Inventory Management Software Market in North America to witness 42% CAGR from 2018 to 2024

North America inventory management software market is the penetration of cloud-based inventory management solutions that offer cost-benefits for the maintenance of large-scale inventory as compared to the traditional systems. The surging adoption of next-generation technologies such as the Internet of Things and cloud computing are slated to fuel the North America inventory management software industry outlook over the years ahead. Driven by an expanding e-commerce industry and a rapidly growing manufacturing sector that has been adopting industrial IoT on a large scale, North America held a dominant 40% of the overall inventory management software market share and is anticipated to grow at a commendable pace ahead.

Asia Pacific inventory management software market is projected to register an excellent growth with a CAGR of around 10% between 2018 and 2024. This growth can be attributed to a rapidly evolving e-commerce ecosystem along with heavy investments from venture capitalists to leverage the growing demand for online marketplaces. In 2017-2018, the retail shrinkage as a percentage of sales in the Asia Pacific region was estimated at around 1.75%, amounting to nearly USD 24 billion. To tackle the growing concerns related to the inventory shrinkage, the uptake of inventory management software in the region is expected to grow consistently over the forecast timeline.

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The manufacturing sector is expected to secure a inventory management software market share of over 25% by 2024. This impressive growth is attributed to the robust growth of the manufacturing sector after Industry 4.0, and the emergence of automation systems in manufacturing to rapidly increase production capacities. According to the UN, manufacturing globally contributed to 17% of the total economic value in 2016. This steady growth of the sector is expected to further fuel the demand for modern inventory management software to streamline and optimize the manufacturing process flows.

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.

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.

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 industry 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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