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Inventory Management Software Market Size

Report ID: GMI2364
Published Date: Jan 2023
Report Format: PDF

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Inventory Management Software Market Size

Inventory Management Software Market size surpassed USD 3 billion in 2022 and is anticipated to exhibit a CAGR of 5% between 2023 and 2032, given the increasing internet connectivity and e-commerce spending.

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With the rapid e-commerce growth and the rise in supply chain issues, a shift from manual inventory tracking to automated inventory management software is being observed across global enterprises. Based on the Digital Commerce 360 analysis of the U.S. Department of Commerce, in the Q3 of 2022, online spending rose by 10.8% Y-o-Y compared to the same period a year earlier. Online business acceleration can be credited to government-led initiatives targeted toward boosting digital transformation. Furthermore, improved internet access will stimulate the adoption of inventory management software to streamline e-commerce tasks.

The deployment of RFID technology as a major component of supply chain networks is another prominent factor bolstering the inventory management software market demand. The incorporation of RFID technology enables businesses to curb labor costs and enhance inventory management efficiency. Likewise, it can help manage inventory in real-time and make informed decisions, thus providing lucrative opportunities for industry growth. However, high initial investments associated with advanced features and deployment methodologies may create roadblocks to inventory management software development over the estimated timeline.

Inventory Management Software Market Report Attributes
Report Attribute	Details
Base Year:	2022
Inventory Management Software Market Size in 2022:	USD 3 billion
Forecast Period:	2023 to 2032
2032 Value Projection:	USD 6 billion
Historical Data for:	2018 to 2022
No. of Pages:	270
Tables, Charts & Figures:	397
Segments covered:	Type, Application, Deployment Model, Organization size, End use
Growth Drivers:	Growing trend of omnichannel retailing Increasing demand for the RFID technology Widespread adoption of smartphones and other mobile devices Rapidly growing popularity of e-commerce Need to mitigate supply chain inefficiencies
Pitfalls & Challenges:	High initial investment Reluctance to switch from legacy systems

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Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The industry size of inventory management software crossed USD 3 billion in 2022 and is set to depict over 5% CAGR through 2023-2032, given the increasing internet connectivity and e-commerce spending.

The automotive end-use segment will reach over USD 700 million by 2032, due to the extensive usage of GPS-based inventory management systems.

The market share for inventory management software in APAC is projected to depict over 8% CAGR through 2023-2032, as a result of the online retail growth.

Prominent players operating in the market include Zoho Corporation Private Limited, Oracle Corporation, Microsoft Corporation, Manhattan Associates, Intuit Inc., NCR Corporation, and Alterity, Inc. (Acctivate), among others.