Dublin, May 30, 2024 (GLOBE NEWSWIRE) -- The "Inventory Management Software Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global inventory management software market has grown rapidly in recent years. It will grow from $2.04 billion in 2023 to $2.25 billion in 2024 at a compound annual growth rate (CAGR) of 10%. The growth observed in the historical period can be attributed to several key factors. These include the increasing demand for inventory tracking in healthcare settings, the utilization of drones for inventory monitoring purposes, a heightened emphasis on demand forecasting capabilities, the growing popularity of Software as a Service (SaaS) solutions, and the increasing importance placed on data analytics for optimizing inventory management processes.
The inventory management software market is expected to see rapid growth in the next few years. It will grow to $3.31 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. Forecasted growth stems from increased mobile device adoption, rising demand for real-time visibility, subscription-based pricing models, real-time inventory alerts, and expanding e-commerce. Major trends include third-party logistics collaboration, AI and ML integration, mobile inventory solutions, global trade expansion, and voice recognition tech.
The increasing demand for inventory tracking in healthcare is poised to propel the growth of the inventory management software market in the foreseeable future. For instance, reports published by the Office for National Statistics (ONS), a UK-based government department, in May 2023, revealed that the provisional estimates for UK healthcare expenditure in 2022 amounted to around £283 billion ($356.01 billion), indicating a nominal increase of 0.7% from 2021. Consequently, the escalating need for inventory tracking in healthcare serves as a significant driver for the growth of the inventory management software market.
Key players in the inventory management software market are strategically focusing on developing new technologies to cater to the evolving needs of various sectors. One such example is ItemOptix, an RFID inventory management solution designed to help retailers optimize their stock, minimize losses, and drive sales. For instance, in January 2023, Checkpoint Systems Inc., a US-based technology company, introduced ItemOptix, an inventory management software for retail, aimed at enhancing stock accuracy, accelerating stock movement, and ultimately improving sales and customer experiences. This solution offers various features such as real-time inventory tracking, stock visibility, user-friendly interfaces, and easy deployment to enhance inventory control and operational efficiency in retail stores.
In October 2023, Shipsy Technology Pvt. Ltd., an India-based logistics software as a service (SaaS) provider, completed the acquisition of Stockone Technology Pvt. Ltd. for an undisclosed sum. This strategic move aims to enhance Shipsy Technology Pvt. Ltd.'s product portfolio and logistics technology platform for enterprise customers. The addition of inventory management capabilities complements Shipsy's core offerings, allowing e-commerce companies to efficiently manage their inventory operations with real-time visibility. Stockone Technology Pvt. Ltd., an India-based inventory management solution provider, brings valuable expertise and technology to augment Shipsy's offerings and strengthen its position in the logistics software market.
North America was the largest region in the inventory management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the inventory management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the inventory management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Research Scope
Markets Covered
1) by Component: Inventory Management Software; Inventory Management Services
2) by Deployment Mode: On-Premise; Cloud
3) by Application: Orders Management; Asset Tracking; Services Management; Product Differentiation; Inventory Optimization
4) by End-User: Manufacturing; Retail and Consumer Goods; Healthcare and Life Sciences; Energy and Utilities; Automotive; Others End Users
Key Companies Mentioned: Microsoft Corporation; Oracle Corporation; VMWare Inc; Intuit Inc; NCR Corporation
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $2.25 Billion |
| Forecasted Market Value (USD) by 2028 | $3.31 Billion |
| Compound Annual Growth Rate | 10.2% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- Microsoft Corporation
- Oracle Corporation
- VMWare Inc.
- Intuit Inc.
- NCR Corporation
- Zebra Technologies Corporation
- SAP SE
- The Sage Group
- NEC Corporation
- Manhattan Associates Inc.
- Zoho Corporation Pvt. Ltd.
- Revel Systems Inc.
- Fishbowl Manufacturing
- Wasp Barcode Technologies Ltd.
- CIN7 Ltd.
- Acumatica Inc.
- Stockpile Technology Pvt. Ltd.
- Erply Ltd.
- SkuVault Inc.
- Archon Group LLC
- Finale Inventory
- Orderhive Inc.
- QuickBooks Commerce
- Inflow Inventory
- DEAR Systems
For more information about this report visit https://www.researchandmarkets.com/r/acpt4y
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