What’s driving the Inventory Management Software Market Growth? | Top Key Players are monday.com, Fishbowl, Manhattan Associates, Microsoft, Oracle, SAP, Stitch Labs, Wasp Barcode Technologies

Inventory Management Software Market growth in 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 during the forecast year. 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. The factors fueling the growth of the inventory management software industry include the increased adoption of the software in retail, logistics, and transportation.

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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.

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

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

Chapter 3. Inventory Management Software market Industry Insights

3.1. Introduction
3.2. Industry segmentation
3.3. Inventory management software industry landscape
3.4. Industry ecosystem analysis
3.5. Features/benefits of inventory management software solutions
3.6. Evolution of inventory management
3.7. Inventory management vs. warehouse management
3.8. Technology & innovation landscape
3.8.1. IoT Thrust for smart inventory management
3.8.2. Big Data integration
3.8.3. Cloud based inventory management systems
3.8.4. Enterprise mobility in inventory management
3.9. Regulatory landscape
3.9.1.1. Drug Supply Chain Security Act
3.9.1.2. Restriction of Hazardous Substances Directive
3.9.1.3. Sanitary Transportation of Human and Animal Food (STF) Rule
3.10. Industry impact forces
3.10.1. Growth drivers
3.10.1.1. Growing trend of omnichannel retailing
3.10.1.2. Increasing demand for the RFID technology
3.10.1.3. Widespread adoption of smartphones and other mobile devices
3.10.1.4. Rapidly growing popularity of e-commerce
3.10.1.5. Need to mitigate supply chain inefficiencies
3.10.2. Industry Pitfalls and Challenges
3.10.2.1. High initial investment
3.10.2.2. Reluctance to switch from legacy systems
3.11. Porter’s Analysis
3.12. PESTEL analysis
3.13. Growth potential analysis

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 industry growth which was pegged at USD 2 billion in 2017.

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The global inventory management software market has grown remarkably over the last decade with the shifting trends toward automation for curbing inventory costs and maximizing sales. Earlier, owing to the practice of deploying manual labor, flawless efficiency was difficult to come by, hampering the productivity of the organization. Considering the benefits of inventory management software for handling stock effectively, tracking, and analyzing the flow of goods from manufacturers to the customers, several industries have been deploying this software on a large scale. The increasing importance imparted for inventory management to avoid instances of the product being out of stock and the like is likely to foster the inventory management software industry trends over the years ahead.

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.

Speaking about the future prospects of inventory management software industry, it is imperative to mention that the increasing deployment of the product will turn out to be highly rewarding for the market. The growing awareness among the commercial end-users about the use of stock management software has encouraged software developers to launch new ranges of products pertaining to which they have been able to secure better deals from their clientele. For instance, enterprise software provider, Ramco Systems has received an order from Advanced Global Resources LLC to supply its aviation suite which tracks and manages inventory effectively. Focusing on the flexibility, solution breadth, and mobile-friendly capabilities, the American technology provider has chosen Ramco’s aviation suite that will help them maintain advanced procurement, invoicing, inventory and vendor management.

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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 industry share and is anticipated to grow at a commendable pace ahead.

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.

Such technological integration techniques are typically used by the large-scale organizations that move thousands of orders daily. Reports state that the barcode scanning system held more than one half of the inventory management software market share in 2017, while the RFID segment is projected to register an impressive CAGR of over 11% over 2018-2024.

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.

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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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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