Chicago, Jan. 15, 2024 (GLOBE NEWSWIRE) -- The global Multichannel Order Management Market size is expected to grow from $2.7 billion in 2022 to reach $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™.
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The customers receive a seamless experience from multichannel order management regardless of the communication or purchasing channel they choose since it gives them real-time access to the same data across all channels.
Multichannel Order Management Market Dynamics:
Drivers:
- Booming retail and eCommerce vertical
- Growth in multichannel selling
- Low initial and operational costs
- Growing number of internet users
Opportunities:
- Potential for online sales
- Increasing adoption by SMEs
- Technological advancements
- Organizations willingness to use advanced technologies
Restraints:
- Data breaches over internet
- Requirement for stronger confidentiality and data safety
List of Key Players in Multichannel Order Management Market:
- IBM (US)
- Oracle (US),
- SAP (Germany)
- Salesforce (US)
- HCL Technologies (India)
- Zoho (India)
- Brightpearl (US)
- Square (US)
- Selro (England)
- Linnworks (England)
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The global retail and e-commerce markets are expanding quickly, which is driving up the demand for multichannel order management solutions. These solutions help firms to create an effective system optimization and organization by expanding all services and orders at very detailed level.
By application, the multichannel order management market has been divided into order fulfillment, inventory management, channel integration, workflow automation, integrated POS. Out of these, the channel integration is expected to grow at a CAGR of 10.4% during the forecast period. The channel integration offers customers the option to respond by buying through the channel of their choice. Businesses keeps tabs on the conversations and actions of their customers across all channels by utilizing a Single Customer View. In the Asia Pacific region the channel integration application is expected to grow with the highest CAGR of 13.3% suiting the forecast period.
The multichannel order management market, by component, has been segmented into software and services. The rapid adoption of multichannel order management software in various businesses to manage and cater the tons of requests generated through various sales channels have resulted in the growth of software segments in the market. The software segment is expected to grow from USD 1,672 million in 2022 to USD 2,461 million by 2027, at a CAGR of 8.0% during the forecast period. It is anticipated that the software segment will hold the largest market share in the North America by growing from USD 492 million in 2022 to USD 662 million in 2027 at the CAGR of 6.1% during the forecast period.
The multichannel order management market, by organization size, has been segmented into large enterprises and SMEs. However, the SMEs is expected to grow at a highest CAGR of 9.9% during the forecast period. The growing demand for adopting advance technologies such as big data, cloud and more are driving the growth of multichannel order management in SMEs. The adoption of multichannel order management enables the SMEs to improve their business processes, control spending and their reach to new customers as well. The SMEs is anticipated to grow at a highest CAGR of 12.8% in the Asia Pacific region and is projected to grow from USD 263 million to USD 480 million during the forecast period.
The multichannel order management market has been segmented into five geographic regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Among these regions, Asia Pacific is expected to grow at the highest CAGR of 12.2% during the forecast period. With a noticeable rise in multichannel order management throughout developed and emerging countries, Asia Pacific has always offered lucrative market prospects for vendors of multichannel order management solutions. Countries such as Australia, Japan, Singapore, China, and India have shown an ample of growth potential in the multichannel order management market. Over the next five years, the region is anticipated to offer major growth potential. Multichannel order management systems are becoming more popular in Asia Pacific as a result of the rising need for advanced, cloud-driven and cloud-supported solutions. This has also increased investments in and improved technology development across industries.
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