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Inventory Management Software Market in cloud model segment to witness 35% CAGR from 2018 to 2024

Author : Ronak Bora | Published Date : 2019-03-14 

Inventory Management Software Market growth in cloud model segment is characterized by increasing awareness regarding the benefits of scalability, flexibility, and enhanced security offered by cloud platforms. SMBs can save significant costs on capital investments by opting for cloud-based inventory management software without the need for procuring dedicated hardware and software resources. Also, cloud providers offer pay-as-you-go services to their customers, allowing them to scale their usage of inventory management systems dynamically with respect to the changing market demands.

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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.

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.

The manufacturing sector is expected to secure a inventory management software market share of over 25% by 2024. This impressive growth is attributed to the robust growth of the manufacturing sector after Industry 4.0, and the emergence of automation systems in manufacturing to rapidly increase production capacities. According to the UN, manufacturing globally contributed to 17% of the total economic value in 2016. This steady growth of the sector is expected to further fuel the demand for modern inventory management software to streamline and optimize the manufacturing process flows.

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The inventory management software market growth in Asia Pacific is driven by various government-led initiatives to boost the digitalization, particularly in the developing economies. The government, particularly in China, India, South Korea, and Australia, are also taking efforts for the development and growth of the SMBs, especially with respect to financing and tax reforms. For instance, in September 2017, the Chinese government revised a legislation to protect the interests of these enterprises. The revised law strengthened the protection on the property rights and increased the support in areas such as taxation, financing, and employment. The country also supported SMBs in attracting the professional talent by encouraging colleges and research institutions to cooperate on the transformation of scientific and technological achievements. The robust growth of the SMB sector is likely to support the growing adoption of the inventory management software in the region.

North America held a dominant share of over 40% in the inventory management software market in 2017. The majority share is attributed to a rapidly expanding e-commerce landscape in the region, a robust manufacturing sector with increasing adoption of industrial IoT after Industry 4.0, and the availability of an extensive cloud infrastructure. According to the U.S. Department of Commerce’s International Trade Administration (ITA), the manufacturing industry in the U.S. received Foreign Direct Investment (FDI) amounting to USD 1.6 trillion in 2017. In 2016, the manufacturing sector contributed nearly USD 350 billion to the U.S. GDP.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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