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Inventory Management Software Market Size, By Type (Manually Managed Inventory System, Barcode Scanning System, Advanced Radio Frequency System (RFID)), By Application (Order Management, Asset Tracking, Service Management, Product Differentiation, Inventory Optimization), By Deployment Model (On-premise, Cloud), By Organization Size (Large Enterprise, SMEs), By End-Use (Manufacturing, Medical/Healthcare, Retail, Automotive, Oil & Gas), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI2364
  • Published Date: Jan 2023
  • Report Format: PDF

Industry Drivers

Inventory Management Software Market size surpassed USD 3 billion in 2022 and is anticipated to exhibit a CAGR of 5% between 2023 and 2032, given the increasing internet connectivity and e-commerce spending.
 

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With the rapid e-commerce growth and the rise in supply chain issues, a shift from manual inventory tracking to automated inventory management software is being observed across global enterprises. Based on the Digital Commerce 360 analysis of the U.S. Department of Commerce, in the Q3 of 2022, online spending rose by 10.8% Y-o-Y compared to the same period a year earlier. Online business acceleration can be credited to government-led initiatives targeted toward boosting digital transformation. Furthermore, improved internet access will stimulate the adoption of inventory management software to streamline e-commerce tasks.
 

The deployment of RFID technology as a major component of supply chain networks is another prominent factor bolstering the inventory management software market demand. The incorporation of RFID technology enables businesses to curb labor costs and enhance inventory management efficiency. Likewise, it can help manage inventory in real-time and make informed decisions, thus providing lucrative opportunities for industry growth. However, high initial investments associated with advanced features and deployment methodologies may create roadblocks to inventory management software development over the estimated timeline.
 

Warehouse expansion projects to fuel the RFID-based segment demand

Inventory management software market share from the advanced radio frequency system (RFID) segment will depict around 5% CAGR through 2023. Increased accuracy, real-time updates, and improved inventory visibility are some of the key attributes fueling the use of RFID in inventory management. This software ensures the automation of end-to-end controls and tasks including tracking and counting, resulting in reduced labor costs. With the escalating investment in warehouse and distribution center expansion projects, the development of RFID-based inventory management tools is anticipated to rise worldwide.
 

Robust logistics sector growth to proliferate inventory software adoption in order management applications

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Based on the application, the order management segment held more than 35% share of the inventory management software market in 2022, on account of the progress in the logistics sector. According to data from Cogoport, the logistics sector is projected to expand five-fold in India by 2050. Such trends will, in turn, boost the reliance on software designs to manage incoming orders from varied channels. Additionally, rapid technological advancement will promote the adoption of inventory management solutions to enhance logistic processes and facilitate the integration of tools for quick order resolution.
 

Cost-effectiveness & other benefits to drive adoption of cloud-based inventory management software

The cloud-based deployment model segment is projected to expand at 5% CAGR during the forecast timeline, driven by the rising awareness of the model’s flexibility, scalability, and enhanced security. Cloud-based inventory management software is also reducing the reliance of users on additional resource dedication for hardware and software infrastructure management. The growing awareness of these attributes allows users to invest in revenue-generating operations, thereby contributing to the usage of cloud-based software in inventory management.
 

Automotive inventory management software to gain acceptance to improve customer satisfaction

Authors: Preeti Wadhwani, Shamal Gawande

Frequently Asked Questions (FAQ) :

The industry size of inventory management software crossed USD 3 billion in 2022 and is set to depict over 5% CAGR through 2023-2032, given the increasing internet connectivity and e-commerce spending.
The automotive end-use segment will reach over USD 700 million by 2032, due to the extensive usage of GPS-based inventory management systems.
The market share for inventory management software in APAC is projected to depict over 8% CAGR through 2023-2032, as a result of the online retail growth.
Prominent players operating in the market include Zoho Corporation Private Limited, Oracle Corporation, Microsoft Corporation, Manhattan Associates, Intuit Inc., NCR Corporation, and Alterity, Inc. (Acctivate), among others.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 20
  • Tables & Figures: 397
  • Countries covered: 20
  • Pages: 270
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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