Pune India, Jan. 12, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the inventory management software market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the inventory management software market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the offering, deployment, application and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global inventory management software market are Manhattan Associates, Blue Yonder Group, Inc., IBM Corporation, SAP SE, ACL Digital, HighJump, Oracle, VMWare Inc., Telefonaktiebolaget LM Ericsson, Telco Systems, NEC Corporation, Juniper Networks Inc., Hewlett Packard Enterprise Development LP, Softeon, Infor., Versa Networks Inc., Cisco Systems Inc. among others. To achieve a substantial market share in the worldwide inventory management software market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Using inventory management software, a user can be aware of inventory updates by being able to see supply and demand in real time. A user can reserve a quantity of an item from an available inventory with Inventory Management Software. In addition, it offers inventory segmentation options to satisfy the needs of privileged customers. A number of factors are driving the inventory management software market, including the widespread adoption of smartphones and other mobile devices, the rapid growth of e-commerce, the increasing need to reduce supply chain inefficiencies, and the growing popularity of RFID technology. Inventory management software is proven to be beneficial in so many ways but there are some factors which are hampering the growth of the market such as the high installation cost of the software and frequent system crashes. Furthermore, the adoption of inventory management solutions is the growing focus of companies on Omni-channel systems to bridge the gap between online and offline sales, which is driving the growth of the inventory management software market. Inventory management software providers are aiming at innovation and strategic partnerships with other vendors to expand their portfolios of services and to meet the needs of their expanding customer base, which will create more opportunities for the market to grow.
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Scope of Inventory Management Software Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Offering, Deployment, Application, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Manhattan Associates, Blue Yonder Group, Inc., IBM Corporation, SAP SE, ACL Digital, HighJump, Oracle, VMWare Inc., Telefonaktiebolaget LM Ericsson, Telco Systems, NEC Corporation, Juniper Networks Inc., Hewlett Packard Enterprise Development LP, Softeon, Infor., Versa Networks Inc., Cisco Systems Inc. among others |
Segmentation Analysis
Services segment is expected to be the fastest-growing segment in 2022.
The offering segment includes solutions and services. The services segment is expected to witness the highest growth rate during the forecast period. The rise of the inventory management segment is largely driven by the adoption of inventory management software by SMEs worldwide. These programs are usually hosted on a cloud computing platform.
SaaS is expected to be the fastest-growing segment in 2022.
The deployment segment includes on-premise and SaaS. The SaaS segment is expected to witness the highest growth rate during the forecast period. There are two factors contributing to the expansion of the SaaS segment: greater awareness of its flexibility and scalability, as well as the increase in cloud platform usage. In order to gain the advantages afforded by SaaS, most companies have switched to cloud models from conventional on-premises systems.
Manufacturing is expected to be the fastest-growing segment in 2022.
The application segment includes consumer goods and retail, automotive, oil and gas, manufacturing, and others. The manufacturing segment is expected to witness the highest growth rate during the forecast period. Manufacturing organizations initially adopted Warehouse Management Solutions, but as manufacturing organizations increasingly require inventory control in order to fully control their supply chain, they are integrating inventory management software solutions into their operations.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the inventory management software market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. Increasing awareness of cloud-based warehouse management systems and improvements in warehouse management systems are driving the growth of the WMS market in the American area. In North America, the WMS market is growing rapidly due to a number of factors including the presence of large companies with global distribution and warehousing operations and huge networks of third-party logistics providers (3PL).
Country Analysis
- Germany
Germany's Inventory Management Software market size was valued at USD 0.12 billion in 2022 and is expected to reach USD 0.88 billion by 2030, at a CAGR of 5.8% from 2023 to 2030.
In order to meet client demand, vendors are constantly adopting new technologies, such as predictive ETAs, live oceans & geo-fencing, 3D visual warehouses, and others, which is boosting the growth of the market in the country.
- China
China Inventory Management Software’s market size was valued at USD 0.18 billion in 2022 and is expected to reach USD 0.29 billion by 2030, at a CAGR of 6.4% from 2023 to 2030.
RFID technology (Radio Frequency Identification) is gaining traction in China, offering inventory management software an opportunity for expansion.
- India
India's Inventory Management Software market size was valued at USD 0.15 billion in 2022 and is expected to reach USD 0.23 billion by 2030, at a CAGR of 6% from 2023 to 2030.
There are several factors driving the rapid expansion of the SaaS market in India, including the rapid rise of e-commerce and the growing need to reduce supply chain inefficiencies.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increased demand for inventory accuracy, propelling the growth of the market across the countries.
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