Pune, India, Nov. 20, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Inventory Management Software Market Size was valued at USD 1.98 billion in 2022 and is projected to grow from USD 2.13 billion in 2023 to USD 4.05 billion by 2030, exhibiting a CAGR of 9.6% during the forecast period.
Inventory management software helps end-users in various industries automate their inventory management processes. The software simplifies the activities that track inventory efficiently, updates accounting data, and manages records. Many companies are increasing their reliance on this software to decrease the risk of product overstocks and shortages. Also, the growing use of automation technologies in warehouse management is anticipated to boost the inventory management software market growth.
Key Industry Development
July 2023: Thoma Bravo, a software investment company, made a strategic growth investment in Bluesight, a medication intelligence firm. The investment is expected to further reinforce Bluesight's drug diversion prevention product line by acquiring Medacist, a specialist in monitoring illicit substances. It will also allow the firm to extend its inventory management and spend optimization services.
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Key Takeaways-
- Inventory Management Software Market is expected to flourish & reach USD 4.05 Billion in 2030
- Business process automation can be extensively implemented for the automation of warehouse processes.
- There are two fundamental concerns about the lack of visibility in inventory processes.
- Inventory Management Software Market Size in North America was USD 0.73 Billion 2030
Discover the Leading Players Featured in the Report-
“Zoho Corporation Pvt. Ltd. (India), IBM Corporation (U.S.), Oracle Corporation (U.S.), Lightspeed (Canada), CIN7 Ltd. (New Zealand), Linnworks (U.K.), Intuit Inc. (U.S.), Acumatica, Inc. (U.S.), Fishbowl (U.S.), Brightpearl (U.K.)”
Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 9.6% |
| 2030 Value Projection | USD 4.05 Billion |
| Base Year | 2022 |
| Inventory Management Software Market Size in 2022 | USD 1.98 Billion |
| Historical Data for | 2017 to 2021 |
| No. of Pages | 160 |
| Segments covered | Deployment Mode, Application, Enterprise Type, End-Users, |
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Drivers and Restraints:
Use of Easy Integration Software to Transform Inventory Processes to Augment Market Growth
An inventory management software should be such that it can be integrated easily with other systems, such as accounting and e-commerce platforms. The integration will enable the processes to run smoothly without the need for manual data entry. Many leading companies have already started using integrated inventory management systems to enhance cash flow, decrease cost, and improve profitability.
However, lack of visibility while carrying out inventory management operations can impede the market growth.
Leading Segments Covered in this Report-
By Deployment Mode
- On-Premise
- Cloud
By Application
- Inventory Control and Tracking
- Order Management
- Scanning and Barcoding
- Asset Management
- Others (Reporting and Forecasting, etc.)
By Enterprise Type
- Large Enterprises
- Small & Medium Enterprises (SMEs)
By End-Users
- Manufacturing
- Retail and Consumer Goods
- Healthcare and Life Sciences
- Energy and Utilities
- Automotive
- Others (Construction, etc.)
Regional Insights-
North America Led The Market Due to Growing Need for Effective Supply Chain Management Solutions
North America dominated the global inventory management software market share as there has been a notable demand for better management of supply chain operations. Moreover, many key market players are increasing their focus on multichannel inventory integration platforms, further enhancing the regional market growth.
Asia Pacific is predicted to record the highest CAGR during the forecast period as the region is increasingly adopting automation technologies to improve supply chain and inventory management activities.
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Competitive Landscape-
Market Leaders to Focus On Key Corporate Growth Strategies to Increase Market Presence
Some of the key players operating in this market are increasing their efforts to offer best-in-class inventory management solutions to enhance the operational efficiency of organizations. They are also signing various partnership, merger, and acquisition deals to accelerate their efforts and enhance their market presence.
FAQs
How big is the Inventory Management Software Market?
Inventory Management Software Market size was USD 1.98 Billion in 2022. It is expected to reach USD 4.05 Billion by 2030.
How fast is the Inventory Management Software Market growing?
The Inventory Management Software Market will exhibit a CAGR of 9.6% during the forecast period, 2023-2030
Related Reports-
Warehouse Management System Market Share, Revenue Forecast and Opportunities
Supply Chain Management Market Overview, Industry Share and Forecast
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