Inventory Management Software Market Trends, Competitive Analysis, Research Report 2024
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With the adoption of smartphones and tablets, the popularity of the mobile commerce and e-commerce also increases. It encourages retailers to replace their physical stores with online stores. Furthermore, the increasing internet penetration and technological advancements also lead to the increase in the number of online shoppers, which fuels the competition between retailers. This gives rise to the requirement of real-time analytics and an effective software to manage the orders, sells, and inventory to gain a competitive edge over competitors. Therefore, it is estimated to augment the demand for inventory management software. However, there are certain factors that are hindering the growth of the market. The high installation cost, data security, and customer privacy are the major factors that are restricting the growth of the market.
The increasing demand for the RFID technology is also estimated to be one of the major factors that is driving the growth of the market. RFID is a wireless technology that is used for tracking and monitoring the assets. The technology automates warehouse control end-to-end and assists organizations in managing thousands of orders on a daily basis.
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Moreover, the technology offers a real-time analysis of inventories and orders. The better merchandising decision integrated with low operational cost will help the market growth in developing economies. Moreover, the software helps in the easy tracking using barcode scanners, smartphones, and tablets helping the market grow. In addition, the adoption of cloud, IoT, and RFID will become a key attraction for investors.
North America is estimated to be the leading region in the market owing to the presence of a large number of market players and rising requirements to streamline inventory and manage real-time data. The Asia Pacific region is anticipated to witness a high growth during the forecast period owing to the growing demand for automated tools at the workplace to improve the performance of the business. Furthermore, the growing popularity of e-commerce and increasing digitalization in developing countries including India and China are also driving the growth of the market.
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Some of the major vendors present in the inventory management software market are Oracle, Microsoft, Epicor, SAP, JDA Software, Accellos, Aldata Software, IBM, GTNexus, Totvs, Netsuite, Retalix, Quintiq, Kewill Systems, Kinaxis, etc. The growing demand for the inventory management software has intensified the competition amongst the market players. The players are adopting various strategies, such as mergers & acquisitions, product launches, geographical expansion, collaborations, and partnerships, to gain market share and get an edge over the competitors.
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