The global inventory management software market is estimated to register a commendable growth rate over 2020 to 2026 owing to an elevating demand to efficiently organize the inventory management process and alleviate the associated risks. An inventory management software is a tool used for tracking, managing and organizing inventory levels, sales, orders and deliveries. Moreover, these software help with accurate data management and save an ample amount of time. Due to the higher usability of the software, it is gaining popularity across various sectors.
One of the biggest advantages of using inventory management software is that it saves a lot of time, making the process of managing the inventory and related tasks a lot more convenient. With consistent changes in the demand and supply gap of businesses and stock levels fluctuating on a consistent basis, inventory management software plays a vital role by mitigating manual errors and helping to automate business processes.
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The inventory management software market in automotive end-use segment is anticipated to grow at a CAGR of over 5% over the forecast timeline. Companies providing automotive software solutions are acquiring innovative inventory management solution providers to enhance the capabilities of their automotive software solutions. For instance, in January 2020, DealerSocket, Inc. announced its plan to acquire Auto/Mate, a unique all in one software platform provider. This software will provide automotive dealers with inventory management and digital retail capabilities.
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.
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.
Europe is expected to hold a 25% share in the global inventory management software market by 2026. This growth is attributed to the growth in the retail industry and the development of advanced software solutions. Companies are developing intuitive Point of Sale (POS) software with inventory management capabilities. For instance, in September 2019, Lightspeed, an omnichannel point of sale software solution provider launched the Lightspeed Retail 3.0. The software features sales history, profile, and retail manager functionalities including inventory management capabilities. This launch helped the company to deliver innovative inventory management software solutions to SMEs in the region.
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Major players operating in the inventory management software market are Lightspeed, Microsoft Corporation, NCR Corporation, SAP SE, and Zoho Corporation, among others.
Table of Contents (ToC) of the report:
Chapter 5. Inventory Management Software Market, By Type
5.1. Key trends, by type
5.2. Manually-managed inventory systems
5.2.1. Market estimates and forecast, 2015 – 2026
5.3. Barcode scanning systems
5.3.1. Market estimates and forecast, 2015 – 2026
5.4. Advanced Radio Frequency Identification Systems (RFID)
5.4.1. Market estimates and forecast, 2015 – 2026
Chapter 6. Inventory Management Software Market, By Application
6.1. Key trends, by application
6.2. Order management
6.2.1. Market estimates and forecast, 2015 – 2026
6.3. Asset tracking
6.3.1. Market estimates and forecast, 2015 – 2026
6.4. Service management
6.4.1. Market estimates and forecast, 2015 – 2026
6.5. Product differentiation
6.5.1. Market estimates and forecast, 2015 – 2026
6.6. Inventory optimization
6.6.1. Market estimates and forecast, 2015 – 2026
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