasingly utilizing revenue management concepts,” the summary reads. “Moreover, a growing number of companies are integrating ethical and sustainable factors into their revenue management plans and matching pricing structures to socially or ecologically conscious operations.”
The report, which is based on data collected in 2022, was released last month.
Global consulting firm Bain & Company released a report in June that said telecommunications providers can better target small- and medium-sized businesses using artificial intelligence.
