Assortment Planning Software Market Size, Share, Growth, and Industry Analysis, By Type (Cloud-based, On-premises), By Application (Large Enterprises, SMEs) and Regional Insights and Forecast to 2032

Updated On: 27 May 2024

ASSORTMENT PLANNING SOFTWARE MARKET REPORT OVERVIEW

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The global assortment planning software market size expanded rapidly in 2022 and will grow substantially by 2029, exhibiting a prodigious CAGR during the forecast period.

An all-inclusive software program called Assortment panning software helps businesses maximize sales and profitability by improving their product offerings and effectively satisfying client expectations. A number of crucial features are included in this program to help the retail process go more smoothly.

The market's expansion may be ascribed to the rising demand for Assortment Planning Software among Global SMEs and Large Enterprises. The increasing requirement for retail businesses to divide and classify a wide range of product categories in order to draw in customers is responsible for the industry's rise. Utilization of assortment planning software solutions, has developed profitable partnerships with suppliers to boost business expansion. In addition, assortment planning software enhances performance management, negotiation, supplier-relationship management, strategic sourcing, supplier onboarding, and opportunity identification which ultimately boost the market expansion for software solutions. Despite of their multi-applicability, Cloud-based solutions are currently one of the main developments in the assortment planning software market. Comparing assortment planning software to traditional on-premises solutions, businesses can benefit from greater flexibility, scalability, and affordability.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The market for assortment planning software market benefited from the COVID-19 pandemic as companies looked for cloud-based solutions to adjust to remote labor and shifting customer preferences. Due to the government restrictions on outing and public gatherings, peoples are restricted to their homes which enhance the assortment planning software solutions market to boost during the pandemic. Many MCSs and organizations leading their ongoing projects to work through online software solutions. Businesses required improved inventory management systems in light of supply chain disruptions. The rise in e-commerce and the necessity of making decisions based on data during the epidemic also contributed to the increased use of assortment planning software market. As a result, the market benefited from the pandemic's altered business landscape and saw a boost in demand and an acceleration of digital transformation projects. There is an increasing demand for personal travel and the reduced use of public transport has grown the automaker subscriptions popularity as a practical transportation alternative. Manufacturers reacted by emphasizing the development of safety measures and sanitation processes that boosted the confidence of the customers. Large retailers have transitioned from traditional to hybrid-digital, like Walmart and Amazon. Large retailers have transitioned from traditional to hybrid-digital, like Walmart and Amazon.

LATEST TRENDS

"Smart Features in Cloth Wardrobes to Drive Market Growth"

A latest trend in the global assortment planning software market is the Integration of artificial intelligence and in the assortment planning software market, AI and ML integration is a new trend that is redefining how companies improve their product categories. These technological advancements enable the software to evaluate enormous datasets, forecast customer preferences, and suggest customized product lineups and pricing schemes. Businesses may improve customer satisfaction, optimize inventories, and make data-driven choices by utilizing AI and ML. The industry's move toward more advanced and effective category management systems that adjust to shifting consumer behavior and market dynamics is reflected in this trend.

ASSORTMENT PLANNING SOFTWARE MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into Cloud-based, On-premises.

• Cloud-based: Cloud-based solutions are one of the main developments in the digital scenario by using cloud-based solutions for to evaluate enormous datasets, forecast customer preferences.

• On-premises: This segment refers to the running software solutions locally on one's own premises or, alternatively, renting space in a data center.

By Application

Based on application the global market can be categorized into Large Enterprises, SMEs.

• Large Enterprises: This segment covers large enterprises such as organizations and MNCs utilizing assortment planning software solutions for their expansion.

• SMEs: This segment covers small or medium sized businesses utilizing assortment planning software solutions for their expansion.

