The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The Business Research Company’s Retail Inventory Management Software Global Market Report 2024 offers crucial insights into the retail inventory management software market help businesses analyse and build stronger strategies.

The retail inventory management software market has been expanding rapidly, driven by the rise of e-commerce, globalization, and advancements in technology. Let’s explore the key drivers, trends, and future prospects of this dynamic market.

Current Market Size and Growth Projections

• 2023-2024 Growth: The market is projected to grow from $7.45 billion in 2023 to $8.37 billion in 2024, achieving a compound annual growth rate (CAGR) of 12.5%.
• 2028 Forecast: By 2028, the market size is expected to reach $13.52 billion, with a CAGR of 12.7%.

Factors Driving Historic Growth

Increasing Number of E-Commerce Retailers

• Expansion of Online Shopping: The growth of e-commerce is a significant driver, as more retailers move online to meet consumer demand.
• Efficient Operations: Retail inventory management software helps streamline stock control and order fulfillment.

Globalization of Supply Chains

• Complex Networks: Global supply chains require sophisticated inventory management to handle diverse and widespread operations.

Rising Customer Expectations

• Customer Satisfaction: Consumers expect quick and accurate order fulfillment, which necessitates efficient inventory management.

Competition and Market Differentiation

• Staying Competitive: Retailers use advanced inventory management solutions to differentiate themselves in a crowded market.

Increasing Product Complexity

• Diverse Product Lines: Managing a wide range of products efficiently requires advanced inventory management tools.

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Future Growth Drivers

Shift Towards Cloud-Based Solutions

• Scalability and Flexibility: Cloud-based solutions offer scalability and ease of access, driving their adoption.

Growing Emphasis on Inventory Visibility

• Real-Time Tracking: Retailers need real-time data to manage inventory effectively and meet customer expectations.

Rise of Omnichannel Retailing

• Seamless Integration: Inventory management software integrates various sales channels, providing a seamless shopping experience.

Advanced Analytics and AI

• Data-Driven Decisions: Incorporating AI and advanced analytics helps retailers make informed decisions and optimize inventory.

Enhanced Integration Capabilities

• System Interoperability: Improved integration with other systems ensures smooth operations across different platforms.

Sustainability and Green Practices

• Eco-Friendly Operations: Retailers are adopting sustainable practices, which are supported by efficient inventory management.

Mobile Accessibility and IoT Integration

• On-the-Go Management: Mobile access and IoT integration enable real-time inventory management and monitoring.

The Expansion of E-Commerce Fuels Market Growth

Increased Internet Access and Online Shopping

• Rising E-Commerce Sales: In 2023, e-commerce sales in the U.S. reached $1,118.7 billion, a 7.6% increase from 2022.
• Efficiency in Operations: Inventory management software ensures efficient operations and customer satisfaction in the e-commerce sector.

Major Players in the Market

Key companies operating in the retail inventory management software market include:

• Microsoft Corporation
• IBM Corporation
• Oracle Corporation
• SAP SE
• Infosys Limited
• Square Inc.
• Dassault Systèmes
• Sage Group plc
• Lawson Software
• Epicor Software Corporation
• Zoho Corporation
• Manhattan Associates
• Fishbowl
• Aldata Software Management Inc.
• Ordoro

Enhancing Retail Operations with RFID Inventory Management Software

Innovative Products

• ItemOptix by Checkpoint Systems: Launched in December 2023, ItemOptix is an advanced RFID inventory management software that enhances inventory visibility and operational efficiency.
• Features: The software offers self-service functionalities, industry-standard REST APIs for easy integration, and streamlined deployment for better inventory control.

ToolsGroup Strengthens Retail Platform with Onera Acquisition

Strategic Acquisition

• ToolsGroup and Onera: In June 2022, ToolsGroup acquired Onera to extend its retail platform from planning to execution.
• Enhanced Capabilities: The acquisition enhances inventory visibility and management of complex supply chain challenges.

Market Segmentation
The retail inventory management software market is segmented by:

1. Type: Manually Managed Inventory Systems, Barcode Scanning Systems, Advanced Radio Frequency Systems (RFID)
2. Deployment: On-Demand, On-Premise
3. Pricing: Subscription, One-Time Payment
4. Application: Order Management, Asset Tracking, Service Management, Product Differentiation, Inventory Optimization
5. End-User: Traditional Retailers, Off-Price Retailers

Regional Insights

• North America: The largest region in the market in 2023.
• Asia-Pacific: Expected to be the fastest-growing region in the forecast period.

Conclusion
The retail inventory management software market is poised for significant growth, driven by technological advancements, the rise of e-commerce, and the need for efficient inventory management. Companies must stay abreast of market trends and innovations to leverage emerging opportunities and remain competitive in this dynamic landscape.

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The Retail Inventory Management Software Global Market Report 2024  provides a comprehensive outlook of the retail inventory management software market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The retail inventory management software market forecast offers a thorough analysis on retail inventory management software market size, retail inventory management software market share, prominent players and their strategies.

The Table Of Content For The Retail Inventory Management Software Market Include:
1. Retail Inventory Management Software Market Executive Summary
2. Retail Inventory Management Software Market Segments
3. Retail Inventory Management Software Market Size And Retail Inventory Management Software Market Growth Rate
4. Key Retail Inventory Management Software Market Trends
5. Major Retail Inventory Management Software Market Drivers
……
25. Key Mergers And Acquisitions In The Retail Inventory Management Software Market
26. Top Retail Inventory Management Software Companies
27. Retail Inventory Management Software Market Opportunities And Strategies
28. Retail Inventory Management Software Market, Conclusions And Recommendations
29. Appendix

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