Ocean View, DE -- (SBWIRE) -- 05/08/2020 -- With the trend of omnichannel retailing gaining grounds, global Inventory Management Software Market is certain to accumulate significant revenue. Retailers reshaping their business models to omnichannel approach are often encountered with inventory discrepancies. Moreover, the need to mitigate supply chain inefficiencies has further accelerated adoption of inventory management software among end users.

In terms of revenue, global inventory management software market is set to amass over USD 3 billion by the end of 2024.

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The importance of inventory management cannot be undermined, especially in the current age of e-commerce. The product is witnessing huge penetration in inventory optimization applications as it aids in delegating working capital at desired areas as well as prevent unnecessary inventory buffers to minimize inventory carrying costs. The market share from inventory optimization applications is expected to accumulate gains at a CAGR of over 9% during 2018-2024. Surging popularity of barcode technology is another influential factor in propelling industry. Furthermore, rising focus on reduction of retail shrinkage and brisk M&A activities by industry participants are slated to further intensify inventory management software market trends.

Cloud-based inventory management software solutions offer excellent advantages in terms of scalability, flexibility, and enhanced security, which make them the perfect fit for SMBs, who cannot afford to incur upfront capital expenditure on infrastructure. Moreover, the availability of cloud-based solutions in pay-as-you-go model has fueled the adoption of the product. Cloud deployment is forecast to procure over 35% of the global inventory management software market share by 2024.

The manufacturing sector has been pioneering the use of inventory management software, which will help the global market accrue more than 25% share from manufacturing applications by 2024. The advent of the fourth industrial revolution and adoption of automated systems for various manufacturing processes has significantly increased manufacturing output in recent years. As per the estimates of the UN, in 2016, the manufacturing sector accounted for 17% volume of the global economic value. Efficient inventory management can subject manufacturing operations to a halt and affect the bottom line. Thus, the sector is generating robust demand for inventory management software for streamlining and optimizing its process flows.

Such technological integration techniques are typically used by the large-scale organizations that move thousands of orders daily. Reports state that the barcode scanning system held more than one half of the inventory management software market share in 2017, while the RFID segment is projected to register an impressive CAGR of over 11% over 2018-2024.

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Quite undeniably, these technologies have empowered the small and large-scale enterprises to grow and streamline their business models by harnessing the power of the advanced inventory solutions, in turn propelling the global inventory management software industry outlook. Lastly, it wouldn't be wrong to say that along with shrinking workforce and increasing rate of stressed logistics systems, inventory management software programs will witness massive adoption in the ensuing years. A presumption shedding light on the same is of Global Market Insights, Inc., that forecasts the overall inventory management software market share to register a CAGR of 6% over 2018-2024.

Key Companies in Inventory Management Software Market: - monday.com, Manhattan Associates, Microsoft, Oracle, SAP, TradeGecko, Zoho Corporation

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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