Sizing and Forecast
The inventory management software market size has grown rapidly in recent years. It will grow from $2.04 billion in 2023 to $2.25 billion in 2024 at a compound annual growth rate (CAGR) of 10%. The growth in the historic period can be attributed to rising need for inventory tracking in healthcare, utilization of drones for inventory monitoring, increased emphasis on demand forecasting, growing popularity of SaaS (Software as a Service), increasing importance of data analytics.
The inventory management software market size is expected to see rapid growth in the next few years. It will grow to $3.31 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to growing adoption of mobile devices, increasing demand for real-time visibility, rise of subscription-based pricing models, demand for real-time inventory alerts and notifications, growth of e-commerce and omnichannel retailing. Major trends in the forecast period include collaboration with third-party logistics providers, integration of artificial intelligence (AI) and machine learning (ML), shift towards mobile inventory management solutions, expansion of global trade and supply chains, integration of voice recognition technology.
Segmentation & Regional Insights
The inventory management software market covered in this report is segmented –
1) By Component: Inventory Management Software, Inventory Management Services
2) By Deployment Mode: On-Premise, Cloud
3) By Application: Orders Management, Asset Tracking, Services Management, Product Differentiation, Inventory Optimization
4) By End-User: Manufacturing, Retail And Consumer Goods, Healthcare And Life Sciences, Energy And Utilities, Automotive, Others End Users
North America was the largest region in the inventory management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the inventory management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rising need for inventory tracking in healthcare is expected to propel the growth of the inventory management software market going forward. Healthcare refers to the maintenance or improvement of health through the prevention, diagnosis, treatment, and management of illness, disease, injury, and other physical and mental impairments in individuals, communities, or populations. The rising need for inventory tracking in healthcare is driven by the imperative to improve cost efficiency, regulatory compliance, patient safety, supply chain resilience, and operational effectiveness. Inventory tracking generates the supply chain process, reducing the time and effort required to manage and locate items, and is used in healthcare settings to enhance operational efficiency, reduce costs, and ultimately improve patient outcomes. For instance, in May 2023, according to the reports published by the Office for National Statistics (ONS), a UK-based government department, the provisional estimates for UK healthcare expenditure in 2022 were around £283 billion ($356.01 billion), showing a nominal increase of 0.7% from 2021. Therefore, the rising need for inventory tracking in healthcare is driving the growth of the inventory management software market.
Key Industry Players
Major companies operating in the inventory management software market are Microsoft Corporation, Oracle Corporation, VMWare Inc., Intuit Inc., NCR Corporation, Zebra Technologies Corporation, SAP SE, The Sage Group, NEC Corporation, Manhattan Associates Inc., Zoho Corporation Pvt. Ltd., Revel Systems Inc., Fishbowl Manufacturing, Wasp Barcode Technologies Ltd., CIN7 Ltd., Acumatica Inc., Stockpile Technology Pvt. Ltd., Erply Ltd., SkuVault Inc., Archon Group LLC, Finale Inventory, Orderhive Inc., QuickBooks Commerce , Inflow Inventory, DEAR Systems
The inventory management software market report table of contents includes:
1. Executive Summary
2. Inventory Management Software Market Characteristics
3. Inventory Management Software Market Trends And Strategies
4. Inventory Management Software Market – Macro Economic Scenario
5. Global Inventory Management Software Market Size and Growth
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32. Global Inventory Management Software Market Competitive Benchmarking
33. Global Inventory Management Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Inventory Management Software Market
35. Inventory Management Software Market Future Outlook and Potential Analysis
36. Appendix
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