Inventory Management Software Market size to cross $6 Bn by 2032

Inventory Management Software Market size is poised to reach USD 6 billion by 2032, according to a new research report by Global Market Insights Inc.
 

The report reveals that the growing emphasis on improving supply chain operations to boost resilience for future crises is a key driver for inventory management software development. For example, in the ‘Review of Maritime Transport 2022’, UNCTAD revealed the significance of increased investment in maritime supply chains to prepare for future challenges. Such initiatives will encourage maritime companies to utilize robust and automated inventory management software solutions to allow efficient tracking of asset lifecycles and ensure cost reduction.
 

Acceptance of smartphone-based barcode readers to spur inventory management software usage

The barcode scanning system segment accounted for 50% share of the inventory management software market in 2022, owing to the product’s capability to enhance the efficiency of logistics operations. Considering the ability to pull data from cash registers and POS systems, organizations are adopting these systems to process a large volume of items. The rising acceptance of smartphones and tablets as scanning devices across industry verticals including manufacturing will also boost the market growth.
 

High customization requirements to promote inventory management software use in service-based enterprises

The service management applications segment is slated to register 5% CAGR through 2032, owing to the strong demand for customizable inventory management software in service-based enterprises. In recent years, there has also been a surge in the development of a range of service management software, equipped with advanced features including automated asset discovery and configuration mapping.
 

Offline asset tracking & security attributes bolster on-premise inventory management software usage

The on-premise deployment model segment held over 65% inventory management software market share in 2022. On-premise hosting can provide immediate benefits to businesses, including high security and offline asset tracking. This hosting solution can also be purchased at a static price, thus eliminating recurring costs due to the usage of other on-premise methods. Moreover, the capability to synchronize with the database using cables rather than Wi-Fi will proliferate the use of on-premise inventory management software.
 

Browse key industry insights spread across 270 pages with 362 market data tables and 35 figures & charts from the report, “Inventory Management Software Market Size, By Type (Manually Managed Inventory System, Barcode Scanning System, Advanced Radio Frequency System (RFID)), By Application (Order Management, Asset Tracking, Service Management, Product Differentiation, Inventory Optimization), By Deployment Model (On-premise, Cloud), By Organization Size (Large Enterprise, SMEs), By End-Use (Manufacturing, Medical/Healthcare, Retail, Automotive, Oil & Gas), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/inventory-management-software-market
 

Introduction of supply chain financing platforms to promote adoption of healthcare inventory software

The inventory management software market share from the medical end-use segment will depict over 4% CAGR between 2023 and 2032, given the introduction of financing platforms for healthcare supply chains. For instance, in June 2022, Care Fi unveiled CareCred, its first supply chain financing platform for healthcare in India. This platform was designed with core products including Buy Now Pay Later and invoice discounting to assist pharmacies and hospitals in tracking and transacting their requirements. Additionally, the need for automated solutions to save time and enhance healthcare operations will create lucrative prospects for medical inventory management software developers.
 

LATAM to emerge as a prominent hub for inventory management software providers

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On the regional front, the Latin America inventory management software market value will surpass USD 500 million by 2032, due to the rapid growth of e-commerce. As per the MCC-ENET index, in the Q1 of 2022, the online shopping sector surged by 12.59% as compared to a year earlier in Brazil. In addition, rapid digitalization and key initiatives to support the logistics sector will augment the demand.
 

Product range expansion strategies to strengthen global industry outlook

Major players involved in the inventory management software market include Wasp Barcode Technologies, SAP SE, Sage Group PLC, Oracle Corporation, Microsoft Corporation, Lightspeed Venture Partners, Blue Yonder Group, Inc. (Panasonic), Archon Systems Inc., and NCR Corporation. These firms are focusing on new product developments and business expansions to increase their footprint in the global market.
 

For instance, in October 2022, MYOB introduced cloud-based inventory management software to offer the capability to track and control inventory and improve efficiency, lower costs, and increase cash flow. This initiative will allow the company to establish a strong presence in the industry.