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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), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026

  • Report ID: GMI2364
  • Published Date: Jun 2020
  • Report Format: PDF

Industry Trends

Inventory Management Software Market size crossed USD 3 billion in 2019 and is estimated to grow at a CAGR of over 5% from 2020 to 2026. The increasing manufacturing output due to the adoption of Industrial IoT (IIoT) is supporting the market growth.
 

Inventory Management Software Market

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Inadequate supply of inventory may bring manufacturing operations to a halt. Inefficient inventory management in manufacturing organizations also creates serious challenges in the productivity of companies. The growing demand for robust inventory management software to control & improve the supply chain across the manufacturing sector is expected to fuel the inventory management software market demand.
 

The inventory management software is used by businesses for various purposes such as to keep track of the inventory costs throughout the manufacturing & sales process, monitor stock levels, and track profits. It is also used to predict inventory levels, prices, and expected product demand. The inventory management software tracks all inventory activities and keeps track of the inventory database. It makes it easier to track stock levels, provides authorized people access to the database, and offers a detailed insight into the inventory activity of the business. The outbreak of COVID-19 globally has prompted the enterprises to use advanced inventory management tools to ensure optimum management and supply of inventory across supply chains in an efficient manner.
 

Barcode scanning system is expected to dominate the U.S. inventory management software market

In the U.S., the barcode scanning system held a market share of over 45% in 2019 due to extensive adoption of barcodes for tracking inventory movement across the supply chain right from manufacturing facilities until customer delivery. Barcode scanning has emerged as a major technological breakthrough in inventory management practices. It allows organizations to process large volumes of items with the ability to pull the data directly from Point of Sales (POS) systems and cash registers. These are perpetual systems that automatically update the inventory every time an item is scanned.
 

Order management will be the most lucrative application segment in the UK

The order management application segment will account for 30% UK inventory management software market share by 2026 owing to large-scale adoption of solutions for centralizing orders received from multiple markets. The order management process has also undergone significant changes to accommodate process re-engineering in inventory management systems. Inventory management systems allow merchants to effectively manage their entire order processing cycle and offer the highest level of customer support. Modern order management solutions involve limited or single agents to handle end-to-end activities for customers.
 

Market demand for cloud-based inventory management software in China is rising exponentially

China Inventory Management Software Market

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The cloud deployment model in China inventory management software market is poised to witness around 10% growth during the forecast period impelled by growing popularity of cloud platforms and increasing awareness of the scalability & flexibility offered by the technology. Cloud-based inventory management software solutions are usually pay-as-you-go solutions and are hosted on the vendor’s server. Customers are not responsible for the installation, updating, and maintenance of the system. Benefits of SaaS and cloud inventory management software have led many businesses to switch from traditional on-premise systems to cloud models.
 

Adoption of inventory management software will grow rapidly across large enterprises

In Brazil inventory management software market, large enterprises are expected to grow at a CAGR of over 10% during the forecast period as inventory management software providers are emphasizing on introducing comprehensive & robust solutions to manage supply chain functions of large enterprises. Large enterprises are investing significant resources on inventory management software to ensure an uninterrupted supply of inventory throughout the supply chain to avoid any production or distribution losses. These solutions enable businesses with large volumes of inventory to efficiently track their products at every stage.
 

Growing technology evolution in the South African retail industry will boost the inventory management software market growth

South Africa Inventory Management Software Market

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In 2019, the retail sector held more than 35% South Africa market share on account of critical utility of the technology to streamline supply chain operations in the sector. With the evolution of e-commerce, growth in the retail sector has been impressive due to the advantages of economies of scale and business expansion across the B2C and B2B levels. Also, due to the growing retail shrinkage levels across SMEs and large organizations in the sector, the need for effective inventory management software is being increasingly recognized by retailers around the world.
 

North America is predicted to dominate the market share throughout the forecast period

North America inventory management software market dominated with a revenue share of over 40% in 2019 owing to presence of several retailers and manufacturing companies, who are focusing on omnichannel platforms to increase their operational efficiencies. For instance, in February 2017, FedEx launched a multi-channel e-commerce fulfillment and inventory management platform, FedEx Fulfillment, for SMEs. The platform enabled businesses across the U.S. and Canada to store third-party inventory. Another factor driving the market growth is the growing popularity of cloud-based solutions that offer excellent benefits in terms of cost & maintenance of large-scale inventory compared to traditional inventory management systems.
 

Major industry players are focusing on upgrading their inventory management software

The inventory management software market players are focusing on upgrading capabilities and features of their inventory management software to gain a competitive advantage over other market players. For instance, in June 2018, Oracle Corporation launched a series of enhancements in its cloud-based warehouse management software to aid e-commerce companies in reducing their inventory costs and improving customer service. This enhancement helped the company to strengthen its market position in the market.
 

Major companies operating in the inventory management software market are Alterity, Inc., Archon Systems, Inc., Blue Younder (JDA Software), Clear Spider, Expresstech International, LLC (Fishbowl), Lightspeed POS, Inc., Manhattan Associates, Microsoft Corporation, Monday.com, NCR Corporation, Oracle Corporation, Revel Systems, Sage Group PLC, SAP SE, SkuVault, Inc., The Answer Company, TradeGecko Pte. Ltd., Vend Limited, Wasp Barcode Technologies, and Zoho Corporation Pvt. Ltd.
 

The inventory management software market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026 for the following segments:

Market by Type

  • Manually Managed Inventory Systems
  • Barcode Scanning Systems
  • Advanced Radio Frequency Systems (RFID)

Market by Application

  • Order Management
  • Asset Tracking
  • Service Management
  • Product Differentiation
  • Inventory Optimization

Market by Deployment Model

  • On-premise
  • Cloud

Market by Organization Size

  • SMEs
  • Large Enterprise

Market by End-Use

  • Manufacturing
  • Medical/Healthcare
  • Retail
  • Automotive
  • Oil & Gas
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Southeast Asia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • UAE
    • Saudi Arabia

 

Authors: Preeti Wadhwani, Smriti Loomba

Frequently Asked Questions (FAQ) :

The market size of inventory management software was crossed USD 3 billion in 2019.

The industry share of inventory management software is estimated to grow at a CAGR of over 5% from 2020 to 2026.

The order management application segment will account for 30% UK industry share by 2026 owing to large-scale adoption of solutions for centralizing orders received from multiple markets.

The cloud deployment model in China market is poised to witness around 10% growth during the forecast period impelled by growing popularity of cloud platforms and increasing awareness of the scalability & flexibility offered by the technology.

North America market dominated with a revenue share of over 40% in 2019 owing to the presence of several retailers and manufacturing companies, who are focusing on omnichannel platforms to increase their operational efficiencies.

Major companies operating in the market are Alterity, Inc., Archon Systems, Inc., Blue Younder (JDA Software), Clear Spider, Expresstech International, LLC (Fishbowl), Lightspeed POS, Inc., Manhattan Associates, Microsoft Corporation, Monday.com, NCR Corporation, Oracle Corporation, Revel Systems, Sage Group PLC, SAP SE, SkuVault, Inc., The Answer Company, TradeGecko Pte. Ltd., Vend Limited, Wasp Barcode Technologies, and Zoho Corporation Pvt. Ltd.

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Premium Report Details

  • Base Year: 2019
  • Companies covered: 20
  • Tables & Figures: 378
  • Countries covered: 20
  • Pages: 240

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