Inventory Management Software Global Market Report 2024

The inventory management software market size has grown rapidly in recent years. It will grow from $2.04 billion in 2023 to $2.25 billion in 2024 at a compound annual growth rate (CAGR) of 10%. The growth observed in the historical period can be attributed to several key factors. These include the increasing demand for inventory tracking in healthcare settings, the utilization of drones for inventory monitoring purposes, a heightened emphasis on demand forecasting capabilities, the growing popularity of Software as a Service (SaaS) solutions, and the increasing importance placed on data analytics for optimizing inventory management processes.

The inventory management software market size is expected to see rapid growth in the next few years. It will grow to $3.31 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. Forecasted growth stems from increased mobile device adoption, rising demand for real-time visibility, subscription-based pricing models, real-time inventory alerts, and expanding e-commerce. Major trends include third-party logistics collaboration, AI and ML integration, mobile inventory solutions, global trade expansion, and voice recognition tech.

The increasing demand for inventory tracking in healthcare is poised to propel the growth of the inventory management software market in the foreseeable future. Healthcare, encompassing the prevention, diagnosis, treatment, and management of illnesses and injuries, is witnessing a rising need for inventory tracking driven by various factors such as improving cost efficiency, regulatory compliance, patient safety, supply chain resilience, and operational effectiveness. Inventory tracking streamlines the supply chain process, reducing the time and effort required to manage and locate items, thereby enhancing operational efficiency, reducing costs, and ultimately improving patient outcomes. For instance, reports published by the Office for National Statistics (ONS), a UK-based government department, in May 2023, revealed that the provisional estimates for UK healthcare expenditure in 2022 amounted to around £283 billion ($356.01 billion), indicating a nominal increase of 0.7% from 2021. Consequently, the escalating need for inventory tracking in healthcare serves as a significant driver for the growth of the inventory management software market.

Key players in the inventory management software market are strategically focusing on developing new technologies to cater to the evolving needs of various sectors. One such example is ItemOptix, an RFID inventory management solution designed to help retailers optimize their stock, minimize losses, and drive sales. For instance, in January 2023, Checkpoint Systems Inc., a US-based technology company, introduced ItemOptix, an inventory management software for retail, aimed at enhancing stock accuracy, accelerating stock movement, and ultimately improving sales and customer experiences. This solution offers various features such as real-time inventory tracking, stock visibility, user-friendly interfaces, and easy deployment to enhance inventory control and operational efficiency in retail stores.

In October 2023, Shipsy Technology Pvt. Ltd., an India-based logistics software as a service (SaaS) provider, completed the acquisition of Stockone Technology Pvt. Ltd. for an undisclosed sum. This strategic move aims to enhance Shipsy Technology Pvt. Ltd.'s product portfolio and logistics technology platform for enterprise customers. The addition of inventory management capabilities complements Shipsy's core offerings, allowing e-commerce companies to efficiently manage their inventory operations with real-time visibility. Stockone Technology Pvt. Ltd., an India-based inventory management solution provider, brings valuable expertise and technology to augment Shipsy's offerings and strengthen its position in the logistics 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., QuickBooks Commerce, Inflow Inventory, DEAR Systems.

North America was the largest region in the inventory management software market in 2023. 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.

The countries covered in the inventory management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Inventory management software refers to a solution designed to automate inventory management processes, enabling businesses to efficiently track, organize, and oversee their inventory. This software simplifies tasks related to inventory tracking, reorder management, and real-time accounting data updates. It aids in monitoring sales and purchases, optimizing inventory storage, tracking stock levels, ensuring adequate inventory levels, and automating manual tasks to reduce errors and enhance accuracy.

The main components of inventory management software include the software itself and inventory management services. Inventory management software empowers organizations to streamline operations such as order fulfillment, stock replenishment, and inventory tracking, leading to improved efficiency and cost reduction. Deployment options include on-premise and cloud-based solutions. These software solutions find applications across various domains such as order management, asset tracking, service management, product differentiation, and inventory optimization, serving end-users in manufacturing, retail and consumer goods, healthcare and life sciences, energy and utilities, automotive, and other industries.

The inventory management software market research report is one of a series of new reports that provides inventory management software market statistics, including inventory management software industry global market size, regional shares, competitors with an inventory management software market share, detailed inventory management software market segments, market trends, and opportunities, and any further data you may need to thrive in the inventory management software industry. This inventory management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The inventory management software (IMS) market consists of revenues earned by entities by providing services such as software licensing, subscription fees, maintenance, and support services, customization, and implementation services. The market value includes the value of related goods sold by the service provider or included within the service offering. The inventory management software (IMS) market also includes sales of barcode scanners, mobile devices, and radio frequency identification (RFID) readers. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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