The market for pricing software was valued at approximately US$ 1.20 billion in 2023 and is projected to grow to US$ 2.87 billion by 2031, reflecting a compound annual growth rate (CAGR) of 11.5% during the period from 2023 to 2031.
The pricing software market is divided into five key regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2023, North America led the market, followed by Europe and the Asia Pacific region. Within North America, the market is further categorized into the US, Canada, and Mexico. The region has seen significant technological advancements and a push towards digitalization, resulting in heightened competition within the manufacturing sector. According to the National Institute of Standards and Technology, the US manufacturing industry was valued at US$ 2.9 trillion, contributing 10.0% to the total GDP in 2023. The US and Canada are at the forefront of adopting cutting-edge technology and automation in their business operations. The widespread availability of the Internet and government initiatives aimed at fostering digital technology adoption in businesses are also driving the uptake of pricing software in North America.
The Asia Pacific region includes rapidly developing economies such as India, China, Japan, Australia, South Korea, and others. These nations are witnessing a steady rise in the integration of advanced technologies. Efforts to enhance digital capabilities are ongoing to ensure long-term competitiveness. Various governments in the region are implementing strategic measures to promote digitalization. For instance, in February 2023, the Chinese government unveiled a comprehensive plan for developing a digital China, which aims to enhance the application of digital technologies across economic, political, cultural, social, and environmental sectors. The initiative envisions establishing a nationwide digital framework by 2025, with aspirations for China to emerge as a leading digital economy by 2035. Similarly, in March 2022, the Australian government announced a substantial investment of US$ 74.91 million (AUD 107.2 million) to enhance its healthcare system. Consequently, the increasing embrace of digital technologies and the proliferation of digitalization initiatives are anticipated to significantly propel the growth of the pricing software market in this region.
When categorized by enterprise size, the global pricing software market is divided into small and medium-sized enterprises (SMEs) and large enterprises. The large enterprises segment was the dominant force in 2023, primarily due to the rising adoption of pricing software among banking, insurance, and financial services sectors. In today?s fast-evolving digital landscape, large organizations require more than just a basic pricing strategy; they need sophisticated software solutions tailored to their specific and often complex needs. Enterprise pricing software enables these organizations to implement effective pricing strategies without risking profit margins, ensuring they receive the necessary solutions to support their growth and operational efficiency. Therefore, the increasing demand for pricing software from large enterprises, aimed at optimizing pricing strategies for a diverse array of products, including promotional and volume discounts, is expected to drive significant market growth for this segment from 2023 to 2031.
Key players in the pricing software market include Epicor Software Corp, PROS Holdings Inc, Revalize, Inc, Competera Limited, Price f(x) AG, Prisync, Webcentric D.O.O., Zilliant Inc, BlackCurve Solutions Limited, Skuuudle, PriceBeam, Flintfox, Sniffie Software Ltd., Eversight, Minderest, Wiser Solutions, Inc., Reactev, Price Edge, Toptal, LLC, and Retalon, all of whom are featured in this market analysis.
The overall size of the pricing software market has been determined through a combination of primary and secondary research methods. Extensive secondary research has been conducted utilizing both internal and external sources to gather qualitative and quantitative data regarding the pricing software market size. This approach also aids in providing a comprehensive overview and forecast of the market across all segments. Additionally, numerous primary interviews have been carried out with industry stakeholders to validate the findings and obtain analytical insights. This process includes discussions with industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the pricing software sector.