Market Analysis
The Retail Inventory Management Software Industry is likely to grow at a healthy CAGR in the forecast period 2020- 2027, according to the latest Market Research Future (MRFR) analysis. Retail inventory management software comprises tools which help in tracking, managing, and organizing material flow, which includes the time needed for the end-product in leaving the warehouse. This software in general keeps track of the entire chain process and assists to improve the efficiency of the inventory levels. Besides, it helps in centralizing the warehouse data located in various locations.
Various factors are fuelling the global retail inventory management software market share. As per the recent MRFR market estimates, such factors include the growing e-commerce industry, the need for asset tracking in inventory through mobile devices, centralization of inventory data among different verticals, growing adoption of industrial IIoT, growing trend of omnichannel retailing, growing demand for RFID technology, the widespread adoption of smartphones as well as other mobile devices, and the need to mitigate supply chain inefficiencies. The additional factors adding market growth include the increasing use during COVID-19 pandemic, growing popularity of cloud-based solutions that provide superior benefits over traditional on-premise solutions with regards to maintenance, visibility, and cost, the growing preference for cloud-based inventory management solutions, growing preference for multi-channel retailing, and the need for synchronized and instantaneous information regarding products which needs to be shipped to customers.
On the contrary, high initial investment, reluctance to switch from legacy systems, high upfront costs, and consumer privacy & data security are factors that may impede the global retail inventory management software market share in the forecast period.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global retail inventory management software market based on end user and deployment.
By deployment, the global retail inventory management software market is segmented into on-premise and on-demand.
By end user, the global retail inventory management software market is segmented into off-price retailers and traditional retailers.
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Regional Analysis
By region, the global retail inventory management software market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. Presence of major companies in the region, the adoption of inventory management software across major organizations, and higher concentration of inventory management companies in Canada and the US are adding to the retail inventory management software market growth in the region.
In Europe, the global retail inventory management software market is predicted to hold the second-largest share in the forecast period followed by the APAC region.
In the APAC region, the global retail inventory management software market is predicted to have promising growth over the forecast period. The adoption of cloud-based solutions across organizations, the need for asset tracking, new entrants in China and India that are creating related software for inventory management, and booming retail industry are adding to the global retail inventory management software market growth in the region.
Key Players
The prominent players profiled in the global retail inventory management software market report include Quintiq (Netherlands), Retalix Ltd (Israel), Totvs S.A (Brazil), IBM Corporation (U.S.), inFlow Inventory Software (Canada), Fishbowl (U.S.), Netsuite (U.S.), Microsoft Corporation (U.S.), JDA Software (U.S.),SAP SE (Germany), Oracle Corporation (U.S.),and Epicor Software Corporation (U.S.), among others. The other players include GTNexus (U.S.), Servigistics (U.S.), Manhattan Associates (U.S.), Kewill Systems (U.S.), Kinaxis (Canada), BluJay Solutions. (U.S.), Accellos (U.S.), Aldata Software Management Inc (Canada), Lawson Software (U.S.), Logility, Inc (U.S.), and Sage Group plc (U.K), among others.
The retail inventory management software market is fragmented and competitive with the presence of multiple domestic and international industry players. These players have used assorted strategies to stay at the forefront and also cater to the surging needs of the esteemed customers, such as collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
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