Inventory Management Software Market 2024-2033: Latest Trends, Recent Developments, Growth Strategy And Major Players

"The new report published by The Business Research Company, titled ""Inventory Management Software Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the inventory management software market size has grown rapidly in recent years. It will grow from $2.04 billion in 2023 to $2.25 billion in 2024 at a compound annual growth rate (CAGR) of 10%. The inventory management software market size is expected to see rapid growth in the next few years. It will grow to $3.31 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%.

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Growing Demand For Inventory Tracking In Healthcare Fuels Market Expansion
The rising need for inventory tracking in healthcare is expected to propel the growth of the inventory management software market going forward. Healthcare refers to the maintenance or improvement of health through the prevention, diagnosis, treatment, and management of illness, disease, injury, and other physical and mental impairments in individuals, communities, or populations. The rising need for inventory tracking in healthcare is driven by the imperative to improve cost efficiency, regulatory compliance, patient safety, supply chain resilience, and operational effectiveness. Inventory tracking generates the supply chain process, reducing the time and effort required to manage and locate items, and is used in healthcare settings to enhance operational efficiency, reduce costs, and ultimately improve patient outcomes. For instance, in May 2023, according to the reports published by the Office for National Statistics (ONS), a UK-based government department, the provisional estimates for UK healthcare expenditure in 2022 were around £283 billion ($356.01 billion), showing a nominal increase of 0.7% from 2021. Therefore, the rising need for inventory tracking in healthcare is driving the growth of the inventory management software market.

Inventory Management Software Using Voice Recognition And RFID Technology
Major companies operating in the inventory management software market are focusing on developing new technologies, such as ItemOptix, to help retailers improve their stock accuracy. ItemOptix refers to an RFID inventory management solution that is designed to help retailers optimize their stock, minimize losses, and drive sales. For instance, in January 2023, Checkpoint Systems Inc., a US-based technology company, launched ItemOptix, an inventory management software for retail, to enhance stock accuracy, accelerate stock movement, and ultimately improve sales and customer experiences. This includes various features such as real-time inventory tracking, stock visibility, user-friendly interfaces, and easy deployment to improve inventory control and operational efficiency in retail stores.

The inventory management software market covered in this report is segmented -

1) By Component: Inventory Management Software, Inventory Management Services
2) By Deployment Mode: On-Premise, Cloud
3) By Application: Orders Management, Asset Tracking, Services Management, Product Differentiation, Inventory Optimization
4) By End-User: Manufacturing, Retail And Consumer Goods, Healthcare And Life Sciences, Energy And Utilities, Automotive, Others End Users

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Major companies operating in the inventory management software market are Microsoft Corporation, Oracle Corporation, VMWare Inc., Intuit Inc., NCR Corporation, Zebra Technologies Corporation, SAP SE, The Sage Group, NEC Corporation, Manhattan Associates Inc., Zoho Corporation Pvt. Ltd., Revel Systems Inc., Fishbowl Manufacturing, Wasp Barcode Technologies Ltd., CIN7 Ltd., Acumatica Inc., Stockpile Technology Pvt. Ltd., Erply Ltd., SkuVault Inc., Archon Group LLC, Finale Inventory, Orderhive Inc., QuickBooks Commerce , Inflow Inventory, DEAR Systems

Contents of the report:
1. Executive Summary
2. Inventory Management Software Market Report Structure
3. Inventory Management Software Market Trends And Strategies
4. Inventory Management Software Market - Macro Economic Scenario
5. Inventory Management Software Market Size And Growth
…..
27. Inventory Management Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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