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Inventory management software, as considered under the scope of the report, is used by various industries for supply chain management. Increasing emphasis on Omni-channel systems is fuelling the growth of the global inventory management software market.
The global inventory management software market is estimated to be valued at US$ 908.0 Mn by the end of 2017, and is expected to expand in the coming years at a CAGR of 12.40% in terms of value over the forecast period. The global inventory management software market is expected to represent a high incremental opportunity between 2018 and 2028.
On the basis of industry, the global inventory management software market can be segmented into consumer goods & retail, manufacturing, automotive, oil & gas and others. The manufacturing sector is expected to account for a sizable share of the overall inventory management software market by the end of the forecast period. In the consumer goods & retail sector, vendors are focusing on providing data-driven technologies to help retailers synchronise their online and offline inventory. Moreover, the oil & gas industry is adopting inventory management solutions to track the exports of natural gas and maintain coal reserves. The automotive industry in the inventory management software market is also gaining traction. Other sectors, such as pharmaceutical, 3PL, transport and BFSI, are expected to adopt inventory management software during the forecast period. On the basis of deployment, the market is categorised on the basis of inventory management software deployed as software-as-a-service and inventory management software deployed on premise.
The growth of the inventory management software market is predominantly driven by the adoption of advanced technologies in the developing economies of South East Asia & Others of APAC, Middle East & Africa and China.
The North America inventory management software market holds a major value share in the global market and is likely to maintain its dominance in the global inventory management software market over the forecast period. The inventory management software market in the region is projected to represent a significant incremental opportunity between 2018 and 2028. Increase in the need for efficient supply chain management is expected to support the growth of the North America inventory management software market during the forecast period.
Inventory management solutions provide the real-time visibility of supply and demand through which a user can be aware of inventory updates. Inventory management software provides users features such as the reservation of a quantity of an item from an available inventory. It also provides inventory segmentation options to fulfil the requirements of privileged customers. In case of inventory segmentation, the software helps manage a portion of inventory that helps ease the supply chain process. These advantages have encouraged retail and manufacturing companies across developing regions such as SEA & Others of APAC and China to adopt inventory management software for gaining operational efficiency and productivity in their warehouse management operations. The SEA and Others of APAC region is expected to present attractive opportunities for inventory management software manufacturers followed by China. The inventory management software market in SEA and Others of APAC is estimated to expand at a significant CAGR in terms of value over the forecast period. The sales of inventory management software in Western Europe market is projected to represent a total incremental opportunity of US$ 261.61 Mn, while the MEA inventory management software market is also expected to witness significant growth.
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Vendors in the inventory management software market are now focusing on the integration of inventory management software with advanced technologies, such as Big Data Analytics and IoT, to manage large amounts of structured & unstructured data generated by them. Examples of some of the inventory management software market vendors in this study of the global inventory management software market include Oracle Corporation, IBM Corporation, SAP SE, Zebra Corporation, Kinaxis Inc., Infor Inc., Zoho Corporation, SAGE Group Plc, Brightpearl Ltd. and DEAR Systems.
- In July 2018, Oracle Corporation launched a new store inventory operations cloud service. This solution will help customers view inventory by size, colour and other key attributes.
- In January 2017, OneView Commerce, a provider of digital store transformation, integrated its inventory management solution with IBM's Watson Commerce Insights. Through this integration, users will be able to get real-time analytics about inventory operations.
- In January 2018, Infor launched a next-generation Supply Chain Management (SCM) solution to help companies gain real-time visibility and control over their global supply chain. This new solution is integrated with advanced technologies, such as predictive ETAs, real-time visibility and 3D visualisation of warehouse flow, which can help store holders to efficiently manage inventory.
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