Inventory Management Software Market Size

Inventory Management Software Market Size

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.