According to a new market report published by Credence Research, Inc., “Retail Inventory Management Software Market (By Deployment (On-premise Solutions, On-demand/Cloud-based Solutions), By End-user (Traditional Retailers, Off-price Retailers)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the global inventory management software market for retail applications is poised to expected to grow at a compound annual growth rate of 7.6% during the forecast period 2016 – 2023
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Inventory management software aids retailers to effectively organize and manage inventory, purchase of goods, sales, and product deliveries. It offers a platform on which retailers can track important shipment and inventory data including volume and location, supplier records, etc. The software also aids retailers to perform asset compliance audits and generate reports & custom alerts by integrating RFID and other wireless tracking technologies into their day-to-day inventory tracking efforts. Retailers often use inventory management software to ensure focus on understanding, identifying, and minimizing inefficiencies in the management of inventories between locations. With the advancements in technology and integration capabilities, inventory management software’s are quickly becoming an integral element of the retail operational processes.
The global retail inventory management software market for is highly competitive and fragmented. The top 4 leading vendors account for less than 45% of the global market revenue share. It is requisite for inventory management software vendors to realize unique requirements of traditional and off-price retailers and develop software accordingly. SAP SE (Germany), Oracle Corporation (the U.S.), Epicor Software Corporation (the U.S.), Microsoft Corporation (the U.S.), and JDA Software Group, Inc. (the U.S.) are indentified as market leaders in the global retail inventory management system market for the base year 2015. Other promising and emerging players identified in the global retail inventory management system market include Manhattan Associates Inc., Descartes Systems Group, Inc., Aldata Software Management Inc., Retalix Ltd., Lawson Software, and Quintiq among others. The global retail inventory management software market is also characterized by the presence of large number of niche players holding trivial market shares individually. Since the retail inventory management software market is technology driven, the degree of competition among vendors is high and is only expected to intensify in the coming years.
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- Growing demand for cloud-based retail inventory management software solutions
- Proliferation of e-commerce and growth of multi-channel retailing
- Need to address supply chain inefficiencies through transparency and real-time tracking
- Integration of the RFID technology
- Positive impact from the introduction of automatic store replenishment systems