Inventory Management Software Market Growth Predicted at 5% Till 2026: Global Market Insights, Inc.
Europe inventory management software market is expected to hold a revenue share of more than 25% by 2026 due to growth in the retail industry and development of advanced software solutions.
SELBYVILLE, Del., July 2, 2020 (Newswire.com) - According to the latest report "Inventory Management Software Market by Type (Manually Managed Inventory System, Barcode Scanning System, Advanced Radio Frequency System (RFID)), Application (Order Management, Asset Tracking, Service Management, Product Differentiation, Inventory Optimization), Deployment Model (On-premise, Cloud), Organization (Large Enterprise, SMEs), End-Use (Manufacturing, Medical/Healthcare, Retail, Automotive, Oil & Gas), Regional Outlook, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of inventory management software will cross $5 billion by 2026. The increasing demand to streamline the inventory management process and mitigate risks associated with inventory management will fuel the market growth.
Changing consumer preferences and the emergence of omnichannel retailing are fueling the adoption of advanced inventory management solutions. Companies ensure optimum finished goods stocks due to flexible consumer buying behavior. This software helps enterprises to manage their inventory efficiently. In addition, it provides access to only authorized people to its database.
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The product differentiation application segment will witness significant inventory management software market growth from 2020 to 2026. Enterprises with an extensive product portfolio are benefited from advanced product differentiation capabilities. It allows enterprises to categorize the product portfolio based on multiple categories including price, type, application, and popularity. This provides efficient control over the inventory management processes.
The manually managed inventory system type is expected to grow at a steady rate over the coming years. Companies shifting from paper-based stock management processes are deploying manually managed inventory systems. These systems take formulae as input from users for both simple and complex calculations related to inventories. It also assists enterprises in ordering and tracking functions for a limited number of products. However, the manual formulae inputs may result in human-caused errors and affect the overall efficiency.
The cloud deployment segment in the inventory management software market is poised to observe growth of over 9% through 2026. Extensive digitization across industries and enterprises shifting toward the cloud-based network infrastructure will result in the growing demand for cloud-based inventory management software. The SaaS-based inventory management software offers additional functionalities & capabilities such as offshore installation and reduced downtime along with cost-effectiveness. Furthermore, system integration and configuration are relatively faster compared to the on-premise model.
The adoption of inventory management software across large enterprises is anticipated to grow at a CAGR of over 8% till 2026. Large enterprises are investing in advanced inventory management software with integration capabilities to track large volumes of inventories. These companies use QR code-based systems, RFIDs, and barcodes to track the inventory. The inventory management software integrates with these systems and provides real-time analysis of stocks. It also helps in electronic scanning and automatic ordering along with sales order tracking.
The automotive end-use segment is predicted to register around 5% gains during the forecast timeline. Companies providing automotive software solutions are acquiring innovative inventory management solution providers to enhance the capabilities of their automotive software solutions. For instance, in January 2020, DealerSocket, Inc. announced its plan to acquire Auto/Mate, a unique all in one software platform provider. This software will provide automotive dealers with inventory management and digital retail capabilities.
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Europe inventory management software market is expected to hold a revenue share of more than 25% by 2026 due to growth in the retail industry and development of advanced software solutions. Companies are developing intuitive Point of Sale (POS) software with inventory management capabilities. For instance, in September 2019, Lightspeed, an omnichannel point of sale software solution provider launched the Lightspeed Retail 3.0. The software features sales history, profile, and retail manager functionalities including inventory management capabilities. This launch helped the company to deliver innovative inventory management software solutions to SMEs in the region.
Major players operating in the inventory management software market are Lightspeed, Microsoft Corporation, NCR Corporation, SAP SE, and Zoho Corporation. Enterprises operating in the industry are developing innovative solutions with integrated functionalities to expand their product portfolio. For example, in January 2020, Tecsys, Inc. launched the Advanced Analytics for retail supply chain management. The cloud-based retail order management solution features integrated Microsoft's Power BI intelligence tools. This integration helped the company to deliver innovative solutions to support omnichannel retailing.
Table of Contents (ToC) of the report:
Chapter 3. Inventory Management Software Market Insights
3.2. Industry segmentation
3.3. Impact of COVID-19 outbreak
3.3.1. Impact by region
220.127.116.11. North America
18.104.22.168. Asia Pacific
22.214.171.124. Latin America
126.96.36.199. 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
3.10.2. Industry pitfalls & challenges
3.11. Porter's analysis
3.12. PESTEL analysis
3.13. Growth potential analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Source: Global Market Insights, Inc.
Categories: Retail Technology
Tags: Advanced Radio Frequency System, Asset Tracking, Barcode Scanning System, Inventory Management Software Market, Inventory Optimization, Manually Managed Inventory System, Order Management, Product Differentiation, Service Management