The Global Inventory Management Software Market size is expected to reach $4.7 billion by 2030, rising at a market growth of 11.2% CAGR during the forecast period.
Integrating scanning and barcoding technology significantly elevates the accuracy of inventory tracking within IMS. Consequently, the scanning and barcoding segment captured $226.9 revenue in the market in 2022. Each product is assigned a unique barcode, and with handheld scanners or mobile devices, businesses can effortlessly capture and record real-time data on product movement, location, and status. This heightened accuracy minimizes errors associated with manual data entry, leading to a more precise and reliable inventory management process. Instead of manually inputting information prone to errors and time-consuming, staff can use barcode scanners to swiftly capture data.
The major strategies followed by the market participants are Mergers & Acquisition as the key developmental strategy to keep pace with the changing demands of end users. For instance, In October, 2023, IBM Corporation announced the acquisition of Manta Software Inc. to enhance product capabilities and support businesses in delivering trustworthy and transparent products. Manta's data lineage features increased transparency in WatsonX, allowing businesses to assess data usage in AI models, understand its origin and evolution, and detect discrepancies in data flows. Additionally, In September, 2022, Fishbowl Inventory acquired Red Salt, its exclusive distribution partner in Australia, New Zealand, and Singapore, operating as Fishbowl Australia. The addition of Red Salt allowed Fishbowl to closely coordinate efforts, better serving customers in that region and expanding its market-leading position.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Mergers & Acquisition.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Zoho Corporation Pvt. Ltd., IBM Corporation, Oracle Corporation, Lightspeed Commerce Inc., CIN7 Limited, Linnworks, Intuit Inc., Acumatica, Inc., Fishbowl Inventory and Brightpearl (Sage Group plc).
Integrating scanning and barcoding technology significantly elevates the accuracy of inventory tracking within IMS. Consequently, the scanning and barcoding segment captured $226.9 revenue in the market in 2022. Each product is assigned a unique barcode, and with handheld scanners or mobile devices, businesses can effortlessly capture and record real-time data on product movement, location, and status. This heightened accuracy minimizes errors associated with manual data entry, leading to a more precise and reliable inventory management process. Instead of manually inputting information prone to errors and time-consuming, staff can use barcode scanners to swiftly capture data.
The major strategies followed by the market participants are Mergers & Acquisition as the key developmental strategy to keep pace with the changing demands of end users. For instance, In October, 2023, IBM Corporation announced the acquisition of Manta Software Inc. to enhance product capabilities and support businesses in delivering trustworthy and transparent products. Manta's data lineage features increased transparency in WatsonX, allowing businesses to assess data usage in AI models, understand its origin and evolution, and detect discrepancies in data flows. Additionally, In September, 2022, Fishbowl Inventory acquired Red Salt, its exclusive distribution partner in Australia, New Zealand, and Singapore, operating as Fishbowl Australia. The addition of Red Salt allowed Fishbowl to closely coordinate efforts, better serving customers in that region and expanding its market-leading position.
