Retail Inventory Management Software Market Segmentation by Type {Manually Managed Inventory System, Barcode Scanning System, and Radio Frequency Identification (RFID)}; by Application (Order Management, Asset Tracking, Service Management, Product Differentiation, and Inventory Optimization); by Organization Size {Large Enterprises and Small & Medium Enterprises (SMEs)}; by Deployment Model (On-Premise, and Cloud); and by End Users (Manufacturing, Healthcare, Retail, Automotive, Oil & Gas, and Others)-Global Demand Analysis & Opportunity Outlook 2031

Global Retail Inventory Management Software Market Highlights Over 2022 - 2031

The global retail inventory management software market generated an approximate revenue figure of USD 1300 million in the year 2021 and is estimated grow at a CAGR of ~14% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing use of easy and user-friendly asset tracking facilities, increasing adoption of cloud-based technology, and rising need for automated inventory management systems. Moreover, the growing demand for inventory management among manufacturers, in order to control and improve supply chain, is anticipated to drive the market growth. According to the U.S Department of Commerce, in the year 2019, total e-commerce shipments of U.S. manufacturers accounted for USD 3,887.6 billion. Additionally, growing popularity of cloud computing is another factor expected to boost market growth. For instance, approximately 70% of all the enterprises infrastructure have opted for cloud-based technology in the year 2021.

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Retail inventory management is a technique that helps store and eCommerce sellers to stock the merchandise to reduce costs, and increase profits, along with adding stocks demanded by consumers. Retailers commonly use inventory management software to ensure focus on understanding, identifying, and minimizing inefficiencies in the management of inventories. Retail inventory management software has become an integral part of the retail operational processes as a result of the advancements in technology and ease in integration capabilities.

The global retail inventory management software market is segmented by type, application, organization size, deployment model, and end-users. Based on end-users, the market is further segmented into manufacturing, healthcare, retail, automotive, oil & gas, and others. Out of these segments, the manufacturing segment is anticipated to hold the largest market share in value by growing at a notable CAGR during the forecast period. The growth of the segment can be accounted to the rising need for keeping efficient track of production in manufacturing units. Moreover, the oil & gas industry is anticipated to show modest growth in the upcoming years since it is generously adopting retail inventory management software to track the exports of natural gas and maintain coal reserves.   

Global Retail Inventory Management Software Market Regional Synopsis

Regionally, the global retail inventory management software market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Among these regions, the market in the North America region witnessed steady growth in the year 2021. The growth can be associated with increase in the need for efficient supply chain management along with advanced technology development in the region. Alternatively, the market in the Asia Pacific region is estimated to witness notable growth over the forecast period on the back of the rapidly growing popularity of e-commerce retailers and increasing adoption of smartphones and other devices. In the year 2020, nearly 67% of the consumer made at least one purchase through online medium in China. Moreover, rising need for the radio-frequency identification (RFID) technology and requirement to mitigate supply chain inefficiencies are other major factors anticipated to drive the growth of the market in the Asia Pacific region.

Market Segmentation

Our in-depth analysis of the global retail inventory management software market includes the following segments:

By Type

• Manually Managed Inventory System

• Barcode Scanning System

• Radio Frequency Identification (RFID)

By Application

• Order Management

• Asset Tracking

• Service Management

• Product Differentiation

• Inventory Optimization

By Organization Size

• Large Enterprises

• Small & Medium Enterprises (SMEs)

By Deployment Model

• On-Premise

• Cloud

By End Users

• Manufacturing

• Healthcare

• Retail

• Automotive

• Oil & Gas

• Others

Growth Drivers and Challenges Impacting the Growth of the Global Retail Inventory Management Software Market

Growth Drivers

• Increasing e-commerce retailers

• Growing need for inventory management

• Growing demand for omnichannel shopping experience

• Rising need for RFID technology

Challenges

• High investment cost

• Lack of awareness about software among consumers

• Insufficient supply of inventory

Key Companies Dominating the Global Retail Inventory Management Software Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global retail inventory management software market that are included in our report are Oracle, Dassault Systemes, TOTVS, Personica, Microsoft, Intuit Inc., Wasp Barcode Technologies, Manhattan Associates, Brightpearl, and Megaventory Inc., among others.

Latest Developments in the Global Retail Inventory Management Software Market:

• 02 December 2021: Microsoft announced a new strategic alliance with CVS Health in order to improve personalized health care and accelerate digital transformation for the consumers with innovative solutions.

• 08 February 2021: Personica announced partnership with King-Casey in order to help restaurants to come up with data-based menu adjustments which will maximize the profits while minimizing the loss.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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