Retail Business Management Software Global Market Report 2024

The retail business management software market size has grown rapidly in recent years. It will grow from $7.73 billion in 2023 to $8.51 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The historical growth can be attributed to several factors, including increased demand for automation in retail operations, the rapid growth of e-commerce, the globalization of retail markets, the necessity for efficient inventory management solutions, and the need to comply with regulatory requirements.

The retail business management software market size is expected to see rapid growth in the next few years. It will grow to $12.66 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to emphasis on data security and privacy, expansion of cloud-based solutions, demand for real-time analytics and insights, focus on sustainability and eco-friendly practices, and rise of mobile commerce and mobile point-of-sale (mPOS). Major trends in the forecast period include increased use of augmented reality in retail management software, growth of subscription-based pricing models, emphasis on predictive analytics for demand forecasting, convergence of online and offline shopping experiences, and rise of blockchain technology for supply chain transparency.

The growing trend of online shopping is set to drive the expansion of the retail business management software market in the upcoming years. Online shopping involves purchasing goods or services from an online retailer or e-commerce platform via the Internet. This trend is gaining popularity due to its convenience, personalized experiences, easy payment options, safety features, and advancements in technology. Retail business management software plays a crucial role in online shopping operations by streamlining inventory management, order fulfillment, customer relationship management, analytics, marketing, and accounting processes. This enables online retailers to operate more efficiently and effectively. For instance, in February 2024, the Census Bureau of the US Department of Commerce reported a notable 7.5% increase in e-commerce sales in the final quarter of 2023 compared to the same period in 2022, highlighting the growing popularity of online shopping and its impact on the retail business management software market.

Key players in the retail business management software market are developing technological solutions with advanced features such as inventory management and business analytics to streamline retail operations and support business growth. The integration of inventory management and business analytics functionalities offers a comprehensive solution for retailers, enhancing operational efficiency, decision-making capabilities, and overall business performance. For example, in November 2022, NeuRMS, a US-based cloud software company, launched its retail management software targeting retail businesses such as supermarkets, restaurants, and warehouses in Nigeria. This scalable solution aims to improve operational efficiency, reduce costs, expand operations, and address fraud concerns. It includes features such as point-of-sale functionalities, inventory management, retail customer relationship management, business analytics, customer-focused data, rent and lease tracking, and an intuitive interface. These features are crucial for retail management software as they contribute to operational excellence, customer satisfaction, and business success.

In October 2023, Nayax, an Israel-based company specializing in payment and management solutions, acquired Retail Pro International for $36.5 million. This strategic acquisition positions Nayax as a significant player in the retail technology landscape, aiming to offer a comprehensive solution to a broader range of retailers and unlock new revenue opportunities. Retail Pro International, based in the US, develops enterprise retail management software to help retailers optimize their business operations.

Major companies operating in the retail business management software market are Comcash Inc., International Business Machines Corporation, Oracle Corporation, NetSuite Inc., SAP SE, Salesforce.com Inc., Intuit Inc., NCR Corporation, Shopify Inc., Epicor Software Corporation, Cegid Group, Lightspeed POS Inc., Aptos Inc., Revel Systems Inc., Mi9 Retail Inc., Epos Now Limited, Vend Limited, Jesta I.S. Inc, Brightpearl Limited, Retail Pro International LLC, Tillpoint Limited, GoFrugal Technologies Private Limited, One Step Retail Solutions LLC, Wondersoft Private Limited, Heartland Payment Systems LLC.

North America was the largest region in the retail business management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail business management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the retail business management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Retail business management software encompasses a comprehensive solution designed to streamline operations within retail environments, spanning from point-of-sale transactions to inventory management. By integrating sales, inventory, and customer data, this software aims to optimize decision-making processes and enhance overall efficiency and customer satisfaction in the competitive retail landscape.

The primary types of retail business management software are cloud-based solutions and traditional on-premise solutions. Cloud-based solutions involve the delivery of computing services, resources, and applications over the Internet rather than through physical servers or hardware. These solutions offer various deployment options, including on-demand and on-premise setups, and find application across various retail sectors such as markets, department stores, restaurants, shops, and others.

The retail business management software market research report is one of a series of new reports that provides retail business management software market statistics, including retail business management software industry global market size, regional shares, competitors with a retail business management software market share, detailed retail business management software market segments, market trends and opportunities, and any further data you may need to thrive in the retail business management software industry. This retail business 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 retail business management software market includes revenues earned by entities by providing services such as implementation support, inventory management, customer relationship management, analytics and reporting, and employee management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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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