Cardinal Matrix - Market Competition Analysis
Based on the Analysis presented in the Cardinal matrix; Oracle Corporation is the forerunner in the Market. For Instance, In November, 2023, Oracle Corporation added new mobile capabilities to Oracle Fusion Cloud Inventory Management. These features benefited healthcare organizations by reducing inventory errors, enhancing restock efficiency, and providing visibility for better demand prediction and stock optimization. Companies such as IBM Corporation, Lightspeed Commerce Inc., Intuit, Inc. are some of the key innovators in Inventory Management Software Market.Market Growth Factors
Exponential growth of e-commerce platforms
Efficient order processing is a cornerstone of e-commerce success. IMS automates order processing workflows, minimizes manual errors, and streamlines the entire order fulfillment cycle. From order entry to shipping and delivery, IMS ensures that e-commerce businesses can fulfill customer orders accurately and promptly, contributing to customer satisfaction and retention. E-commerce platforms often operate across multiple channels, including online marketplaces, social media, and direct sales. IMS seamlessly integrates with these diverse channels, providing a centralized platform for managing inventory across the entire e-commerce ecosystem. This integration prevents overselling or underselling, reduces data discrepancies, and fosters a unified approach to inventory management. The market is expanding significantly due to the exponential growth of e-commerce platform.Increasing advancements in technology
The shift towards cloud computing has significantly impacted the IMS. Cloud-based inventory management software offers scalability, flexibility, and accessibility. Businesses can leverage cloud solutions to store and retrieve inventory data from anywhere, facilitating remote access and collaboration. This scalability ensures that IMS grows in tandem with the evolving needs of businesses. IMS, equipped with advanced analytics and reporting tools, empowers businesses to extract actionable insights from their inventory data. The ability to generate customized reports, analyze key performance indicators, and visualize trends enables informed decision-making. These analytics tools contribute to strategic planning, cost optimization, and operational excellence. As a result of the increasing advancements in technology, the market is anticipated to increase significantly.Market Restraining Factors
Complexity of configuration in IMS
Configuring IMS to suit a business's specific needs and processes can be complex. Customization often requires technical expertise, and businesses may find it challenging to configure the software to align perfectly with their unique workflows. Complexity in configuring IMS often translates to higher implementation costs. Complex configurations may lead to a steeper learning curve for users. Employees may resist adopting the new system due to difficulty understanding and navigating the customized features. Incompatibility can create data silos, reducing the effectiveness of integrated inventory management across the entire business. Highly complex configurations may limit the ability of businesses to customize the IMS to suit evolving needs. Lack of flexibility in customization can be a significant drawback, especially in industries with rapidly changing requirements. Thus, complexity of configuration in IMS can slow down the growth of the market.The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Mergers & Acquisition.
Enterprise Type Outlook
On the basis of enterprise type, the market is divided into large enterprises and small & medium enterprises (SMEs). The small & medium enterprises (SMEs) segment garnered a significant revenue share in the market in 2022. As e-commerce continues to grow, SMEs are increasingly embracing online sales channels. This integration enhances consistency in inventory data, prevents overselling or underselling, and facilitates a unified approach to inventory management across various sales channels. IMS provides scalability, allowing SMEs to scale their operations up or down based on demand. This flexibility is particularly beneficial for SMEs as it ensures they can align their inventory management processes with the evolving needs of their business without overcommitting resources.Deployment Outlook
By deployment, the market is categorized into on-premises and cloud. In 2022, the on-premises segment held the highest revenue share in the market. On-premises IMS solutions offer a high degree of customization to align with a business's specific needs and workflows. The ability to customize features, reports, and integrations ensures that the IMS seamlessly integrates with existing systems and processes, enhancing overall operational efficiency. One of the primary drivers behind the uplift of the on-premises segment is the heightened emphasis on data security and control. On-premises solutions allow organizations to manage and secure their data within their infrastructure, reducing the risk of unauthorized access and ensuring compliance with regulatory standards.End-use Outlook
By end-use, the market is segmented into manufacturing, retail & consumer goods, healthcare, energy & utilities, automotive, and others. In 2022, the retail & consumer goods segment recorded a remarkable revenue share in the market. IMS offers robust SKU (Stock Keeping Unit) management capabilities, enabling businesses to handle diverse product portfolios efficiently. IMS facilitates seamless integration across these channels, allowing retailers to synchronize real-time inventory data. This omnichannel capability ensures product availability, pricing, and order fulfilment consistency, providing customers with a unified and positive shopping experience.Application Outlook
Based on application, the market is classified into inventory control & tracking, order management, scanning & barcoding, asset management, and others. In 2022, the inventory control & tracking segment witnessed the largest revenue share in the market. Inventory management software has evolved to incorporate advanced analytics and machine learning algorithms, enabling businesses to move beyond reactive inventory management to proactive demand forecasting. Expanding control and tracking functionalities allows organizations to analyze historical data, identify patterns, and accurately predict future demand. This foresight aids in optimizing inventory levels, minimizing carrying costs, and ensuring product availability.Regional Outlook
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. The North American region is at the forefront of technological advancements, and businesses quickly adopt innovative solutions that can drive growth. With its integration of technologies such as barcode scanning, RFID, and cloud computing, IMS aligns with the technological landscape of North American businesses.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Zoho Corporation Pvt. Ltd., IBM Corporation, Oracle Corporation, Lightspeed Commerce Inc., CIN7 Limited, Linnworks, Intuit Inc., Acumatica, Inc., Fishbowl Inventory and Brightpearl (Sage Group plc).
