Inventory Management Software Market growth in Asia Pacific is driven by various government-led initiatives to boost the digitalization, particularly in the developing economies. The government, particularly in China, India, South Korea, and Australia, are also taking efforts for the development and growth of the SMBs, especially with respect to financing and tax reforms.
North America is projected to hold a significant share of over 42% in the inventory management software market by 2024 due to the increasing number of retailers and manufacturing companies, which are using the omni-channel platforms to increase their productivity and efficiency. For instance, in July 2017, indiCo and RSMA, providers of retail planning and forecasting solutions entered into a strategic partnership to make advanced inventory tools for small and independent campus stores.
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Such technological integration techniques are typically used by the large-scale organizations that move thousands of orders daily. Reports state that the barcode scanning system held more than one half of the inventory management software market share in 2017, while the RFID segment is projected to register an impressive CAGR of over 11% over 2018-2024.
The barcode technology is widely used for increasing the accuracy and efficiency of inventory management systems. Barcode scanners enable organizations to easily process large item sets with the ability to pull the data directly from the cash registers and POS systems. Using such systems reduces the man-hours spent on the inventory counting and increases the organization’s overall productivity. However, with the use of advanced technologies, such Radio Frequency Identification (RFID), monitoring the movement of inventory in real-time has become more efficient. The growing adoption of the RFID technology in inventory management practices is expected to further facilitate the inventory management software market growth.
Quite undeniably, these technologies have empowered the small and large-scale enterprises to grow and streamline their business models by harnessing the power of the advanced inventory solutions, in turn propelling the global inventory management software market outlook. Lastly, it wouldn’t be wrong to say that along with shrinking workforce and increasing rate of stressed logistics systems, inventory management software programs will witness massive adoption in the ensuing years. A presumption shedding light on the same is of Global Market Insights, Inc., that forecasts the overall inventory management software market share to register a CAGR of 6% over 2018-2024.
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The factors fueling the growth of the inventory management software market include the increased adoption of the software in retail, logistics, and transportation. The growth of the e-commerce sector has led to the expansion of warehouse and inventory operations, which have increased the demand for scalable and robust cloud-based inventory management solutions. The presence of well-established distribution channels and the highly competitive retail landscape is expected to generate the need for efficient inventory management systems, which will help the organizations to know which stock is on hand and enable effective demand and supply forecasts.
Major Point From Table Of Content:
Chapter 3. Inventory Management Software Industry Insights
3.2. Industry segmentation
3.3. Inventory management software industry landscape
3.4. Industry ecosystem analysis
3.5. Features/benefits of inventory management software solutions
3.6. Evolution of inventory management
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. Cloud based inventory management systems
3.8.4. Enterprise mobility in inventory management
3.9. Regulatory landscape
184.108.40.206. Drug Supply Chain Security Act
220.127.116.11. Restriction of Hazardous Substances Directive
18.104.22.168. Sanitary Transportation of Human and Animal Food (STF) Rule
3.10. Industry impact forces
3.10.1. Growth drivers
22.214.171.124. Growing trend of omnichannel retailing
126.96.36.199. Increasing demand for the RFID technology
188.8.131.52. Widespread adoption of smartphones and other mobile devices
184.108.40.206. Rapidly growing popularity of e-commerce
220.127.116.11. Need to mitigate supply chain inefficiencies
3.10.2. Industry Pitfalls and Challenges
18.104.22.168. High initial investment
22.214.171.124. Reluctance to switch from legacy systems
3.11. Porter’s Analysis
3.12. PESTEL analysis
3.13. Growth potential analysis
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About Global Market Insights
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, application, renewable energy and bio application.