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Category Management Software Market Trends

Report ID: GMI6769
Published Date: Sep 2023
Report Format: PDF

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Category Management Software Market Trends

AI and ML integration is an emerging trend in the category management software industry, revolutionizing how businesses optimize their product categories. These technologies empower the software to analyze vast datasets, predict consumer preferences, and recommend personalized product assortments and pricing strategies. With AI and ML, businesses can make data-driven decisions, optimize inventory, and enhance the customer experience. This trend reflects the industry's shift toward more sophisticated and efficient category management solutions that adapt to changing market dynamics and customer behavior.

Cloud-based solutions are emerging as a prominent trend in the category management software market. They offer businesses greater flexibility, scalability, and cost-effectiveness compared to traditional on-premises systems. Cloud-based category management software enables real-time access to data, facilitating collaboration among teams regardless of location. It also reduces the burden of infrastructure maintenance and updates. As organizations seek agility and efficiency, the adoption of cloud-based solutions is on the rise in the market.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of category management software reached USD 1.7 billion in 2022 and is set to register over 10.5% CAGR from 2023 to 2032, due to the growing preference for omnichannel retailing worldwide.

The solution component segment will expand at 9.5% CAGR from 2023 to 2032, on account of their ability to offer comprehensive suite of tools designed for specific needs.

North America registered over 32% of the market share in 2022, owing to the increasing number of retail stores in the region.

IBM Corporation, Oracle Corporation, SAP SE, Mi9 Retail, and Softvision (Cognizant) are some of the major category management software companies worldwide.