Inventory Management Software sales were US$ 1,528.3 million in 2021 and are predicted to reach US$ 3,291.1 million by 2028, with a CAGR of roughly 11.2 percent between 2022 and 2028.
By the conclusion of the forecast period, North America is expected to have a significant market value share. Retailers in the United States are emphasizing the use of Omni-channel platforms to improve the consumer experience. Companies in this region also rely on third parties to manage their operations, such as storage, packing, and product sales, making online inventory management more manageable and increasing product penetration.
The worldwide inventory management software market, on the other hand, will see comparatively strong growth in SEA and other parts of APAC. Considering increased usage of cloud for inventory data storage coming from constantly changing inventory levels, the software segment in terms of component and SaaS in terms of deployment is likely to acquire rapid traction throughout the forecast period. By 2028, the inventory management software market will be fueled by the emergence of advanced technologies such as Big Data analytics, IoT, and automation.
Inventory Management Software Market Will Be Shaped Even More by AI and Machine Learning; Favorable Opportunities for Vendors in the Inventory Management Sector Awaiting
Furthermore, disruptive technologies such as predictive ETAs to improve inventory accuracy, live ocean, geo-fencing, and 3D visual warehouse to provide users with a visual decision-making platform are only boosting the usage of inventory management software to keep demand and supply in check. Integrating sophisticated technologies such as machine learning and artificial intelligence into the supply chain and inventory management systems will provide lucrative market prospects for inventory management companies.
Oracle Corporation, IBM Corporation, SAP SE, Zebra Corporation, Kinaxis Inc., Infor Inc., Zoho Corporation, SAGE Group Plc, Brightpearl Ltd., and DEAR Systems are key participants in the inventory management software market.