Global Inventory Management Software Market to Reach $3.64 Billion by 2029, Growing at 10% CAGR

What combination of drivers is leading to accelerated growth in the inventory management software market?
The increasing necessity for the tracking of inventories in the healthcare sector is anticipated to spur the expansion of the inventory management software market. This kind of tracking includes the supervising and administering of medical supplies, medicines, and equipment to ensure their availability, reduce waste, and keep accurate records of stock. The need for inventory monitoring in healthcare is largely due to the requirement to enhance cost-efficiency, regulatory conformity, patient safety, resilience of the supply chain, and operational proficiency. This need fuels the surge in the inventory management software market as it stimulates the demand for effective systems to supervise stock levels, minimise waste, and boost operational efficiency. For example, in May 2023, the Office for National Statistics (ONS), a government agency in the UK, reported the preliminary estimates for UK healthcare spending in 2022 to be approximately $356.01 billion (£283 billion), indicating a nominal rise of 0.7% from the previous year. Therefore, the escalating demand for inventory tracking in healthcare is fuelling the expansion of the inventory management software market.

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What is the projected compound annual growth rate (CAGR) of the inventory management software market from 2025 to 2034, and what factors influence it?
The market size of inventory management software has experienced speedy expansion in the past few years. The market is projected to rise from $2.25 billion in 2024 to $2.48 billion in 2025, marking a compound annual growth rate (CAGR) of 10.4%. The historical period's growth is attributable to the escalating necessity for inventory tracking in the healthcare sector, the use of drones for inventory oversight, heightened focus on demand forecasting, the increasing popularity of SaaS (Software as a Service), as well as the growing significance of data analytics.

In the coming years, the market for inventory management software is set to experience significant growth, forecasting to reach $3.64 billion in 2029 at a compound annual growth rate of 10.0%. The anticipated growth during this period is mainly due to factors such as increased use of mobile devices, a rising demand for real-time visibility, increasing popularity of subscription-based pricing models, the need for instant inventory alerts and notifications, and the advancement of e-commerce and omnichannel retail. Key trends expected during this term include cooperation with third-party logistics companies, integration of AI and machine learning, a shift towards mobile inventory management solutions, the broadening of international trade and supply chains, and the incorporation of voice recognition technology.

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How are the latest trends influencing the growth of the inventory management software market?
Leading firms in the inventory management software sector are now focusing on the creation of modern technologies such as the RFID inventory management solution. This unique solution utilizes radio frequency identification technology to monitor and administrate inventory in real-time, thereby boosting stock control accuracy and effectiveness. For instance, the American technology company Checkpoint Systems Inc. released in January 2023 an inventory management software "ItemOptix" aimed at retail, to enhance stock precision, speed up stock movement, and ultimately to ameliorate sales and customer experiences. It boasts various features like real-time inventory monitoring, stock visibility, user-friendly interfaces, and easy deployment all aimed at enhancing inventory management and operational efficiency in retail stores.

What are the major segments of the inventory management software market and their role in driving growth?
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

Subsegments:
1) By Inventory Management Software: Cloud-Based Inventory Management Software, On-Premises Inventory Management Software, Mobile Inventory Management Software, Barcode and Rfid-Based Inventory Software
2) By Inventory Management Services: Inventory Tracking and Monitoring Services, Inventory Optimization Services, Stock Replenishment and Forecasting Services, Inventory Audit and Reporting Services

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Which regions are key players in the growth of the inventory management software market?
North America was the largest region in the inventory management software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the inventory management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Who are the key firms paving the way for growth in the inventory management software market?
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

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What Is Covered In The Inventory Management Software Global Market Report?

•Market Size Forecast: Examine the inventory management software market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the inventory management software market for a structured understanding.
•Key Players Overview: Analyze major players in the inventory management software market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the inventory management software market.
•Segment Contributions: Evaluate how different segments drive overall growth in the inventory management software market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the inventory management software market.
•Industry Challenges: Identify potential risks and obstacles affecting the inventory management software market.
•Competitive Landscape: Review strategic developments in the inventory management software market, including expansions, agreements, and new product launches.

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