Chicago, May 19, 2023 (GLOBE NEWSWIRE) -- The global Multichannel Order Management Market size to grow from USD 2.7 billion in 2022 to USD 4.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 9.4% during the forecast period, according to a new report by MarketsandMarkets™. The major factors driving the growth of the multichannel order management market are COVID-19-led acceleration of organizations for new customer engagement through digital experiences, booming retail and eCommerce vertical, growth in multichannel selling, low operational and initial costs, and rapidly growing number of internet users. Furthermore, emerging potential for online sales, increasing adoption by SMEs, and technological advancements in machine learning, artificial intelligence, and augmented reality provides opportunities for market growth.
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306 - Tables
49 - Figures
281 - Pages
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Scope of the Report
| Report Metrics | Details |
| Market Size Value in 2022 | US$ 2.7 billion |
| Revenue Forecast Size Value in 2027 | US$ 4.2 billion |
| Growth Rate | 9.4% CAGR |
| Key Market Drivers | Growth in multichannel selling |
| Key Market Opportunities | Organization’s willingness to use advanced technologies |
| Market size available for years | 2016–2027 |
| Base year considered | 2022 |
| Forecast period | 2022–2027 |
| Forecast units | USD (Million/Billion) |
| Segments covered | Component, Application, Organization Size, Deployment Mode, Verticals, and Region |
| Geographies covered | North America, Europe, Asia Pacific, Middle East and Africa, and Latin America |
| Companies covered | IBM (US), Oracle (US), SAP (Germany), Salesforce (US), HCL Technologies (India), Zoho (India), Brightpearl (US), Square (US), Selro (England), Linnworks (England), Vinculum (India), Freestyle Solutions (US), Aptean (US) and many more. |
The market based on components is divided into software and services. Among these, multichannel order management software and services offer enterprises the flexibility to manage resource requirements as per their business needs. The adoption of multichannel order management software has increased among enterprises due to benefits such as improved scalability, lower infrastructure costs, faster deployments, improved productivity and performance, better control of critical applications, and a decrease in business downtime and losses. The need for business agility, faster deployment, and scalability is another major factor that has been driving the adoption of multichannel order management among enterprises globally.
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By deployment mode, the multichannel order management market has been segmented into on-premises and cloud. Organizations primarily look for solutions that can help them reduce costs and increase profit margins. The multichannel order management solutions offered via the cloud are gaining good traction in the past few years, moreover, the adoption cloud solution is expected to grow at a higher CAGR and hold the largest market size during the forecast period.
Among organization sizes, the large enterprises segment is expected to hold a larger market size, whereas the SMEs segment is expected to grow at a faster rate during the forecast period. SMEs are adopting cloud-based solutions to leverage various benefits offered by the cloud deployment option.
Verticals across regions are adopting multichannel order management solutions to provides faster and organized billing data to help companies make quick financial decisions, track orders efficiently, and receive constant updates on orders. Key verticals include retail, eCommerce, and wholesale, manufacturing, healthcare, food and beverage, and other verticals (automotive, and software, and technology). Retail, eCommerce, and Wholesale vertical is expected to grow at a good pace and hold largest market size during the forecast period.
The multichannel order management market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. North America is estimated to account for the highest market share in 2021, while APAC is projected to grow at a higher CAGR during the forecast period.
Frequently Asked Questions (FAQ)
What is the projected market value of the global multichannel order management market?
The global market of multichannel order management is projected to reach USD 4.2 billion
What is the estimated growth rate (CAGR) of the global multichannel order management market for the next five years?
The global multichannel order management market is projected to grow at a Compound Annual Growth Rate (CAGR) of 9.4% from 2022 to 2027
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