Zion Market Research has published a new report titled “Inventory Management Software Market By Product (Advanced Radio Frequency System, Barcode Scanning System, and Manually Managed Inventory System), By Deployment (On-Premises and Cloud-Based), By Organization Size (SMEs and Large Enterprises), By Application (Service Management, Asset Tracking, Order Management, Inventory Optimization, and Product Differentiation), and By Vertical (Healthcare, Retail, Automotive, Oil & Gas, Manufacturing, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global inventory management software market was USD 2.1 billion in 2018 and is expected to reach approximately USD 3.2 billion by 2025, growing at a CAGR of slightly above 6.1% between 2019 and 2025.
Over the last decade, inventory management solutions have advanced by leaps and bounds. Inventory management software plays a crucial role in today’s business plans, as it tracks and records inventories along with significantly contributing to a company’s growth by offering information related to the product demand.
Browse through 88 Tables & 38 Figures spread over 201 Pages and in-depth TOC on “Global Inventory Management Software Market Size & Share 2018: Industry Type, Applications, Trends, Growth, Analysis, and Forecast to 2025”.
The easy and user-friendly inventory tracking facilities is the major factor propelling the inventory management software market worldwide. Inventory management software is used for tracking level, orders, sales, and delivery. Numerous inventory management, control, and tracking applications are available for iOS and Android devices. The inventory management software helps in easily managing, controlling, and tracking inventory, irrespective of location and time. Manufacturing plants of large MNCs are usually connected through wireless networks and operate in remote locations. The globally rising demand for inventory tracking solutions is also driving the inventory management software market. However, the high initial installation cost may hinder the inventory management software market to some extent. The software cost generally depends on the features and the abilities that it offers along with the access to the number of users and products involved. Additionally, data security is one of the major concerns for inventory management software vendors, as the software carries vital information related to customers, product, and technicians. Cyber attackers can hack into these systems and manipulate the data to misguide technicians. Furthermore, connected devices are among the major upcoming trends in the inventory management software market.
The inventory management software market is categorized based on product, deployment, organization size, application, and vertical. The product segment includes an advanced radio frequency system, manually managed inventory system, and barcode scanning system. The growing adoption of radio frequency identification will fuel the advanced radio frequency system segment in the years ahead. By deployment, the market is categorized into on-premises and cloud-based. The organization size segment includes SMEs and large enterprises. By application, the market comprises service management, order management, asset tracking, product differentiation, and inventory optimization. The vertical segment of the inventory management software market includes retail, healthcare, automotive, manufacturing, oil and gas, and others.
North America is anticipated to dominate the inventory management software market globally, owing to the growing need for synchronized real-time inventory data management, increasing requirement for streamlining inventory, and the strong regional presence of inventory management companies that are engaged in market-relevant business activities. Canada and the U.S. will witness rising product demand in the region. Moreover, the early adoption of inventory management software by main organizations is also driving the inventory management software market in the region.
Europe is estimated to show notable growth in the retail sector, which will drive the inventory management software market. The region is witnessing rising acceptance of asset-tracking technologies, owing to the regional dominance of the automotive, aerospace, and transportation industries. Inventory management systems assist businesses to manage stocks of expendable substances across various surroundings, which are fuelling this regional market. The flourishing e-commerce sector in Europe and rising internet penetration for online business interactions as compared to traditional business approaches are also forecasted to further the inventory management software market in the upcoming years.
Browse the full “IInventory Management Software Market By Product (Advanced Radio Frequency System, Barcode Scanning System, and Manually Managed Inventory System), By Deployment (On-Premises and Cloud-Based), By Organization Size (SMEs and Large Enterprises), By Application (Service Management, Asset Tracking, Order Management, Inventory Optimization, and Product Differentiation), and By Vertical (Healthcare, Retail, Automotive, Oil & Gas, Manufacturing, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”
The Asia Pacific inventory management software market will be driven by the growing penetration of inventory management software in the years ahead. The rising awareness about automated tools at the workplace to improve the overall productivity is benefitting the emerging Asian economies. Moreover, the increasing popularity of e-commerce and growing digitalization in the region is additionally driving the inventory management software market. India and China are witnessing significant emergence of new market entrants, owing to the region’s flourishing retail industry.
The rising number of small- and medium-sized enterprises across numerous sectors are expected to drive the inventory management software market over the forecast time period in Latin America. Growing demand for software that can improve transparency and operational efficiency by streamlining various business processes will further drive the Latin American inventory management software market. The Middle East and Africa is anticipated to witness considerable market growth over the forecast timeline.
Some globally renowned key players of the inventory management software market are Oracle, SAP, Microsoft, Zoho, TradeGecko, Fishbowl, Brightperal, Ordoro, Acctivate, Wasp Barcode Technologies, Stitch Labs, Orderhive, Dapulse, Handifox, KCSI, Megaventory, Veeqo, eTurns, Dearinventory, SkuVault, Manhattan Associates, and Sage.