The Inventory Management Software revenue totalled US$ 1,528.3 million in 2021 and is expected to reach US$ 3,291.1 million by 2028, growing at a CAGR of around 11.2% between 2022 and 2028.
By the end of the forecast period, North America is expected to have a sizable market value share. Retailers in the United States are focusing on incorporating Omni-channel platforms to provide a better customer experience. Companies in this region are also relying on third parties to manage their operations, which include product storage, packaging, and sales, making online inventory management easier and increasing product penetration. In the global inventory management software market, SEA and Others in APAC would exhibit relatively high growth.
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The software segment, in terms of component and SaaS in terms of deployment are expected to gain swift momentum during the forecast period, considering the rising adoption of cloud for inventory data storage arising from dynamically changing inventory levels. The emergence of advanced technologies, including integration of Big Data analytics, IoT and automation would also fuel the inventory management software market through 2028.
Ease in Supply Chain Operations and Emphasis on Omni-Channel Systems to Push Global Inventory Management Software Market
Technology has notably crept into the supply-chain process. With the introduction of inventory management software, enterprises- big and small are able to get real time visibility of supply and demand, through processes that notifies everyone along the chain, thereby, providing an overview of the inventory functioning.
Advanced features such as reservation of specific products from the existing inventory or making segmentations within the inventory to suit privileged demands, adoption of inventory management software is projected to significantly ease supply chain operations along with inventory maintenance, in turn, driving the global inventory management software market.
However, inventory accuracy is paramount for retailers and warehouse owners considering increasing demand for real-time inventory management solutions that can be accessed through multiple channels. Retailers and business owners are increasingly facing challenges apropos to expanding their operations into omni-channel.
Enterprises trying to bridge the gap between its online and offline sales is driving the adoption of supply chain solutions such as inventory management software. In a bid to maintain accurate store inventories and serve everyday orders efficiently, vendors are adopting inventory management software across various industry verticals and manage their online and offline customers under an omni-channel platform.
Integrating AI, Machine Learning Would Further Shape Inventory Management Software Market; Favourable Opportunities for Vendors in the Inventory Management Realm Awaiting
Moreover, disruptive technologies such as predictive ETAs to improve inventory accuracy, live ocean and geo-fencing, and 3D visual warehouse to provide users a visual decision-making platform are only further supporting the adoption of inventory management software, to maintain a smooth demand and supply landscape. Integrating advanced technologies including machine learning and artificial intelligence into the supply chain and inventory management systems would equip inventory management vendors with lucrative market opportunities.
Key players in the inventory management software market are Oracle Corporation, IBM Corporation, SAP SE, Zebra Corporation, Kinaxis Inc., Infor Inc., Zoho Corporation, SAGE Group Plc, Brightpearl Ltd. and DEAR Systems.
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Inventory Management Software Market Key Segments Covered
By Component, Inventory Management Software Demand is segmented as:
- Inventory Management Software
- Inventory Management Services
By Deployment, Inventory Management Software Demand is segmented as:
- SaaS-based Inventory Management Software
- On-Premises Inventory Management Software
By Industry, Inventory Management Software Demand is segmented as:
- Consumer Goods and Retail
- Oil and Gas