Inventory Management Software Market to cross US$3bn 2024, Top Key Players; monday.com, Fishbowl, Manhattan Associates, Microsoft, Oracle, SAP, Stitch Labs, TradeGecko, Wasp Barcode Technologies, Zoho Corporation
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
3. Manhattan Associates
7. Stitch Labs
9. Wasp Barcode Technologies
10. Zoho Corporation
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.
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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.
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.
According to the U.S. Department of Commerce’s International Trade Administration (ITA), the manufacturing industry in the U.S. received Foreign Direct Investment (FDI) amounting to USD 1.6 trillion in 2017. In 2016, the manufacturing sector contributed nearly USD 350 billion to the U.S. GDP.
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.
Browse key industry insights spread across 220 pages with 338 market data tables & 30 figures & charts from the report, Inventory Management Software Market in detail along with the table of contents:
Global Inventory Management Software Market was estimated at over USD 2 billion in 2017, and is set to exceed USD 3 billion by 2024; according to a new research report by Global Market Insights, Inc. The inventory management software market growth is attributed to the rapidly growing global e-commerce landscape, retailers emphasizing on offering omnichannel shopping experience to their customers, and the increasing manufacturing output due to the adoption of Industrial IoT (IIoT).
Inadequate supply of inventory may grind manufacturing operations into a halt. On the other hand, the excessive supply of inventory can cripple an organization’s cash flow and pose a threat to its liquidity position. Either way, inefficient inventory management in manufacturing organizations can create serious challenges for the productivity of the companies. Hence, the demand for robust inventory management solutions in the manufacturing sector is expected to increase consistently over the forecast timeline.
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.
The inventory optimization application is anticipated to exhibit a lucrative growth at a CAGR of over 9% between 2018 and 2024. Inventory management systems enable effective inventory optimization by allowing organizations to reduce inventory by a considerable percentage to free up working capital from unnecessary inventory buffers. This also facilitates reduced inventory carrying costs and increased customer service performance.
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