Strategies deployed in the Market
Partnerships, Collaborations, and Agreements:
- Nov-2023: IBM Corporation announced its partnership with Amazon Web Services (AWS) to make Amazon Relational Database Service for Db2 generally available. The collaboration between IBM and AWS sought to redefine the cloud database landscape by streamlining innovation and eliminating complexities linked to modernization. This joint effort aimed to empower organizations, marking a significant stride in improving the accessibility and user-friendliness of cloud-based database solutions, unlocking their data's full potential.
- Apr-2023: IBM Corporation extended its partnership with Siemens Digital Industries Software, jointly developing a software solution that integrated their offerings in systems engineering, service lifecycle management, and asset management. The collaborative solution aimed to assist organizations in optimizing product lifecycles, enhancing traceability, advancing prototyping, and promoting sustainable product designs. The objective was to accelerate innovation and time to market, ultimately improving quality and reducing costs for organizations.
- Sep-2022: Brightpearl partnered with e-commerce data analytics company Conjura to assist online merchants in managing rising marketing costs and operational complexity. This collaboration created a unified source of truth, empowering eCommerce businesses to make data-driven decisions, streamline retail operations, and optimize CAC dollars for increased sales and improved returns on advertising spend.
Product Launches and Product Expansions:
- Nov-2023: Oracle Corporation added new mobile capabilities to Oracle Fusion Cloud Inventory Management. These features benefited healthcare organizations by reducing inventory errors, enhancing restock efficiency, and providing visibility for better demand prediction and stock optimization. The new inventory management capabilities in Oracle Cloud SCM improved processes, expanded visibility, reduced costs, and ensured accurate stock availability for healthcare providers.
- Nov-2023: Intuit Inc. added e-commerce features to QuickBooks Online, simplifying inventory management for small businesses during the busy holiday season. The capabilities were introduced for new customers and set to roll out to existing ones.
- Sep-2023: Intuit Inc. introduced QuickBooks Commerce, a business management platform facilitating small businesses in attracting and selling to new customers across various channels for growth. It served as a central hub, enabling access to multiple sales channels, integrating existing ones, managing orders and fulfillment, syncing inventory, preventing stockouts, and providing profitability insights.
- Oct-2022: Oracle unveiled new data and analytics innovations, including enhanced capabilities in Oracle Fusion Analytics. Decision-makers gained access to a prebuilt library of 2,000+ best-practice KPIs, dashboards, and reports across CX, ERP, HCM, and SCM analytics for monitoring performance against strategic goals. Oracle uniquely offered its analytics portfolio both in the cloud and on-premises through a centrally managed service, including Oracle Dedicated Region for on-premises analytics.
- May-2022: Lightspeed Commerce Inc. introduced Lightspeed Retail, a revolutionary retail commerce platform, merging advanced POS, payments, and e-commerce into a unified solution. Utilizing headless commerce, robust integrations, and a redesigned interface, Lightspeed Retail served as the ultimate commerce platform, assisting business owners in navigating the intricate challenges of the evolving retail landscape while enhancing their strategies.
- Jun-2020: IBM Corporation launched IBM Sterling Inventory Control Tower (ICT) to enhance inventory management and build resilient supply chains. The AI-enabled solution provides end-to-end inventory visibility, predicts disruptions, and offers playbook-based recommendations for faster responses to market changes, ultimately improving customer experiences.
Acquisitions and Mergers:
- Oct-2023: IBM Corporation announced the acquisition of Manta Software Inc, a leading data lineage platform, to enhance product capabilities and support businesses in delivering trustworthy and transparent products. Manta's data lineage features increased transparency in WatsonX, allowing businesses to assess data usage in AI models, understand its origin and evolution, and detect discrepancies in data flows.
