Inventory Management Software Market to See 6% CAGR till 2024 | Top Key Players like monday.com, Fishbowl, Manhattan Associates, Microsoft, Oracle, SAP, Stitch Labs, TradeGecko, Zoho Corporation

North America held a dominant share of over 40% in the inventory management software market in 2017. The majority share is attributed to a rapidly expanding e-commerce landscape in the region, a robust manufacturing sector with increasing adoption of industrial IoT after Industry 4.0, and the availability of an extensive cloud infrastructure. Asia Pacific inventory management software market is projected to register an excellent growth with a CAGR of around 10% between 2018 and 2024. This growth can be attributed to a rapidly evolving e-commerce ecosystem along with heavy investments from venture capitalists to leverage the growing demand for online marketplaces.

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The cloud model is projected to acquire a inventory management software market share of over 35% by 2024. The market growth is characterized by increasing awareness regarding the benefits of scalability, flexibility, and enhanced security offered by cloud platforms. SMBs can save significant costs on capital investments by opting for cloud-based inventory management software without the need for procuring dedicated hardware and software resources. Also, cloud providers offer pay-as-you-go services to their customers, allowing them to scale their usage of inventory management systems dynamically with respect to the changing market demands.

The manufacturing sector is expected to secure a inventory management software market share of over 25% by 2024. This impressive growth is attributed to the robust growth of the manufacturing sector after Industry 4.0, and the emergence of automation systems in manufacturing to rapidly increase production capacities.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & analysis:

1. SAP
2. Oracle
3. Zoho Corporation
4. Microsoft
5. Fishbowl
6. TradeGecko
7. Stitch Labs
8. Wasp Barcode Technologies
9. Megaventory
10. Sage
11. Manhattan Associates

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Growth Drivers:

• Growing trend of omnichannel retailing
• Increasing demand for the RFID technology
• Widespread adoption of smartphones and other mobile devices
• Rapidly growing popularity of e-commerce
• Need to mitigate supply chain inefficiencies

The barcode technology is widely used for increasing the accuracy and efficiency of inventory management systems. Barcode scanners enable organizations to easily process large item sets with the ability to pull the data directly from the cash registers and POS systems. Using such systems reduces the man-hours spent on the inventory counting and increases the organization?s overall productivity. However, with the use of advanced technologies, such Radio Frequency Identification (RFID), monitoring the movement of inventory in real-time has become more efficient. The growing adoption of the RFID technology in inventory management practices is expected to further facilitate the inventory management software market growth.

The large organization market is projected to register an impressive growth over the forecast timeline with a CAGR of over 8%. Large enterprises invest significant resources in inventory management systems to ensure uninterrupted supply of inventory throughout the supply chain for avoiding any production or distribution losses. The solutions enable such businesses with large volumes of inventory to efficiently track the products at every stage.

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Inventory Management Software Market is projected to surpass USD 3 billion by 2024. Inventory management, a component of supply-chain management refers to the management of inventory and stock to ensure the smooth flow of goods from manufacturers to warehouses and ultimately to the point of sale. As managing huge inventory is a complex process, organizations use the inventory management software, which enables them to keep track of a large volume of goods as they move through their supply chain.

The order management application dominated the inventory management software market in 2017 due to the increasing uptake by businesses for effectively managing incoming orders from various channels. Modern order management solutions involve limited or single agents for handling end-to-end activities for customers. There is a scope for additional channels to place orders and resolve the order issues. Also, the automation in such systems enhances the overall process and facilitates integration among different tools for quick order resolution. These capabilities are expected to favorably contribute to the increasing uptake of order management systems over the forecast timeline.

Some of the key players operating in the inventory management software market are SAP, Oracle, Zoho, Microsoft, Fishbowl, TradeGecko, Ordoro, Brightperal, Stitch Labs, Acctivate, Wasp Barcode Technologies, Dapulse (Monday.com), Orderhive, KCSI, Handifox, Dearinventory, Megaventory, Veeqo, eTurns, SkuVault, Sage, and Manhattan Associates.

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