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Inventory Management Software Market Size, Share Global Analysis Report, 2021-2026
Inventory Management Software Market By Type (Manually Managed Inventory Systems, Barcode Scanning Systems, & Advance Radio Frequency Systems (RFID)), By Application (Order Management, Asset Tracking, Service Management, & Product Differentiation), By Deployment Mode (On-Premise & Cloud Based), And By Regions: Global Industry Size, Share, Insights and Forecast 2021-2026
Industry Insights
[197+ Pages Report] The latest findings and offers on the inventory management software market released by Facts & Factors offer a neatly titled market overview. In the current study, the global inventory management software market was estimated to value around USD 1,567.32 Million in the year 2020 and will grow at an estimated CAGR rate of 10.8% to an overall value of USD 2,874.65 Million in the year 2026.
Key Insights from Primary Research
- Increased demand for the RFID technology will contribute majorly to the inventory management software market.
- Major contribution for the inventory management software will come from the retail sector.
- Market experts concluded that U.S. has witnessed increased cases of cyberattacks in the past decade which can be justified since more than 150 million records were exposed in the U.S. in 2017. Thus affecting the market growth.
- Using blockchain technology in the inventory management solutions will open several new avenues for the inventory management software market.
- According to the conclusions made by the primary respondents, in Asia Pacific, China and India will prove to be lucrative countries for the market players.
Key Recommendations from Analysts
- Cost-effectiveness is availed owing to the adoption of the RFID technology. Labor cost can be reduced considerably in cases of huge consignments as tally of the goods and shipment verification can be achieved by few scans.
- Even though cyberattacks act as a limiting factor for the market there are technological solutions available which protects the organizations from data theft and other problems.
- In order to have efficient use of the inventory management software solutions adoption of IoT will prove to be beneficial for the organizations.
- Manually managed inventory system has not totally lost its market since small and medium enterprises have not yet adopted technological advancements.
- By deployment, cloud anticipates registering CAGR of over 8% owing to its benefits.
- Regional dominance is expected in the North America for the market owing to its developed retail sector.
Market Attractiveness in 2018 – By Deployment
Market Overview
Inventory management software is the set software that is used for tracking various factors such as inventory levels, orders, sales, and upcoming deliveries. These software tools are often used for utilization by the manufacturing sector for making a piece order, bill of materials, and other production-related factors. Organizations often use these tools for avoiding inventory errors such as product overstock and outages.
Industry Growth Factors
The primary driving factors for the significant growth of the global inventory management software market attributes to an inclining nature of the latter software for an easy and user-friendly overview coupled with the rising number of connected devices to name a few.
Additionally, factors pertaining to rising functionality in terms of tracking levels, orders, sales, and delivery measures coupled with increased integration of functions such as tracking applications for iOS and Android devices will further increase the footprint of the global inventory management software market during the advent of the forecast period. Moreover, an increasing number of manufacturing plants stemming from MNCs coupled with remote regulating facilities will fuel the growth of the global inventory management software market during the advent of the forecast period.
The global inventory management software market is expected to be driven by contributing factors such as the integration of extensive features such as managing multiple product IDs and descriptions and rising demand for global tracking to name a few. Factors pertaining to the rising adoption of IoT-based devices coupled with machine learning and artificial intelligence measures will increase the consumer base for the global inventory management software market during the advent of the forecast period. However, a higher installation cost and rising technical complexities are expected to hamper the growth of the global inventory management software market during the advent of the forecast period.
Segmentation Analysis
The global inventory management software market is segmented into type, application, deployment model, and region.
On the basis of type, the global inventory management software market is divided into manually managed inventory systems, barcode scanning systems, and advanced radiofrequency systems (RFID). The segment pertaining to barcode scanning systems is expected to witness the largest market share during the advent of the forecast period owing to an explosive nature of adoption of barcode scanners for tracking measures coupled with the ability to transverse larger volumes of items directly from POS stations to name a few.
On the basis of application, the global inventory management software market is classified into order management, asset tracking, service management, and product differentiation. The segment pertaining to order management is expected to witness the largest market share during the advent of the forecast period owing to large-scale adoption of measures for centralizing orders coupled with significant changes by re-engineering of systems to name a few. On the basis of deployment mode, the global inventory management software market can be fragmented into on-premise and cloud-based. The segment pertaining to cloud-based deployment mode is expected to witness the largest market share during the advent of the forecast period owing to the rising adoption and popularity of cloud-based platforms coupled with flexible payment options in the form of a pay-as-you-go format to name a few.
Report Scope
Report Attribute |
Details |
Market Size in 2020 |
USD 1,567.32 Million |
Projected Market Size in 2026 |
USD 2,874.65 Million |
CAGR Growth Rate |
10.8% CAGR |
Base Year |
2020 |
Forecast Years |
2021-2026 |
Key Market Players |
FreshByte Software, Galley, LogixPath LLC, Tree Tracker, Limble CMMS, Snappii, Elite Seller, EZRentOut, Alterity, Inc., Archon Systems, Blue Younder, Lightspeed POS, Inc., and Manhattan Associates, Monday.com, NCR Corporation, Oracle Corporation |
Key Segments |
Types, Applications, Deployment Mode, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Purchase Options |
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Regional Analysis
North America is expected to witness the largest market share during the advent of the forecast period owing to the rising need for efficient supply chain management requirements coupled with early adoption of the technology to name a few. Additionally, the rising presence of key market players in the region coupled with a rising focus on omnichannel platforms will increase the footprint of the inventory management software market during the advent of the forecast period.
Factors pertaining to the rising e-commerce sector in the region coupled with the rising number of third-party inventory-based firms will boost the growth of the inventory management software market during the advent of the forecast period. Moreover, the increasing popularity of cloud-based platforms coupled with rising benefits in terms of cost & maintenance of large-scale inventory when compared to its counterparts will push the boundaries of the existing inventory management software market during the forecast period.
Global Inventory Management Software Market: Competitive Players
The key market participants in the global inventory management software market are
- FreshByte Software
- Galley
- LogixPath LLC
- Tree Tracker
- Limble CMMS
- Snappii
- Elite Seller
- EZRentOut
- Alterity Inc.
- Archon Systems
- Blue Yonder
- Lightspeed POS Inc.
- Manhattan Associates
- Microsoft Corporation
- Monday.com
- NCR Corporation
- Oracle Corporation
By Type Segment Analysis
- Manually Managed Inventory Systems
- Barcode Scanning Systems
- Advance Radio Frequency Systems (RFID)
By Application Segment Analysis
- Order Management
- Asset Tracking
- Service Management
- Product Differentiation
By Deployment Mode Segment Analysis
- On-Premise
- Cloud-Based
By Regional Segment Analysis
- North America
- U.S.
- Canada
- Europe
- UK
- France
- Germany
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
Table of Content
Industry Major Market Players
- FreshByte Software
- Galley
- LogixPath LLC
- Tree Tracker
- Limble CMMS
- Snappii
- Elite Seller
- EZRentOut
- Alterity Inc.
- Archon Systems
- Blue Younder
- Lightspeed POS Inc.
- Manhattan Associates
- Microsoft Corporation
- Monday.com
- NCR Corporation
- Oracle Corporation
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