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Inventory Management Software Market Size, Share, Industry Analysis, Segments And Forecast To 2033
Inventory Management Software Market Share
According to The Business Research Company's, 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 growth in the historic period can be attributed to rising need for inventory tracking in healthcare, utilization of drones for inventory monitoring, increased emphasis on demand forecasting, growing popularity of SaaS (Software as a Service), increasing importance of data analytics.
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%. The growth in the forecast period can be attributed to growing adoption of mobile devices, increasing demand for real-time visibility, rise of subscription-based pricing models, demand for real-time inventory alerts and notifications, growth of e-commerce and omnichannel retailing. Major trends in the forecast period include collaboration with third-party logistics providers, integration of artificial intelligence (AI) and machine learning (ML), shift towards mobile inventory management solutions, expansion of global trade and supply chains, integration of voice recognition technology.
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Inventory Management Software Market 2024 Key Insights:
• 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%.
• Growing Demand For Inventory Tracking In Healthcare Fuels Market Expansion
• Inventory Management Software Using Voice Recognition And RFID Technology
• North America was the largest region in the inventory management software market in 2023
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The Business Research Company (https://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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