- B2B price optimization and management software is used as an enterprise platform to efficiently optimize and manage the price of an enterprise’s services and goods. The software platform helps to analyze the service and products after changing prices due to market condition and also helps in price decisions by recommending the price that is likely to generate more business.
- B2B price optimization and management software are majorly used in the e-commerce industry, airlines, commercial cab services, and manufacturing industries, etc. In the airline industry, B2B price optimization and management software is used for pricing models that depend upon supply and demand factors.
- Several solution providers are providing the software platform with a focus on product management and back-office price management solutions; some of the solution providers offer the solution for sales representatives with real-time sales intelligence.
- Solution providers also offer price optimization software that supports B2B2C and B2C business models. Adoption of B2B price optimization and management software is expected to increase among multiple industries such as energy, wholesale & distribution, travel & transportation, chemical & petroleum, food & beverages, telecommunications, and consumer packaged goods.
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Key Drivers of the B2B Price Optimization and Management Software Market
- Increasing penetration of the internet and growing adoption of digital platforms among industries for product lifecycle management in terms of price and demand is expected to drive the growth of the market. Companies are investing in tools to be used in the analysis process of product demand according to their competitive process, which is also expected to boost the growth of the B2B price optimization and management software market.
- Increasing adoption of cloud-based software services is expected to create better business opportunities for solution providers of B2B price optimization and management software
Low adoption in small & medium size enterprises expected to hinder the growth of the market
- The high cost of B2B price optimization and management software may impact the demand for the software among small and medium enterprises, which restrains the growth of the market.
- Small and medium enterprises have limited budgets for advanced software for business processes, and lack of awareness about the advantages of this software among enterprises is expected to hamper the growth of the market.
Impact of COVID-19 on the Global B2B Price Optimization and Management Software Market
- Companies are facing business decline and business losses due to the increasing impact of COVID-19 on manufacturing and supply chains of products and services. Companies have invested in price optimization tools to analyze the market condition of the products with increasing prices due to a shortage and supply of raw materials.
- Demand for B2B price optimization and management software solutions is increasing during the COVID-19 lockdown situation; however, it is likely to show better growth during the forecast period due to the increasing dependency of companies on digital platforms.
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North America to Hold Major Share of the Global B2B Price Optimization and Management Software Market
- North America holds a prominent share of the B2B price optimization and management software market due to increasing awareness and adoption of the automation solution among large enterprises for business operations.
- The B2B price optimization and management software market in Asia Pacific is expected to expand the fastest during the forecast period due to increasing investment by major players to provide the solution across the region and also due to the increasing number of IT and services companies in Asia Pacific.
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