NEWARK, Del, Feb. 06, 2024 (GLOBE NEWSWIRE) -- The global inventory management software market is estimated to be around US$ 2,191.2 million in 2024. In 2023, the market was valued at US$ 1,165.0 million. It is projected to exhibit a CAGR growth of 13.1% over the forecast period, with an estimated market size of US$ 7,516.8 million in 2034.
The global inventory management software industry is witnessing significant growth, driven by integrating technologies like AI and increasing demand that can handle the complexities of multi-location and international supply chain operations. The software is also gaining popularity due to its ability to provide real-time data insights that enable businesses to make informed decisions, improve inventory tracking, streamline order fulfillment, and handle the complexities of modern supply chains.
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Despite the evident benefits, the adoption of inventory management software faces challenges, such as concerns about the security of sensitive data in cloud-based solutions and the complexity of implementation and customization. The saturation of the inventory management software market poses challenges for businesses in making informed choices. These challenges highlight the importance of careful consideration and strategic planning for successfully adopting and integrating inventory management software.
“Businesses recognize that this software can provide them with a competitive edge in the industry and help them achieve their goals of product availability, timely deliveries, and seamless shopping experiences. The segmentation by industry reflects the varied applications of inventory management software across sectors.” - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Key Takeaways from the Market Study
- SaaS deployment tools dominate the global inventory management software market with an 84.4% share in 2024.
- Software components in the inventory management software market accounted for 72.9% of the share in 2024.
- The inventory management software in Australia is predicted to rise at a remarkable CAGR of 16.6% through 2034.
- The inventory management software in China is predicted to rise at a whopping 13.6% CAGR through 2034.
- The inventory management software in the United States has the potential to increase at 10.0% CAGR through 2034.
- The Japanese inventory management software market is predicted to rise by 14.4% CAGR through 2034.
- Germany's inventory management software market is predicted to grow at a CAGR of 12.6% through 2034.
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Competitive Landscape:
Companies like Oracle, IBM, and SAP, major players in the enterprise software sector, tend to expand their capabilities through acquisitions, partnerships, and continuous product development.
- Zebra Corporation is a company that specializes in hardware solutions. They have integrated inventory management software into their devices to provide end-to-end real-time tracking and monitoring solutions.
- Kinaxis Inc. is a company that focuses on agile and responsive supply chain planning. They have developed cloud-based platforms to help achieve this goal. Infor, Inc. has been working on refining its industry-specific inventory management solutions. They have tailored their offerings to suit different sectors.
- Zoho Corporation has a cloud-based suite of business applications. They constantly improve their inventory management module to provide small and medium-sized enterprises with accessible and scalable solutions.
Leading Companies in the Market:
- Oracle Corporation
- IBM Corporation
- SAP SE
- Zebra Corporation
- Kinaxis Inc.
- Infor, Inc.
- Zoho Corporation
- SAGE Group Plc.
- Brightpearl Ltd.
- DEAR Inventory
- HighJump Software Inc. (Körber AG)
- Erply Ltd.
Recent Developments:
- Afresh Technologies launched an AI-powered inventory management solution on September 26, 2023. The platform transformed ordering and inventory management for grocers' fresh departments, offering tailored solutions for managing new food complexities.
- On October 27, 2023, Shipsy, a Software-as-a-Service logistics platform, completed the acquisition of Stockone, a cloud-based Warehouse Management System provider. The strategic move aimed to broaden Shipsy's product portfolio for end-to-end logistics solutions.
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Market Segmentation:
By Component:
- Inventory Management Software
- Inventory Management Services
By Deployment:
- SaaS-based Inventory Management Software
- On-Premises Inventory Management Software
By Industry:
- Consumer Goods and Retail
- Manufacturing
- Automotive
- Oil and Gas
- Others
By Region:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- Latin America
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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