Transparency Market Research delivers key insights on the global inventory optimization software and services market. In terms of revenue, the global inventory optimization software and services market is estimated to expand at a CAGR of 11.2% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global inventory optimization software and services market.
An inventory optimization system is a high-performance software that helps businesses run more efficiently. Any business that deals with raw materials make a concentrated effort to make the best use of those materials in order to meet the demands and requirements of the business. In a manual system, a company must perform various tasks and operations to run its business, and inventory optimization helps management make just-in-time decisions, reducing the company's carrying cost.
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Omnichannel retail is a method of doing business that focuses on providing customers a consistent experience across digital and physical channels, from browsing to order fulfillment. The foundation of omnichannel retail is that combining many touchpoints adds value and is generally more than the sum of its parts. The demand for inventory optimization software and services is expected to increase during the forecast period due to a rise in such omni channel retailing systems. Omnichannel marketing platforms are software solutions that businesses employ to provide a unified marketing experience to their customers across different channels such as SMS, email, social media, and search engines. Omni channel inventory management is managing all of inventory across all the channels that sell, including physical stores, social media channels, and online stores. Hence, the inventory optimization software and services market is expected to expand during the forecast period.
In omni channel retailing, consumers can shop and interact with companies however and wherever they want. Brands, in turn, can excel in customer satisfaction and retention, not to mention the cost savings that come with more effective inventory control. In the U.S., top retailer Target had its best quarter in Q2 2020 with sales up 24.3% and digital sales up 195%. Due to the integration of physical and digital in omni channel, it gained market share from all of its physical competitors. Online sales have exploded during the COVID-19 pandemic, which forced people to stay home. In the U.S., eCommerce accounted for about 21.3% of total retail sales in 2020. This is anticipated to propel the demand for inventory optimization software and services over the next few years.
Nearly 75% of shoppers use omni channel to find discounts, compare prices, or use in-store tablets to search for products online. Omni channel shoppers also spend more than single-channel shoppers, both online and in stores. Retailers using omni channel strategies account for higher annual revenues, an increase in the average transaction size, and better profitability.
Inventory Optimization Software and Services Market: Dynamics
The cloud-based inventory optimization software and services market is expected to witness growth during the forecast period. This is mainly due to the increasing spread of cloud technology worldwide. In addition, the growth of cloud-based software is also expected to be complemented by the growing demand for low-cost solutions across all industries. Based on industry, the retail segment is predicted to dominate the global inventory optimization software and services market. The retail segment is anticipated to expand at a prominent CAGR of 14.9% from 2021 to 2031 and hold a major share of the market by the end of 2021. This is primarily due to the rising adoption of inventory optimization to optimize business operations and increase revenue. Hence, increasing adoption of inventory optimization software and services in manufacturing industries is expected to propel the market during the forecast period.
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Inventory Optimization Software and Services Market: Prominent Regions
The inventory optimization software and services market in North America is expected to expand during the forecast period, owing to the presence of key market players and technological advancements. North America is likely to hold a major share of the market by the end of 2021. This can be ascribed to the rise in the adoption of inventory optimization software and services among end-users. The U.S. holds more than half the share of the inventory optimization software and services market. Europe follows North America in terms of sales share of the global market for inventory optimization software and services. The demand for inventory optimization software and services in the region is mainly driven by markets in Western European countries due to the increasing acceptance of inventory optimization software and services in the region.
The rise in the number of small and medium software enterprises in the Asia Pacific is fueling the demand for inventory optimization software and services to reduce time and effort in tracking goods and raw materials by using technologies such as RFID and thus focus on their product quality. South America and MEA offer significant opportunities to the inventory optimization software and services market due to an increase in the rate of adoption of advanced technology and cloud computing solutions in these regions.
Inventory Optimization Software and Services Market: Key Players
Key players operating in the global inventory optimization software and services market are Brightpearl Ltd., Chainalytics LLC, DEAR Systems, Genpact Limited, GEP Worldwide, IBM Corporation, Infor Inc., JDA Software Group Inc., Kinaxis Inc., Logility, Microsoft Corporation, OM Partners, Oracle Corporation, RackNap, SAGE Group Plc, SAP SE, Syncron AB, Turtle & Hughes, Inc., Vanguard Software Corporation, Zebra Corporation, and Zoho Corporation Pvt. Ltd.
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Global Inventory Optimization Software and Services Market: Segmentation
Inventory Optimization Software and Services Market, by Component
- Solutions
- Barcode scanning system
- Radio Frequency System (RFID)
- Others (QR codes, Tags etc.)
- Services
- Professional Services
- Managed/ Outsourced Services
- On premise
- Cloud-based
- Small and Medium Enterprises
- Large Enterprise
- IT & Telecom
- Manufacturing
- Consumer Goods
- Food & Beverages
- Retail
- BFSI
- Healthcare & Pharmaceuticals
- Automotive
- Transportation and Logistics
- Oil & Gas
- Life Sciences
- Others (Chemicals, Paper & Plastics)
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