The retail management software global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Retail Management Software Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The retail management software market size has grown rapidly in recent years. It will grow from $19.46 billion in 2023 to $22.08 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to increased demand for automation, the growth of e-commerce, the globalization of retail, the need for efficient inventory management, and regulatory compliance requirements.
The retail management software market size is expected to see rapid growth in the next few years. It will grow to $36.81 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to emphasis on data security and privacy, expansion of cloud-based solutions, demand for real-time analytics and insights, focus on sustainability and eco-friendly practices, and rise of mobile commerce and mobile point-of-sale (mPOS). Major trends in the forecast period include increased use of augmented reality in retail management software, growth of subscription-based pricing models, emphasis on predictive analytics for demand forecasting, convergence of online and offline shopping experiences, and rise of blockchain technology for supply chain transparency.
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Scope Of Retail Management Software Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Retail Management Software Market Overview
Market Drivers –
The expansion of e-commerce and online retailing is expected to drive the retail management software market going forward. E-commerce and online retailing refer to the buying and selling of goods or services over the Internet. The expansion of e-commerce and online retailing is driven by convenience, accessibility, and the ability to reach a global market. The e-commerce sector utilizes retail management software to streamline operations, optimize inventory management, and enhance customer experiences. For instance, in February 2024, according to the Census Bureau of the Department of Commerce, a US-based government department, there was a remarkable 7.5% increase in the United States e-commerce sales in the final quarter of 2023, when measured against the corresponding period in 2022. Therefore, the growing expansion of e-commerce and online retailing is driving the growth of the retail management software market.
Market Trends –
Major companies operating in the retail management software market are increasing their focus on developing technologically advanced solutions, such as point-of-sale solutions, to streamline day-to-day operations and easily monitor them from one place. A point-of-sale solution is a software system used in retail management for processing transactions and managing inventory. POS solutions are central to retail management software, enabling retailers to efficiently manage sales transactions, inventory, customer relationships, and business performance. For instance, in February 2024, Zoho Corporation, an India-based cloud software company, launched Zakya for small and medium-sized retail enterprises, offering a suite of powerful capabilities including advanced inventory management, comprehensive support for omnichannel sales, and a user-friendly mobile billing application. This technological innovation marks a notable advancement in the market for retail management software, tailored specifically to the needs of smaller retailers. Zakya streamlines operations for businesses in this sector with its extensive features, competitive pricing, and seamless integration with leading payment providers. Additionally, its POS billing app ensures uninterrupted transactions, even in offline scenarios, empowering sales personnel to efficiently manage customer purchases and minimize wait times during peak hours.
The retail management software market covered in this report is segmented –
1) By Product: Cloud, Software As A Service (SaaS), Web, Mobile – Android Native, Mobile – iPhone Operating System (IOS) Native, Other Products
2) By Application: Small Business, Midsize Enterprise, Large Enterprise, Other Applications
3) By End-Users: Grocery And Pharmacy, Hardlines And Do It Yourself (DIY), Apparel And Softline, E-Commerce And Specialty, Other End-Users
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Regional Insights –
North America was the largest region in the retail management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the retail management software market report are <b>NCR Corporation; Shopify Inc.; Pitney Bowes Inc.; Cegid Group; Digital River Inc.; BigCommerce Pty. Ltd.; osCommerce Solutions; JDA Software Group Inc.; Magento Commerce Inc.; Epicor Software Corporation; iQmetrix Software Development Corp.; PrestaShop SA; WooCommerce Inc.; LS Retail EHF; Passport Software Inc.; Windward Software Inc.; OpenXcell Technolabs Pvt. Ltd.; Fishbowl Inc.; Snappii Apps Inc.; EffiaSoft Private Limited; POS Prophet Systems Inc.; Universal Accounting Software Inc.; Visual Retail Plus Inc.; Peach Software Limited; OpenCart Ltd. </b>
Table of Contents
1. Executive Summary
2. Retail Management Software Market Report Structure
3. Retail Management Software Market Trends And Strategies
4. Retail Management Software Market – Macro Economic Scenario
5. Retail Management Software Market Size And Growth
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27. Retail Management Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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