Inventory Management Software Market Insights, Deep Analysis of Key Companies in the Industry 2022 to 2028

The global inventory management software market is projected to achieve a market value of approximately US$ 3,291.1 million by the year 2028, with a steady CAGR of around 11.2% anticipated for the period spanning from 2022 to 2028.

The demand for inventory management software is a significant portion, making up about 25% of the entire global market for warehouse management systems. One of the main reasons for this is the growing preference for simple and user-friendly tools to keep track of assets. Additionally, a notable trend contributing to this market's growth is the increased use of interconnected devices.

The increasing need for better inventory management in the manufacturing industry is boosting the market. When there's not enough inventory, manufacturing can come to a stop. And if inventory isn't managed well, it can cause problems for manufacturing companies' productivity.

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North America is projected to hold a notable market value share by the end of the forecast period. Retailers in the U.S. are focusing on including Omni-channel platforms to provide enhanced customer experience. Companies, in this region, are also relying on third parties to manage their operations, which include storage, packaging, and selling products, making online inventory management more manageable and increasing product penetration. SEA and Others of APAC, on the other hand, would exhibit relatively high growth in the global inventory management software market.

The software segment, in terms of component and SaaS in terms of deployment is expected to gain swift momentum during the forecast period, considering the rising adoption of cloud for inventory data storage arising from dynamically changing inventory levels. The emergence of advanced technologies, including integration of Big Data analytics, IoT and automation would also fuel the inventory management software market through 2028.

Ease in Supply Chain Operations and Emphasis on Omni-Channel Systems to Push Global Inventory Management Software Market

Technology has notably crept into the supply-chain process. With the introduction of inventory management software, enterprises- big and small are able to get real-time visibility of supply and demand, through processes that notify everyone along the chain, thereby, providing an overview of the inventory functioning. Advanced features such as reservation of specific products from the existing inventory or making segmentations within the inventory to suit privileged demands and adoption of inventory management software are projected to significantly ease supply chain operations along with inventory maintenance, in turn, driving the global inventory management software market.

However, inventory accuracy is paramount for retailers and warehouse owners considering the increasing demand for real-time inventory management solutions that can be accessed through multiple channels. Retailers and business owners are increasingly facing challenges apropos to expanding their operations into omnichannel. Enterprises trying to bridge the gap between their online and offline sales are driving the adoption of supply chain solutions such as inventory management software. In a bid to maintain accurate store inventories and serve everyday orders efficiently, vendors are adopting inventory management software across various industry verticals and managing their online and offline customers under an omnichannel platform.

Integrating AI, Machine Learning Would Further Shape Inventory Management Software Market; Favourable Opportunities for Vendors in the Inventory Management Realm Awaiting

Moreover, disruptive technologies such as predictive ETAs to improve inventory accuracy, live ocean and geo-fencing, and 3D visual warehouse to provide users a visual decision-making platform are only further supporting the adoption of inventory management software, to maintain a smooth demand and supply landscape. Integrating advanced technologies including machine learning and artificial intelligence into the supply chain and inventory management systems would equip inventory management vendors with lucrative market opportunities.