DRIVING FACTORS

"Increase In The Usage Of Cloud-Based Solutions As Businesses To Boost The Market"

One of the main driving factors in the assortment planning software market increasing adoption of cloud-based solutions as per the changing preferences of consumers. Assortment planning software provide more flexibility, scalability, and affordability to the business as comparison to conventional on-premises systems. Cloud-based assortment planning management software make real-time data to easily accessible which makes it easier for teams to collaborate regardless of location. It also reduces the workload associated with updating and maintaining infrastructure. The industry is seeing an increase in the usage of cloud-based solutions as businesses look for efficiency and agility.

"Increasing Use Of Online Customisation Platforms Will Expand The Market"

Customers are allowed to develop their own goods products using online customisation platforms. Putting money into these technologies offers enormous development potential. The market for merchandise design is seeing significant increase due to the expansion of online customization. Global internet and smartphone usage is increasing, and customers now demand tailored products that suit their own tastes and styles. Merchandise designers are now able to collaborate directly with their target market, gain a deeper understanding of customer demand, and produce personalized designs on a large scale thanks to the paradigm shift towards customisable items. Companies are realizing more and more how important inventory management is to category optimization. Businesses may make data-driven decisions to guarantee products are easily available to satisfy customer demand while decreasing carrying costs and enhancing overall category performance by integrating inventory management with category management smoothly. These factors are propelling assortment planning software market growth during forecast period.

RESTRAINING FACTORS

"High implementation costs Potentially Impede Market Growth"

The assortment planning software market is severely hampered by the high implementation costs especially in the where cost consciousness is the limiting factor can limit the market expansion. Companies, especially Small and Medium-sized Enterprises (SMEs), could find the initial costs of implementing and purchasing category management software to be unaffordable. These expenses cover hardware infrastructure, software licenses, customization, and training. In order to overcome this obstacle, suppliers and service providers can think about providing more adaptable payment plans, cloud-based programs, and economical bundles tailored to SMEs' spending limits. This will increase the accessibility and affordability of assortment planning software.

ASSORTMENT PLANNING SOFTWARE MARKET REGIONAL INSIGHTS

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"North America Dominating the Market Due To Adoption Of Cutting-Edge Technology"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

Because the area is at the forefront of the adoption of cutting-edge technology, North America is predicted to hold the largest position in the worldwide assortment planning software market share. Prominent industry participants and top retail chains like Walmart, The Kroger Co., and others impede market expansion. Most of the retailers and producers of consumer-packaged goods are searching more and more for ways to improve the distribution and assessment of their products seeking help of cloud-based software solutions. In addition, the growing need for analytics is contributing to the expansion of the assortment market in North America. Big data analytics trends are another viable driver of business expansion in the area. Given that the area is at the forefront of technology adoption, North America is predicted to become the dominant player in the worldwide assortment and space optimization market. The substantial demand for assortment and space optimization solutions is driven by major retail chains like Walmart in the US. The significant uptake of cloud computing is responsible for the large uptake of cloud-based services and assortment optimization tools. Small and medium-sized businesses are encouraged to implement the solution by the growing demand for shelf space optimization.  

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The assortment planning software market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Style Arcade (Sydney)
• Oracle (U.S.)
• Logility Solutions (U.S.)
• o9 Solutions (U.S.)
• SAS Institute (U.S.)
• Syte (Israel)
• Blue Yonder (U.S.)
• Leafio Shelf Efficiency (U.S.)
• RELEX Solutions (Finland)
• SymphonyAI (U.S.)
• 42 Technologies (U.S.)
• Epicor (U.S.)
• Hivery (Tokyo)
• Insite AI (U.S.)
• Aptean (U.S.)
• DotActiv (South Africa)
• Toolio (U.S.)
• Retalon (U.S.)
• ToolsGroup (U.S.)
• Solvoyo (U.S.)

INDUSTRIAL DEVELOPMENT

June 2022: Data Interchange, has an expertise in managed services and cloud-based solutions technologies for Electronic Data Interchange (EDI), was strategically purchased by Epicor.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.