By 2024, Inventory Management Software Market in North America is Projected to Hold Significant Share of Over 42%

With the tremendous growth in the industrial, retail, and e-commerce sectors, inventory management software market has gained massive impetus over the past years

Selbyville, United States - October 1, 2019 /MarketersMedia/ —

North America is projected to hold a significant share of over 42% in the inventory management software market by 2024 due to the increasing number of retailers and manufacturing companies, which are using the omni-channel platforms to increase their productivity and efficiency. For instance, in July 2017, indiCo and RSMA, providers of retail planning and forecasting solutions entered into a strategic partnership to make advanced inventory tools for small and independent campus stores. These tools improve merchandise inventory decisions and the financial performance of campus stores, including monthly sales forecasts, open-to-buy budgets, and retail metrics by merchandise category. Another factor accelerating the growth of the North America inventory management software market is the penetration of cloud-based inventory management solutions that offer cost-benefits for the maintenance of large-scale inventory as compared to the traditional systems.

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The region has also witnessed huge investments, driven by the trends such as growth in the e-commerce platforms and the modernization of supply chains. For instance, in July 2018, the Canada Pension Plan Investment Board (CPPIB), Alberta Investment Management Corporation (AIMCo), and WPT Industrial Real Estate Investment Trust (REIT) announced to invest up to USD 1 billion of equity in the U.S. logistics market. The joint venture will help to aggregate the portfolio of industrial assets by making value-added acquisitions and funding developments.

With the tremendous growth in the industrial, retail, and e-commerce sectors, inventory management software market has gained massive impetus over the past years. Quite undeniably, managing and tracking inventory has become an essential part of conducting business and inventory management software in this regard are efficiently solving the challenges related to vendors, inventory, orders, sale, stocks-outs and much more. This has significantly led to rapid adoption of these software programs, in turn driving inventory management software market growth which was pegged at USD 2 billion in 2017.

Speaking about the future prospects of inventory management software market, it is imperative to mention that the increasing deployment of the product will turn out to be highly rewarding for the market. The growing awareness among the commercial end-users about the use of stock management software has encouraged software developers to launch new ranges of products pertaining to which they have been able to secure better deals from their clientele. For instance, enterprise software provider, Ramco Systems has received an order from Advanced Global Resources LLC to supply its aviation suite which tracks and manages inventory effectively. Focusing on the flexibility, solution breadth, and mobile-friendly capabilities, the American technology provider has chosen Ramco’s aviation suite that will help them maintain advanced procurement, invoicing, inventory and vendor management.

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The barcode technology is widely used for increasing the accuracy and efficiency of inventory management systems. Barcode scanners enable organizations to easily process large item sets with the ability to pull the data directly from the cash registers and POS systems. Using such systems reduces the man-hours spent on the inventory counting and increases the organization's overall productivity. However, with the use of advanced technologies, such Radio Frequency Identification (RFID), monitoring the movement of inventory in real-time has become more efficient. The growing adoption of the RFID technology in inventory management practices is expected to further facilitate the inventory management software market growth.

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 market 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.

Major Key Points from Table of Content:

Chapter 6. Inventory Management Software Market, By Application
6.1. Key trends, by application
6.2. Order management
6.2.1. Order management market estimates and forecast, by region, 2014-2024
6.3. Asset tracking
6.3.1. Asset tracking market estimates and forecast, by region, 2014-2024
6.4. Service management
6.4.1. Service management market estimates and forecast, by region, 2014-2024
6.5. Product differentiation
6.5.1. Product differentiation market estimates and forecast, by region, 2014-2024
6.6. Inventory optimization
6.6.1. Inventory optimization market estimates and forecast, by region, 2014-2024

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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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Website: https://www.gminsights.com/pressrelease/inventory-management-software-market

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