Inventory Management Software Market to expand US$3bn by 2024 | Top Key Players: Microsoft, Oracle, SAP, Stitch Labs, monday.com, Fishbowl, Manhattan Associates, TradeGecko, Zoho Corporation

Inventory Management Software Market to grow at 6% CAGR from 2018 to 2024, is set to exceed USD 3 billion by 2024. The inventory management software market owing to the growing trend of omnichannel retailing, increasing adoption of smartphones and other mobile devices, a rapidly evolving global e-commerce landscape, and the increasing need to control and reduce supply chain inefficiencies along with increasing manufacturing output due to the adoption of Industrial IoT (IIoT). Inadequate supply of inventory may grind manufacturing operations into a halt.

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It is noteworthy to mention that the development of cloud-based systems has also had a positive influence on the demand for inventory management software. SMBs, healthcare service centers, pharmaceuticals, and automotive companies have been deploying cloud-based stock management software on a large scale to help their employees access data in real time. The capability of this software to update the stock level and sales conversions automatically eliminating the chances of stock-out and stock overflow will further stimulate the use of inventory management software.

The advanced radio frequency system (RFID) segment in inventory management software market is projected to register an accelerated growth during the forecast timeline with an impressive CAGR of around 11%. The technology allows supply chain managers to identify individual products and components and to track the movement of the inventory throughout the supply chain right from the manufacturing unit to the point-of-sale. The systems are used for ensuring stock security, quality control, and for the prevention of over-stocking or under-stocking of products.

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

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

The barcode scanning system held a majority market share of over 50% in 2017 due to the extensive adoption for tracking inventory movement across the supply chain right from manufacturing facilities till the customer delivery. As the technology eliminates manual errors in record keeping for warehouse processes, it is being widely adopted across medium and large-scale businesses. The system allows organizations to process large volumes of items with the ability to pull the data directly from POS systems and cash registers.

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The SMB segment accounted for a significant share of over 70% in the inventory management software market in 2017. By adopting modern inventory management software, SMBs can streamline their storage and distribution operations to gain a competitive advantage over other similar businesses. Also, the system allows them to remain highly agile for flexible supplier management. By using inventory management software, these companies can easily switch order and suppliers at the touch of a button. This enables SMBs to make their product lines as adaptable as possible.

The vast expanse of omnichannel retailing and increasing penetration of smartphones have also been identified as the inherent factors impacting the revenue graph of the global inventory management software market. If reports are to be believed, given the increasing rate of paperwork errors, supplier fraud, employee theft, and shoplifting activities SMEs, SMBs, and the retail sector are the prominent end-use segments that are rapidly adopting inventory management software systems.

These activities have also been deemed as the major sources of inventory shrinkage and are therefore favoring effective implementation of IMS programs in the retail sector, which is expected to dominate the overall inventory management software market by accounting for a 40% share over 2018-2024. It is important to mention that according to the National Retail Federation’s NRSS (National Retail Security Survey) on retail theft, the retailers globally incurred inventory shrinkage losses of over USD 49 billion in 2016.

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. According to the UN, manufacturing globally contributed to 17% of the total economic value in 2016. This steady growth of the sector is expected to further fuel the demand for modern inventory management software to streamline and optimize the manufacturing process flows.

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North America is anticipated to emerge as one of the most lucrative grounds for inventory management software market. The surging adoption of next-generation technologies such as the Internet of Things and cloud computing are slated to fuel the North America inventory management software industry outlook over the years ahead. Driven by an expanding e-commerce industry and a rapidly growing manufacturing sector that has been adopting industrial IoT on a large scale, North America held a dominant 40% of the overall inventory management software market share and is anticipated to grow at a commendable pace ahead.

Europe is the second-largest market for inventory management software and is expected to secure a market share of over 20% by 2024. The retail sector is one of the major sectors in the European Union (EU) economy with almost 1 in 10 people employed in more than 3.6 million retail companies. Also, the demand for solutions is likely to increase consistently over the forecast timeline in the automotive sector in the region due to the surge in the production of electric vehicles (autonomous vehicles) and passenger cars in response to the rising global demand.

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. In 2017-2018, the retail shrinkage as a percentage of sales in the Asia Pacific region was estimated at around 1.75%, amounting to nearly USD 24 billion. To tackle the growing concerns related to the inventory shrinkage, the uptake of inventory management software in the region is expected to grow consistently 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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