Inventory Management Software Market 2019 Growth Factors, Latest Trend and Regional Analysis Of Leading Players By 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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Another important factor accelerating the inventory management software market growth is the inventory shrinkage that can be attributed to shoplifting, customer theft, and vendor fraud, leading to a revenue leakage. For instance, in Asia Pacific, it is estimated that the countries including India, China, and South Korea faced the highest shrinkage value in 2018 amounting to around USD 0.52 billion, USD 13.52 billion, and USD 1.56 billion, respectively.

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.

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 inventory management software market growth in Asia Pacific is driven by various government-led initiatives to boost the digitalization, particularly in the developing economies. The government, particularly in China, India, South Korea, and Australia, are also taking efforts for the development and growth of the SMBs, especially with respect to financing and tax reforms. For instance, in September 2017, the Chinese government revised a legislation to protect the interests of these enterprises.

The revised law strengthened the protection on the property rights and increased the support in areas such as taxation, financing, and employment. The country also supported SMBs in attracting the professional talent by encouraging colleges and research institutions to cooperate on the transformation of scientific and technological achievements. The robust growth of the SMB sector is likely to support inventory management software market growing adoption of the inventory management software in the region.

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Glimpse of Table of Content (ToC)

Chapter 5. Inventory Management Software Market, By Type
5.1. Key trends, by type
5.2. Manually managed inventory system
5.2.1. Manually managed inventory system market estimates and forecast, by region, 2014-2024
5.3. Barcode scanning system
5.3.1. Barcode scanning system market estimates and forecast, by region, 2014-2024
5.4. Advanced Radio Frequency System (RFID)
5.4.1. Advanced Radio Frequency System (RFID) market estimates and forecast, by region, 2014-2024
Chapter 6. Inventory Management Software Market, By Application
6.1. Key trends, by application
6.2. Order management
6.2.1. Order management market estimates and forecast, by region, 2014-2024
6.3. Asset tracking
6.3.1. Asset tracking market estimates and forecast, by region, 2014-2024
6.4. Service management
6.4.1. Service management market estimates and forecast, by region, 2014-2024
6.5. Product differentiation
6.5.1. Product differentiation market estimates and forecast, by region, 2014-2024
6.6. Inventory optimization
6.6.1. inventory management software market estimates and forecast, by region, 2014-2024

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