Inventory Management Software Market in advanced RFID segment to see 11 % CAGR over 2018-2024 | Top Companies are monday.com, Fishbowl, Manhattan Associates, Microsoft, Oracle, SAP, Stitch Labs, TradeGecko, Wasp Barcode Technologies, Zoho Corporation

Inventory Management Software Market growth is driven by increasing adoption of the RFID technology in inventory management practices. 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 organizations 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.

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The contribution of the industry participants in developing optimal inventory management systems is vast and these players are constantly looking for adopting new technologies that can improve the overall productivity. Recently for instance, HighJump, a global provider of supply chain solutions and renowned inventory management software market player has introduced HighJump Warehouse Control System integrated with the HighJump Warehouse Management System. This inventory management solution provides supply chain professionals with a comprehensive suite that can fully capitalize on the automated and connected warehouse operations the modern-day chain professionals are adapting to handle shorter delivery windows, e-commerce, and enhanced consumer expectations.

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

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

With such globally reputed players working toward introducing more technologically upgraded and value added solutions, inventory management software market share is expected to nothing but proliferate in the ensuing years. Further endowed with the integration of recent technologies such as automation, big data analytics, RFID, cloud, Artificial Intelligence, and IoT this business sphere has become a lucrative hub for investments. Leveraging these technologies for more insightful solutions in inventory management, several industry participants are providing real-time analytics solutions and improved connectivity to supply chain and inventory management professionals. For instance, using connected networks such as computers, sensors, and smartphones, IoT can transfer the product information with the help of RFID tags/barcodes and transmit the data to the cloud-based inventory management software.

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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. Every organization must maintain an optimum inventory to ensure that it has enough stock to meet the changing customer demands. To effectively organize and maintain the appropriate levels of stock, organizations use inventory management systems, which further help them in reducing the total cost of the inventory and maximizing their ability to provide customers with products at a right time. Other benefits associated with the deployment of these systems are reduced inventory holding costs, increased productivity, efficiency, and avoidance of stock-outs & excess stock.

Quite undeniably, these technologies have empowered the small and large-scale enterprises to grow and streamline their business models by harnessing the power of the advanced inventory solutions, in turn propelling the global inventory management software industry outlook. Lastly, it wouldn’t be wrong to say that along with shrinking workforce and increasing rate of stressed logistics systems, inventory management software programs will witness massive adoption in the ensuing years. A presumption shedding light on the same is of Global Market Insights, Inc., that forecasts the overall inventory management software market share to register a CAGR of 6% over 2018-2024.

The factors fueling the growth of the inventory management software market include the increased adoption of the software in retail, logistics, and transportation. The growth of the e-commerce sector has led to the expansion of warehouse and inventory operations, which have increased the demand for scalable and robust cloud-based inventory management solutions. The presence of well-established distribution channels and the highly competitive retail landscape is expected to generate the need for efficient inventory management systems, which will help the organizations to know which stock is on hand and enable effective demand and supply forecasts.

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North America is projected to hold a significant share of over 42% in the inventory management software market by 2024 due to the increasing number of retailers and manufacturing companies, which are using the omni-channel platforms to increase their productivity and efficiency. For instance, in July 2017, indiCo and RSMA, providers of retail planning and forecasting solutions entered into a strategic partnership to make advanced inventory tools for small and independent campus stores. These tools improve merchandise inventory decisions and the financial performance of campus stores, including monthly sales forecasts, open-to-buy budgets, and retail metrics by merchandise category.

Another factor accelerating the growth of the North America inventory management software market is the penetration of cloud-based inventory management solutions that offer cost-benefits for the maintenance of large-scale inventory as compared to the traditional systems. The region has also witnessed huge investments, driven by the trends such as growth in the e-commerce platforms and the modernization of supply chains. For instance, in July 2018, the Canada Pension Plan Investment Board (CPPIB), Alberta Investment Management Corporation (AIMCo), and WPT Industrial Real Estate Investment Trust (REIT) announced to invest up to USD 1 billion of equity in the U.S. logistics market. The joint venture will help to aggregate the portfolio of industrial assets by making value-added acquisitions and funding developments.

With the tremendous growth in the industrial, retail, and e-commerce sectors, inventory management software market has gained massive impetus over the past years. Quite undeniably, managing and tracking inventory has become an essential part of conducting business and inventory management software in this regard are efficiently solving the challenges related to vendors, inventory, orders, sale, stocks-outs and much more. This has significantly led to rapid adoption of these software programs, in turn driving inventory management software market growth which was pegged at USD 2 billion in 2017.

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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