Inventory Management Software Market to Exhibit a Remarkable Growth of USD 2.56 Billion by 2029, Key Drivers, Size, Share, Trends, Applications and Opportunity Analysis
NEW YORK, Nov. 2, 2022 /PRNewswire/ -- "Inventory Management Software Market" from Data Bridge Market Research, this research helps businesses thrive by offering in-depth market analyses and insights. The Inventory Management Software report gives market definition in the form of market driving factors and market restraints which aids in estimating the requirement of particular product where several aspects have to be considered. This Inventory Management Software report has been prepared by making sure that the key factors of the Inventory Management Software industry are understood well to provide the market report that has complete overview of the market, covering various aspects such as product definition, market segmentation based on various parameters, and the prevailing vendor landscape. The data and information included in this Inventory Management Software market report helps Inventory Management Software industry take sound decisions and plan about the advertising and sales promotion strategy more successfully.
Data Bridge Market Research analyses that the inventory management software market was valued at USD 1.53 billion in 2021 and is expected to reach the value of USD 2.56 billion by 2029, at a CAGR of 6.62% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Inventory management software is software that is used to track inventory levels, orders, sales, and deliveries. The manufacturing industry can also be used to create a piece order, bill of materials, and other production-related documents. Inventory management software is used by businesses to avoid product overstock and outages. It is a tool for organizing inventory data previously stored in hard copy or spreadsheets. Inventory management solutions provide real-time visibility of supply and demand, allowing users to be aware of inventory updates.
The expanding e-commerce industry and current technological developments offer enormous potential to global solution providers. Companies provide solutions that can reduce the amount of time spent monitoring and managing a company's assets. One solution, inventory management software, is currently gaining significant traction. This is due to the growing popularity of online shopping and rental services. These industries rely heavily on inventory, so monitoring is critical.
The increasingly widespread adoption of smartphones and other mobile devices, the rapidly growing popularity of e-commerce, the growing need to mitigate supply chain inefficiencies, and the rising demand for RFID technology are the major factors driving the inventory management software market, among others.
Some of the major players operating in the Inventory Management Software market are:
- Manhattan Associates, (U.S.)
- Blue Yonder Group, Inc. (U.S.)
- HighJump (U.S.)
- Oracle (U.S.)
- IBM Corporation (U.S.)
- SAP SE (Germany)
- ACL Digital (U.S.)
- VMWare Inc. (U.S.)
- Telefonaktiebolaget LM Ericsson (Sweden)
- Hewlett Packard Enterprise Development LP (U.S.)
- Softeon (U.S.)
- Telco Systems (U.S.)
- NEC Corporation (Japan)
- Juniper Networks Inc. (U.S.)
- Infor. (U.S.)
- Versa Networks Inc., (U.S.)
- Cisco Systems Inc.(U.S.)
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Important Facts about This Market Report:
- This research report reveals this business overview, product overview, market share, demand and supply ratio, supply chain analysis, and import/export details
- The Industry report captivates different approaches and procedures endorsed by the market key players to make crucial business decisions
- This research presents some parameters such as production value, marketing strategy analysis, Distributors/Traders and effect factors are also mentioned
- The historical and current data is provided in the report based on which the future projections are made and the industry analysis is performed
- The import and export details along with consumption value and production capability of every region is mentioned in the report
- Porter's five forces analysis, value chain analysis, SWOT analysis are some additional important parameters used for the analysis of market growth
- The report provides the clients with the facts and figures about the market on the basis of evaluation of the industry through primary and secondary research methodologies
Market Dynamics: Inventory Management Software Market
- Growing need for inventory accuracy
The increasing emphasis of businesses on Omni-channel systems to bridge the gap between online and offline sales is driving the adoption of supply chain solutions such as inventory management. To efficiently serve daily orders, store inventory accuracy is essential. As a result, many vendors across various industry verticals are adopting inventory management software in their warehouses, which benefits them in maintaining inventory efficiently and maintaining customers online and offline under the Omni-channel platform. This also allows customers to access goods from any location within an organization quickly. Omni-channel commerce benefits from improved customer experience, increased sales and traffic, and improved data collection, all of which drive the growth of inventory management solutions
- Improved product and solution offerings
The inventory management software industry will be highly competitive in the coming years. This is due to the emergence of various players offering solutions integrated with technologies that have the potential to transform the inventory management sector completely. Inventory management software providers are adopting technologies that can support automation as automation gains traction in various business verticals.
Furthermore, established organizations are acquiring a variety of new and small businesses in order to maintain their dominance in the global inventory management software market. This strategy enables businesses to leverage the technology of smaller companies to improve their product portfolio and gain a competitive advantage over competitors. This strategy also allows the organization to strengthen its grip on the global inventory management software market within the time frame projected.
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Key Industry Segmentation: Inventory Management Software Market
By Type
- Manually Managed Inventory System
- Barcode Scanning System
- Advanced Radio Frequency System (RFID)
By Deployment model
- Cloud
- On-premise
By Organization size
- Small and Medium Enterprises(SMEs)
- Large Enterprises
By Applications
- Order Management
- Asset Tracking
- Service Management
- Product Differentiation
- Inventory Optimization
By End-Use
- Manufacturing
- Medical/Healthcare
- Retail
- Automotive
- Oil & Gas
Regional Analysis/Insights: Inventory Management Software Market
The countries covered in the inventory management software market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
The North America inventory management software market dominates the global market because of the presence of several retailers and manufacturing companies that are focusing on Omni channel platforms to increase operational efficiencies. The platform allowed businesses in the United States and Canada to store third-party inventory. Another factor driving market growth is the increasing popularity of cloud-based solutions, which offer high cost and maintenance savings when compared to traditional inventory management systems.
Asia-Pacific is set to grow with the highest growth rate due to rising demand for RFID technology, increasing widespread adoption of smartphones and other mobile devices, rapidly growing popularity of e-commerce, rising need to mitigate supply chain inefficiencies, and rising demand for RFID technology in this region.
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Inventory Management Software Industry Regulations
- Market Overview
- Global Inventory Management Software Market, By Component
- Global Inventory Management Software Market, By Gene Type
- Global Inventory Management Software Market, By Gene Synthesis Type
- Global Inventory Management Software Market, By Application
- Global Inventory Management Software Market, By Method
- Global Inventory Management Software Market, By End User
- Global Inventory Management Software Market, By Distribution Channel
- Global Inventory Management Software Market, By Region
- Global Inventory Management Software Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
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