Category Management Software Market Analysis

Category Management Software Market Analysis

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The category management software market size from solution segment is expected to grow at a CAGR of over 9.5% through 2032. Solution segment is further bifurcated into assortment planning, pricing & promotion, inventory management, analytics & reporting, and supplier collaboration. This segment is experiencing growth by offering a comprehensive suite of tools designed for specific needs. For instance, in May 2023, Vanta launched a first-category unique vendor risk management solution, consolidating risk assessment, security reviews, and issue resolution on one platform. It also features AI-driven questionnaire automation for efficiency.
 

This development can enhance the security and risk management aspects of category management software, contributing to market demand. Assortment planning optimizes product offerings, pricing & promotion tools boost profitability, inventory management ensures efficient stock levels, analytics & reporting provide insights. This holistic approach empowers businesses to streamline their category management efforts, resulting in improved sales, customer satisfaction, and operational efficiency.
 

The category management software market from cloud segment dominated around USD 1.1 billion revenue in 2022. Cloud solutions provide real-time data access, scalability, and reduced infrastructure maintenance. Businesses can efficiently manage product categories, track sales, and collaborate seamlessly from anywhere. Cloud-based category management software fulfills companies’ requirement for flexible & remote-friendly solutions, driving its adoption. It aligns with the trend of digital transformation, making it an essential choice for businesses looking to enhance category management capabilities while staying competitive.
 

North America category management software market accounted for 32% of the revenue share in 2022, due to the increasing number of retail stores in the region. For instance, in August 2023, Juxta, a collaboration between Gilbarco Veeder Root and Vontier Corp., introduced Nomad, a self-contained, portable micro-retail store. Nomad allows retailers to extend their brand presence beyond conventional convenience store locations, offering greater flexibility in reaching customers.
 

The expansion of retail outlets necessitates more advanced category management tools to efficiently organize product assortments and optimize sales. Additionally, North America has a highly competitive retail landscape, prompting businesses to adopt innovative category management solutions to stay ahead. This trend, coupled with a strong emphasis on data-driven decision-making, is augmenting market growth in the region.