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Category Management Software Market Size
- Report ID: GMI6769
- Published Date: Sep 2023
- Report Format: PDF
Category Management Software Market Size
Category Management Software Market size was valued at USD 1.7 billion in 2022 and is predicted to register at a CAGR of over 10.5% between 2023 and 2032, due to the growing demand for omnichannel retailing. Omnichannel retail requires seamless management of diverse product categories across online and offline channels. Category management software enables retailers to organize, analyze, and optimize their product assortments to deliver consistent and personalized experiences to customers across all touchpoints. As retailers embrace omnichannel strategies to meet evolving consumer expectations, the need for robust category management solutions has surged, thereby driving market growth.
The rising number of retail stores in the U.S. is accelerating the category management software market size. With the expansion of retail outlets, the complexity of managing product categories, inventory, and sales data has increased significantly. Category management software offers retailers advanced tools to efficiently organize and optimize their product offerings, enhancing inventory management and customer experiences. In addition, the adoption of inventory management software is a driving force in the market.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Category Management Software Market Size in 2022: | USD 1.7 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 10.5% |
| 2032 Value Projection: | USD 4.7 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 295 |
| Tables, Charts & Figures: | 336 |
| Segments covered: | Component, Deployment, Organization Size, Application, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Businesses increasingly recognize the pivotal role inventory management plays in category optimization. By seamlessly integrating inventory management with category management, businesses can make data-driven decisions to ensure products are readily available to meet customer demand while minimizing carrying costs and improving overall category performance.
The high cost of implementation poses significant challenges in the category management software market. Businesses, particularly Small & Medium-sized Enterprises (SME), may find the upfront expenses associated with acquiring and deploying category management software prohibitive. These costs include software licenses, hardware infrastructure, training, and customization. To address this challenge, vendors and service providers can consider offering more flexible pricing models, cloud-based solutions, and cost-effective packages customized for the budget constraints of SME, making category management software more accessible and affordable.
Frequently Asked Questions (FAQ) :
Category Management Software Market Scope