- Oct-2023: Lightspeed Holdings LLC acquired Optionality's assets, including its mobile trading app, and integrated Optionality staff. This strategic move allowed Lightspeed to expand its mobile technology presence, broaden its client base, and enhance product offerings, focusing on advanced strategies and additional trading instruments.
- Sep-2022: Linnworks acquired SkuVault, a top U.S.-based provider of inventory and warehouse management systems. The collaboration aimed to provide the market's most robust IMS/OMS solutions, boasting a best-in-class user experience, extensive functionality, and agile, globally available implementation and support services.
- Sep-2022: Fishbowl Inventory acquired Red Salt, its exclusive distribution partner in Australia, New Zealand, and Singapore, operating as Fishbowl Australia. The addition of Red Salt allowed Fishbowl to closely coordinate efforts, better serving customers in that region and expanding its market-leading position.
- Sep-2021: Brightpearl acquired Inventory Planner, a market-leading demand planning tool, enhancing its technology offering with advanced forecasting expertise for e-commerce retailers. The acquisition aimed to usher in a new era for retail software, as Brightpearl intended to establish a destination model, departing from the one-size-fits-all approach, and offering merchants the freedom and flexibility to tackle the challenges of rapid growth.
- Mar-2021: Lightspeed POS Inc. acquired Vend Limited, a cloud-based retail management software company. The acquisition bolstered Lightspeed's global retail presence, establishing it as a premier omnichannel retail platform for high-performing small and medium-sized businesses worldwide. The strategic move also expanded Lightspeed's foothold in Asia-Pacific, doubling its customer base and broadening its retail footprint in the region.
- Feb-2021: CIN7 Limited acquired DEAR Systems and Orderhive, becoming a leading SaaS provider for inventory and order management software. The amalgamation formed a larger and rapidly growing company, addressing a broad spectrum of product seller needs and presenting substantial global market opportunities. Following the acquisitions, Cin7 served over 6,000 product sellers worldwide.
- Nov-2020: Lightspeed POS Inc. acquired ShopKeep Inc., a cloud-based iPad point of sale system headquartered in New York, reinforcing its position as a category leader for retailers and restaurateurs amidst digital acceleration. The move swiftly expanded Lightspeed's U.S. market share, facilitating increased investment in sales, marketing, and research and development for modern, cloud-based, omnichannel commerce solutions.
- May-2020: Fishbowl Inventory Australia acquired SalesIn, a B2B, eCommerce, and Sales Rep Platform, expanding Fishbowl Inventory's suite of inventory management tools to offer smaller businesses an advanced sales platform. The acquisition involved the support of current SalesIn clients by Fishbowl Inventory's service team in Mooloolaba, Queensland.
Scope of the Study
Market Segments Covered in the Report:
By Enterprise Type- Large Enterprises
- Small & Medium Enterprises (SMEs)
- On-premises
- Cloud
- Manufacturing
- Retail & Consumer Goods
- Automotive
- Energy & Utilities
- Healthcare
- Others
- Inventory Control & Tracking
- Order Management
- Asset Management
- Scanning & Barcoding
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Zoho Corporation Pvt. Ltd.
- IBM Corporation
- Oracle Corporation
- Lightspeed Commerce Inc.
- CIN7 Limited
- Linnworks
- Intuit Inc.
- Acumatica, Inc.
- Fishbowl Inventory
- Brightpearl (Sage Group plc)
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Inventory Management Software Market by Enterprise Type
Chapter 6. Global Inventory Management Software Market by Deployment
Chapter 7. Global Inventory Management Software Market by End-use
Chapter 8. Global Inventory Management Software Market by Application
Chapter 9. Global Inventory Management Software Market by Region
Chapter 10. Company Profiles
Companies Mentioned
- Zoho Corporation Pvt. Ltd.
- IBM Corporation
- Oracle Corporation
- Lightspeed Commerce Inc.
- CIN7 Limited
- Linnworks
- Intuit Inc.
- Acumatica, Inc.
- Fishbowl Inventory
- Brightpearl (Sage Group plc)
Methodology
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