Inventory management software market is projected to experience tremendous growth in the forthcoming years owing to the growing popularity of e-commerce and retail industry. Inventory management software is an automated system that can store valuable information regarding supplies and products, which further provides real-time awareness regarding stocks and shipment demands.
This software also uses barcode technology for monitoring products within a facility to enhance efficiency. Distribution and storage facilities or warehouses also utilize the software for better managing and automating their processes. With the use of an effective inventory management systems, small businesses can compete successfully and, large businesses can deal with difficult day to day business tasks more easily and accurately.
There are several advantages of inventory management system which are likely to drive the market growth. Adoption of inventory management software reduces inaccuracies by automating all the data tracking and recording processes and effectively reducing errors.
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It also improves productivity in operations, and enables cost-saving and increases profits. The above-mentioned advantages are extremely helpful in operating a business in a professional and productive manner.
Additionally, utilizing an inventory management software also makes sure that the product quality is maintained. Apart from providing benefits to consumer-facing businesses, the software is also intended to benefit the retailer, distributor, and the supplier.
Inventory management software market is bifurcated in terms of application, deployment model, type, organization size, end use, and regional landscape.
Based on application, the inventory management software market is classified into inventory optimization, product differentiation, service management, asset tracking, and order management. Among these, asset tracking segment will witness a market share of more than 20% by the end of the forecast timeframe due to growing demand for tracking enterprise assets.
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Asset tracking comprises of reading GPS or RFID tags or scanning barcode labels that are attached to assets. Asset tracking technology is primarily utilized for indoor tracking purposes.
In terms of end-use, the overall inventory management software market is categorized into oil & gas, automotive, retail, manufacturing, medical/healthcare, and others. Among these, medical/ healthcare end-use segment is likely to witness a CAGR of more than 5% over the projected time period due to growing demand for tracking the medical assets. Furthermore, it also provides detailed information on medicine batches and stocks. The inventory management software is beneficial in keeping the doctor's equipment.
On the geographical front, Middle East & Africa region is anticipated to witness a CAGR of more than 6% over the analysis period due to growing retail industry in the region.
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