The global inventory management software market is expected to register a global CAGR of 12.40% during 2018 – 2028, with China, Western Europe and North America accounting for significant market value shares by the end of the forecast period.
FMI delivers key insights on the global inventory management software market in its report titled “Inventory Management Software Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2028.
”Growth in the market value of the global inventory management software market will remain attractive as the market is expected to grow continuously at a CAGR of 12.40% in terms of value during the forecast period 2018 – 2028. On the basis of component, the software segment is expected to register attractive growth over the forecast period. Based on deployment, the SaaS segment is expected to gain a higher market share during the forecast period.
The global annual revenue from the inventory management software was valued at US$ 908.0 Mn by the end of 2017, which is expected to grow at a steady pace over the coming years. The dominating regions, i.e., North America, China and Western Europe, are expected to collectively account for a majority share of the global inventory management software market. The North America, China and SEA & Others of APAC inventory management software markets are likely to dominate the global market over the forecast period.
Inventory management software technology has been widely used by large enterprises since a decade. The rapid adoption of automated advanced technology and improved economic cost has led to the high adoption of enterprise resource planning software, which includes inventory management by small- and medium-sized enterprises.At present, inventory management software technology is largely being used by all tier companies to streamline operations and enhance the visibility of the supply chain and logistic operations of the company. The features of inventory management software, such as efficient order management, ease in asset tracking & monitoring, identification of products and inventory optimisation, are assisting in increasing its vertical applications. Sectors, such as the manufacturing industry, are adopting inventory management software to calculate the cost of finished goods with accuracy since it helps manufacturers assemble products, manage purchase orders and integrate advanced reporting software, thereby boosting operational efficiency. Moreover, the evolution of multi-channel retailing is driving the retail and consumer goods sector to extensively deploy inventory management software that can help retailers manage their online & offline inventory and eliminate the risk of out-of-stock inventory or inventory overflow. Other industry verticals, such as automotive, oil & gas and pharmaceutical, are also increasing the implementation of inventory management software to automate their manual tasks and maintain customer relations.
On the basis of FMI analysis, the software sub-segment of the component segment is expected to dominate the inventory management software market due to the evolution of advanced technologies, such as the integration of Big Data analytics, cloud-based inventory management systems, IoT and automation.On the basis of industry, the manufacturing segment will be a dominating segment due to the high adoption of inventory management software technology for the assembling of components and the production of end-user products.
The North America inventory management software market is expected to dominate the global inventory management software market due to an increase in the adoption of online inventory management in the retail sector in the region. The market in China has high potential owing to the adoption of inventory management software by the exporters of goods in the region.The SEA and Others of APAC inventory management software market will be a target market for market participants looking to penetrate the retail and consumer goods segment. MEA is estimated to grow at an above-average CAGR over the forecast period. GCC Countries is expected to hold a major revenue share in the MEA inventory management software market over the forecast period.
According to FMI analysis, the integration of advanced technologies by inventory management software providers will help increase revenue, and strategic collaborations between inventory management software vendors & warehouse owners will help vendors achieve new levels of growth in the market. Examples of some of the market participants in the global inventory management software market report are Oracle Corporation, IBM Corporation, SAP SE, Zebra Corporation, Kinaxis Inc., Infor Inc., Zoho Corporation, SAGE Group Plc, Brightpearl Ltd. and DEAR Systems.