Inventory Management Software Market 2021: Prosperous Growth, Recent Trends and Demand BY 2028

The global inventory management software market revenue totaled ~US$ 1,528.3 Mn in 2021, according to Future Market Insights (FMI). The overall inventory management software market is expected to reach ~US$ 3,291.1 Mn by 2028, growing at a CAGR of around 11.2% for 2022 – 28.

The inventory management software market demand is estimated to be nearly 25% of overall global warehouse management system market. Increasing the use of easy and user-friendly asset tracking facilities is the major factor propelling the adoption of the inventory management software. Moreover, rise in the use of connected devices is among the major trend influencing the market growth.

Growing demand for the inventory management among the manufacturing sectors to control and improve the supply chain is driving the market growth. Insufficient supply of inventory brings the manufacturing operations to a halt. Also, inefficient management creates serious challenges in productivity of the manufacturing organizations.

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Ease in Supply Chain Operations and Emphasis on Omni-Channel Systems to Push Global Inventory Management Software Market

Technology has notably crept into the supply-chain process. With the introduction of inventory management software, enterprises- big and small are able to get real time visibility of supply and demand, through processes that notifies everyone along the chain, thereby, providing an overview of the inventory functioning. Advanced features such as reservation of specific products from the existing inventory or making segmentations within the inventory to suit privileged demands, adoption of inventory management software is projected to significantly ease supply chain operations along with inventory maintenance, in turn, driving the global inventory management software market.

However, inventory accuracy is paramount for retailers and warehouse owners considering increasing demand for real-time inventory management solutions that can be accessed through multiple channels. Retailers and business owners are increasingly facing challenges apropos to expanding their operations into omni-channel. Enterprises trying to bridge the gap between its online and offline sales is driving the adoption of supply chain solutions such as inventory management software. In a bid to maintain accurate store inventories and serve everyday orders efficiently, vendors are adopting inventory management software across various industry verticals and manage their online and offline customers under an omni-channel platform.

Key Segments Covered

  • Components
    • Inventory Management Software Tags
      • Low Frequency(LF)
      • High Frequency(HF)
      • Ultra-High Frequency (UHF)
      • Microwave Frequency
      • Ultra Wideband (UWB)
    • Inventory Management Software Readers
    • Inventory Management Software and Middleware
  • Application
  • Logistics and Transportation
  • Aerospace and Defence
  • Automotive
  • Retail and Consumer Goods
  • Agriculture
  • Healthcare
  • Government
  • Others

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Integrating AI, Machine Learning Would Further Shape Inventory Management Software Market; Favourable Opportunities for Vendors in the Inventory Management Realm Awaiting

Moreover, disruptive technologies such as predictive ETAs to improve inventory accuracy, live ocean and geo-fencing, and 3D visual warehouse to provide users a visual decision-making platform are only further supporting the adoption of inventory management software, to maintain a smooth demand and supply landscape. Integrating advanced technologies including machine learning and artificial intelligence into the supply chain and inventory management systems would equip inventory management vendors with lucrative market opportunities.

Key players in the inventory management software market are Oracle Corporation, IBM Corporation, SAP SE, Zebra Corporation, Kinaxis Inc., Infor Inc., Zoho Corporation, SAGE Group Plc, Brightpearl Ltd. and DEAR Systems.

About FMI

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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