Global Inventory Management Software Market to grow at 9% CAGR till 2026



As per a Global Market Insights, Inc. report, global inventory management software market size could hit the USD 5 billion market by 2026, in terms of annual remunerations. One of the factors influencing the growth is the improvisation in omnichannel retailing with the booming e-commerce sector. These software mainly help to effectively and efficiently manage the inventory, besides giving database access to authorized users.

The growth of inventory management software market can be credited to the rise in need for the smooth functioning of account management processes and alleviation of risks associated with them. The unfolding of omnichannel or multichannel retailing sectors aligned with the changes in consumer preferences has led to a substantial adoption of inventory management solutions in companies to pursue favorable finished good stocks.

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With digitization captivating European countries like UK, France and Germany, market players providing inventory management software are reaching out to a larger audience by procuring integrated software solutions. Some established companies dominating the market are NCR Corporation, Lightspeed, SAP SE, Microsoft Corporation, Zoho Corporation, among others.

In terms of segmenting the market by type, the manually managed inventory system adoption is anticipated to rise over coming years. Manually managed inventory systems insert formulae as input for inventory calculations, apart from aiding in order and track functionalities in enterprises or business. One inefficiency related to manual importing of formulas in the manmade errors associated with them.

The cloud deployment segment in the inventory management software market is slated for an exponential growth, with over 9% CAGR from 2020 to 2026. Cloud-based structure are being deployed for networking, with the substantially growing digitalization in industries. Additionally,
 to garner more functionalities like offshore installations with lower rates of downtime, SaaS-based inventory management software is preferred.

In terms of organization, the revenues form large enterprises for inventory management software industry is expected to show 8% CAGR through 2026. The solutions are useful for various activities, from monitoring and tracking greater volumes of inventory solutions with integrated systems employing barcodes, RFIDs and QR codes, to real-time analysis of stocks. With advancements of electronic scanning and auto tracking and ordering of sales, the large enterprises are taking advantage of inventory management software to achieve improved bottom lines.

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Automotive software solutions are advancing with innovations for effective results and enhanced productivity. To state an instance, DealearSocket, Inc., in Jan 2020, hinted towards the acquisition of Auto/Mate, a multi-purpose software platform approached for seeking inventory and digital retail management. The automotive inventory management software market size, over 2020-2026, is estimated to record a CAGR of 5%.

Two of the factors influencing the software demand in Europe are the development of retail industries and technically advanced software solutions. Intuitive software like Point of Sale (POS) are brought into place by companies for better inventory management. For an example, Lightspeed, an omnichannel software provider, in September 2019,launched Lightspeed Retail 3.0. for managing profiles, sales history, retail manager assignments involving inventory management. 

Cumulatively, the launch attracted SMEs functioning in the region in order to adopt innovative software solutions.  Europe inventory management software industry is anticipated to account for 25% of the global share by 2026.

Enterprises functioning in this market are keen to innovate and develop integrated functions for growing their portfolio. To quote an instance, Tecsys, Inc., in January 2020, came up with Advanced Analytics to support management of retail supply chain unit. This cloud-based solution for retail orders is integrated with Microsoft’s Power BI intelligence tools which help to deliver solutions for omnichannel retailing.

Browse key industry insights spread across 240 pages with 352 market data tables and 26 figures & charts from the report, Inventory management software Market in detail along with the table of contents:


Report Content

Chapter 3.    Inventory Management Software Industry Insights

3.1.    Introduction
3.2.    Industry segmentation
3.3.    Impact of COVID-19 outbreak
3.3.1. Impact by region
3.3.1.1.    North America
3.3.1.2.    Europe
3.3.1.3.    Asia Pacific
3.3.1.4.    Latin America
3.3.1.5.    Middle East & Africa
3.3.2. Impact on industry value chain
3.3.3. Growth strategy
3.4.    Features/benefits of inventory management software solutions
3.5.    Technological evolution
3.6.    Industry ecosystem analysis
3.7.    Inventory management vs. warehouse management
3.8.    Technology & innovation landscape
3.8.1. IoT Thrust for smart inventory management
3.8.2. Big Data integration
3.8.3. Enterprise mobility in inventory management
3.9.    Regulatory landscape
3.9.1. 41 CFR Part 101-27 - INVENTORY MANAGEMENT
3.9.2. Drug Supply Chain Security Act
3.9.3. Restriction of Hazardous Substances Directive
3.9.4. The Privacy and Electronic Communications (EC Directive) Regulations 2003
3.9.5. . The Dodd-Frank Act
3.9.6. Health Insurance Portability and Accountability Act (HIPAA)
3.9.7. Sanitary Transportation of Human and Animal Food (STF) Rule
3.10.    Industry impact forces
3.10.1.    Growth drivers
3.10.1.1.    Growing trend of omnichannel retailing
3.10.1.2.    Increasing demand for the RFID technology
3.10.1.3.    Widespread adoption of smartphones and other mobile devices
3.10.1.4.    Rapidly growing popularity of e-commerce
3.10.1.5.    Need to mitigate supply chain inefficiencies
3.10.2.    Industry pitfalls & challenges
3.10.2.1.    High initial investment
3.10.2.2.    Reluctance to switch from legacy systems
3.11.    Porter’s analysis
3.12.    PESTEL analysis
3.13.    Growth potential analysis

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