Retail Business 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 business management software market size has grown rapidly in recent years. It will grow from $7.73 billion in 2023 to $8.51 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. 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 business management software market size is expected to see rapid growth in the next few years. It will grow to $12.66 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. 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 Business Management Software MarketThe Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Retail Business Management Software Market Overview
Market Drivers -The rising popularity of online shopping is expected to propel the growth of the retail business management software market in the coming years. Online shopping refers to the process of purchasing goods or services over the Internet from an online retailer or e-commerce platform. The popularity and adoption of online shopping arise because of its convenience, personalization, ease of payment, safety concerns, and advancements in technology. Retail business management software is essential for online shopping operations to streamline inventory management, order fulfillment, customer relationship management, analytics, marketing, and accounting processes, ultimately enabling online retailers to operate more efficiently and effectively. 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 United States e-commerce sales in the final quarter of 2023, when measured against the corresponding period in 2022. Therefore, the rising popularity of online shopping is driving the growth of the retail business management software market.
Market Trends – Major companies operating in the retail business management software market are developing technological retail solutions leveraging advanced features, such as inventory management and business analytics, to streamline retail operations and support the growth of retail businesses. The integration of inventory management and business analytics functionalities provides a comprehensive solution for retailers to streamline operations, enhance decision-making capabilities, and drive business growth. For instance, in November 2022, NeuRMS, a US-based cloud software company, launched its retail management software, aiming to assist retail businesses like supermarkets, restaurants, and warehouses in Nigeria. This scalable solution is designed to help businesses operate more efficiently, reduce costs, expand their operations, and combat fraud. Additionally, it includes point-of-sale features, inventory management, retail customer relationship management, business analytics, customer-focused data, rent and lease tracking, and an easy-to-use interface. These features are crucial for retail management software as they contribute to operational efficiency, customer satisfaction, and overall business success.
The retail business management software market covered in this report is segmented –
1) By Type: Cloud Solutions, Traditional Solution
2) By Deployment: On-Demand, On-Premise
3) By Application : Market, Department Store, Restaurant, Shop, Other Applications
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Regional Insights – North America was the largest region in the retail business 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 business 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 business management software market are Comcash Inc., International Business Machines Corporation, Oracle Corporation, NetSuite Inc., SAP SE, Salesforce.com Inc., Intuit Inc., NCR Corporation, Shopify Inc., Epicor Software Corporation, Cegid Group, Lightspeed POS Inc., Aptos Inc., Revel Systems Inc., Mi9 Retail Inc., Epos Now Limited, Vend Limited, Jesta I.S. Inc, Brightpearl Limited, Retail Pro International LLC, Tillpoint Limited, GoFrugal Technologies Private Limited, One Step Retail Solutions LLC, Wondersoft Private Limited, Heartland Payment Systems LLC
Table of Contents
1. Executive Summary
2. Retail Business Management Software Market Report Structure
3. Retail Business Management Software Market Trends And Strategies
4. Retail Business Management Software Market – Macro Economic Scenario
5. Retail Business Management Software Market Size And Growth
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27. Retail Business 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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