Industry Insight
Market Research Future reveals that the global retail inventory management software market size 2020 would gain a higher growth rate. The rise of the market is expected because of soaring factors following the demand-sapping Coronavirus pandemic. This suggests that the stocks of the market will rise, post-course of COVID 19 disease epidemic resulting in losses incurred in the last three months. The growth of the market is suspected to be from 2017 to 2023—forecasted period.
Top Impacting Factors
The expansion of the retail inventory management software market is predominantly driven by the adoption of advanced technologies in the developing economies in various regions spread globally. The mounting adoption of mobile devices, such as Smartphones and tablets and the rising popularity of mobile commerce are motivating the growth of the retail inventory management software industry. Numerous retailers have started replacing their physical stores with online stores. Technological advances have to lead to the Internet to become more predominant and secure, which has resulted in an escalating number of online shoppers.
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MRFR’s analysts have also revealed that to gain a competitive benefit over the competitors, retailers will have the need to accomplish real-time efficiency and will be compelled to adopt inventory tracking software. These factors will be a significant growth factor for the market in the coming years. Other than this, the towering adoption of RFID technology is considered to be one of the key trends that will expand traction in the retail inventory software market in the next few years. Built on wireless technology, the RFID system is used for diverse purposes such as tracking objects and automatic identification. These factors have thus resulted in immense growth for the global retail inventory management software market.
Besides collecting real-time information about the status of ordered goods to customers and retailers, the RFID system has helped in minimizing the cost of operations by reducing the delivery time. This has mainly led to the market’s growth over time, which surged the demand as well. The extra advantages of retail inventory management software such as smart supplier management, deploying advanced logistics management, data-driven inventory optimization has also been an influential factor leading the growth of the market at a great extent.
Leading Segments
The global retail inventory management software market is segmented into deployment and end-user.
The deployment-based segment is classified into on-demand and on-premise.
End-user based segment classified into traditional retailers and off-price retailers.
Regional Framework
Regionally, the global retail inventory management software market, is studied among the key regions of Asia Pacific, Europe, North America, and Rest of the world.
The North America retail inventory management software market occupied a significant value share in the global market and is possible to maintain its leadership in the global inventory management software market over the forecast period. The inventory management software market in the region is projected to embody a significant incremental opportunity in the coming years. The surge in need for efficient supply chain management is probable to support the development of the North America inventory management software market in the assessment period. In the case of point, back in February 2017, FedEx launched a multi-channel e-commerce fulfilment and inventory management platform, FedEx Fulfillment for SMEs.
The advantages of retail inventory management software have encouraged retail and manufacturing companies across developing regions such as APAC and China to retail adopt inventory management software for gaining operational efficiency and productivity in their warehouse management operations. APAC region is likely to offer attractive opportunities for retail inventory management software manufacturers.
Top Players
The top players in the global retail inventory management software market are listed as Oracle Corporation (U.S.), Epicor Software Corporation (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Netsuite (U.S.), JDA Software (U.S.), inFlow Inventory Software (Canada), Fishbowl (U.S.), Totvs S.A (Brazil), IBM Corporation (U.S.), and Quintiq (Netherlands).
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