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Category Management Software Market Accelerates Retail Efficiency - Global Forecast 2024
Category Management Software Market Size
According to The Business Research Company's, The category management market size has grown rapidly in recent years. It will grow from $1.90 billion in 2023 to $2.16 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to growing demand for data-driven decision-making, rising competition in the retail sector, expansion of e-commerce, complexity in managing large product assortments, emergence of big data analytics.
The category management market size is expected to see rapid growth in the next few years. It will grow to $3.66 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to integration of iot devices for real-time inventory tracking, focus on sustainability, shift towards dynamic pricing strategies, emphasis on supply chain resilience, increasing importance of shopper loyalty. Major trends in the forecast period include cloud-based solutions, real-time data analytics, mobile-friendly solutions, personalization and customization, supply chain visibility.
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Market Drivers and Trends:
The rise in the number of retail stores is expected to propel the growth of the category management software market going forward. Retail stores are physical or online establishments where businesses sell goods and services directly to consumers. The number of retail stores is increasing due to growing consumer demand for convenient shopping options and retailers' efforts to expand their presence and reach new markets. Category management software streamlines inventory, sets competitive prices, and improves store layouts, leading to better sales and profitability for retail stores. For instance, in january 2024, according to a report published by the National Association of Convenience Stores, a US-based trade association, the United States saw a 1.5% rise in convenience stores, bringing the total number to 152,396 in 2024, compared to the count in 2023. Therefore, the rise in the number of retail stores is driving the growth of category management software.
Major companies operating in the category management software market are focusing on integrating artificial intelligence to develop AI-powered category management software to enhance efficiency and optimize decision-making processes. AI-powered category management is a software solution that utilizes artificial intelligence algorithms and techniques to enhance the process of category management in retail settings. For instance, in January 2024, Symphony Innovation LLC, an India-based provider of predictive intelligence software solutions, launched the category manager copilot system in collaboration with the Microsoft Azure Open AI service for retailers and consumer packaged goods. This system utilizes both text and graphics to rapidly analyze user queries and identify performance-affecting factors in a product category. The copilot acts as a virtual assistant that empowers category managers to handle tasks faster, easier, and more strategically, allowing them to focus on high-value strategic activities rather than mundane operational tasks.
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Major Key Players of the Market:
International Business Machines Corporation, Oracle Corporation, SAP SE, Capgemini SE, Cognizant, Zebra Technologies Corporation, Nielsen Holdings plc, SAS Institute Inc, ID Logistics Group, PTC Inc, Acosta Inc, Teradata Corporation, Information Resources Inc, Epicor Software Corporation, Manhattan Associates Inc, Qlik Technologies Inc, Anaplan Inc, MicroStrategy Incorporated, Aptos LLC, Vistex Inc, AFS Technologies, JDA Software, Jagger LLC, Velocity Financial Inc.
Category Management Software Market 2024 Key Insights:
• The category management market size is expected to see rapid growth in the next few years. It will grow to $3.66 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%.
• Surge In Retail Stores Fuels Growth In Category Management Software Market
• AI-Powered Category Management Solutions For Enhanced Efficiency And Strategic Decision-Making
• Europe was the largest region in the category management software market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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