Global inventory management software market expected to reach approximately USD 3.2 billion by 2025, growing at a CAGR of slightly above 6.1% between 2019 and 2025. The easy and user-friendly inventory tracking facilities is the major factor propelling the inventory management software market worldwide.
Inventory Management Software Market
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.
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. Manufacturing inventory software offers mobile applications that can be accessed at any time and from any place through mobile devices to assist various business operations. Inventory tracking is extensively efficient and can easily manage multiple product IDs and descriptions. The in-built feature of unique product IDs and descriptions is a powerful way to distinguish each item. 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. Furthermore, connected devices are among the major upcoming trends in the inventory management software market. The increasing adoption of the Internet of Things (IoT) driven inventory management is anticipated to generate new market opportunities in the upcoming years.
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. 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 projected to hold the largest share of the inventory management software market globally in the years ahead, owing to the early adoption of the latest technologies and the strong regional presence of leading market players.
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.
Inventory Management Software Market: Product Analysis
Inventory Management Software Market: Deployment Analysis
Inventory Management Software Market: Organization Size Analysis
Inventory Management Software Market: Application Analysis
Inventory Management Software Market: Vertical Analysis
Inventory Management Software Market: Regional Analysis