Inventory Management Software Market on Track for Strong Growth, Estimated to Grow at 9.1% CAGR Through 2029

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What Is the Expected CAGR for the Inventory Management Software Market Through 2025?
The size of the inventory management software market has seen substantial growth recently and is predicted to increase from $2.25 billion in 2024 to $2.46 billion in 2025, with a compound annual growth rate (CAGR) of 9.5%. The significant growth observed in the past can be credited to the surging necessity for inventory tracking in the healare sector, the application of drones for inventory supervision, a heightened focus on demand forecasting, the escalating popularity of SaaS (Software as a Service), and the growing significance of data analytics.

What's the Projected Size of the Global Inventory Management Software Market by 2029?
The market size of inventory management software is predicted to significantly expand in the approaching years, projected to reach $3.49 billion in 2029, proliferating at a compound annual growth rate (CAGR) of 9.1%. This anticipated growth during the prediction interval is driven by heightened usage of mobile devices, surging demand for real-time transparency, burgeoning subscription-based pricing models, the need for immediate inventory alerts and notifications, and the expansion of e-commerce and omnichannel retailing. Noteworthy trends for the same period are collaboration with third-party logistics providers, the incorporation of AI and ML, a transition to mobile inventory management systems, enhancement of global trade and supply chains, and adoption of voice recognition technology.

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Top Growth Drivers in the Inventory Management Software Industry: What's Accelerating the Market?
The increased necessity for inventory monitoring in the healare sector is anticipated to drive the expansion of the inventory management software market. Healare inventory monitoring involves the scrutiny and management of medical supplies, equipment, and medicines to ensure their availability, minimize wastage, and maintain correct stock levels. This rising need in the healare industry is motivated by the necessity to enhance cost efficiency, regulatory compliance, patient safety, supply chain resilience, and operational effectiveness. The increase in healare inventory monitoring is fostering growth in the inventory management software market by driving up the demand for efficient systems to manage stock levels, curb waste, and enhance operational efficiency. For example, in May 2023, the Office for National Statistics (ONS), a government department of the UK, reported that the provisional estimates for 2022 UK healare expenditure were approximately $356.01 billion (£283 billion), suggesting an incremental increase of 0.7% from 2021. Thus, the escalating need for inventory monitoring in healare is fuelling the growth of the inventory management software market.

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What Are the Key Trends Driving Inventory Management Software Market Growth?
Leading firms in the inventory management software market are concentrating on innovating new technologies, like RFID inventory management solutions. This solution employs radio frequency identification technology to monitor and handle inventory in real time, heightening precision and productivity in inventory management. For example, in January 2023, Checkpoint Systems Inc., an American tech firm, introduced ItemOptix, a retail-focused inventory management software designed to enhance inventory accuracy, speed up inventory movement, and ultimately enhance sales and customer interaction. It embodies various features such as real-time stock tracking, full visibility of stocks, easy-to-use interfaces, and effortless deployment to better manage inventory and increase operational competence in retail outlets.

What Are the Main Segments in the Inventory Management Software Market?
The inventory management softwaremarket covered in this report is segmented -

1) By Component: Inventory Management Software, Inventory Management Services
2) By Deployment Mode: On-Premise, Cloud
3) By Application: Orders Management, Asset Tracking, Services Management, Product Differentiation, Inventory Optimization
4) By End-User: Manufacturing, Retail And Consumer Goods, Healare And Life Sciences, Energy And Utilities, Automotive, Others End Users

Subsegments:
1) By Inventory Management Software: Cloud-Based Inventory Management Software, On-Premises Inventory Management Software, Mobile Inventory Management Software, Barcode and Rfid-Based Inventory Software
2) By Inventory Management Services: Inventory Tracking and Monitoring Services, Inventory Optimization Services, Stock Replenishment and Forecasting Services, Inventory Audit and Reporting Services

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Which Top Companies are Driving Growth in the Inventory Management Software Market?
Major companies operating in the inventory management software market are Microsoft Corporation, Oracle Corporation, VMWare Inc., Intuit Inc., NCR Corporation, Zebra Technologies Corporation, SAP SE, The Sage Group, NEC Corporation, Manhattan Associates Inc., Zoho Corporation Pvt. Ltd., Revel Systems Inc., Fishbowl Manufacturing, Wasp Barcode Technologies Ltd., CIN7 Ltd., Acumatica Inc., Stockpile Technology Pvt. Ltd., Erply Ltd., SkuVault Inc., Archon Group LLC, Finale Inventory, Orderhive Inc., Commerce, Inflow Inventory, DEAR Systems

Which Regions Will Dominate the Inventory Management Software Market Through 2029?
North America was the largest region in the inventory management software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the inventory management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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