Inventory Control Software Market Size, Share, Growth, And Industry Analysis, By Type (On-premise and Cloud-based), By Application (Large Enterprises and SMEs), Regional Forecast From 2023 To 2031

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INVENTORY CONTROL SOFTWARE MARKET REPORT OVERVIEW 

The global inventory control software market size was USD 2.71 Billion in 2023 & the market is expected to reach USD 5.28 billion in 2032, exhibiting a CAGR of 7.7% during the forecast period.

 The global COVID-19 pandemic has been unprecedented and staggering, with the inventory control software market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

The process of locating, overseeing, and maintaining an organization's hardware and software assets is called inventory control software. IT asset compilation and reconciliation by hand is labour- and error-intensive. In addition to automating this process, Endpoint Central's web-based IT inventory management system offers out-of-the-box network inventory reports. An IT administrator will find significant benefit in using an IT inventory management solution, which substantially facilitates both the software and hardware Inventory Control Software functions of computer inventory management.

COVID-19 Impact: Pandemic had Negative Effects on Inventory Control Software Market  

The majority of sectors worldwide have suffered. This is a result of severe interruptions in their respective supply chains and lockdowns as a result of various precautionary measures taken by governments around the world. The same holds true for the market for software for inventory control worldwide. Furthermore, since the general economic situation of the majority of people has been significantly hit by this outbreak, consumer demand has therefore fallen as people are now more focused on cutting non-essential expenses from their various budgets. During the course of the forecast period, the aforementioned factors are anticipated to have a negative impact on the revenue trajectory of the worldwide inventory control software market. The inventory control software market is anticipated to rebound when the relevant governing bodies start to relax these imposed lockdowns. 

Latest Trends

"Increasing Need for Inventory Accuracy to Spur Market Expansion"

The adoption of supply chain solutions such inventory management is being sparked by the growing focus of organisations on Omni-channel systems to close the gap between online and physical sales. Accurate store inventory is necessary for providing efficient service for daily requests. This has led to many vendors in many different business verticals implementing inventory control software in their warehouses, which helps them manage inventory effectively and keep consumers both online and offline using an omni-channel platform. Customers can now instantly access things from wherever in an organisation thanks to this. Inventory control software is expanding because omni-channel commerce benefits from better customer experiences, more sales and traffic, and improved data collection.

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INVENTORY CONTROL SOFTWARE MARKET SEGMENTATION 

• By Type Analysis

According to type, the inventory control software market can be segmented into on-premise and cloud-based.

In terms of type, the cloud-based is anticipated to be the largest segment during the forecast period.  

• By Application Analysis

Based on application, the inventory control software market can be divided into large enterprises and SMEs.  

In terms of application, large enterprises market is projected to hold the largest inventory control software market share through 2031.

Driving Factors

"Enhanced Product and services Offerings to Encourage Market Growth "

The inventory control software market will be highly competitive in the next years. This is a result of the rise of numerous players who are now offering solutions that are technologically integrated and have the capacity to completely alter inventory control software. As automation grows popularity across a variety of industry sectors, inventory control software companies are implementing technology that can enable automation. To preserve their supremacy in the market for inventory control software globally, major firms are also buying a variety of new and small businesses. With this method, organisations can enhance their product portfolio and get an edge over rivals by utilising the technology of smaller enterprises.

"Use of Innovative Technology in Software Services will Propel Market Expansion "

The main drivers of the inventory control software market, among others, include the rising popularity of e-commerce, the increasing need to reduce supply chain inefficiencies, the increasing adoption of smartphones and other mobile devices, and the rising demand for RFID technology. As a result, managers can access up-to-date IT inventory data at any time, without the need for manual input, due to the IT inventory tool.

Restraining Factors

"Lack of Awareness About Inventory Control Software to Hinder Market Growth"

The Inventory Control Software market will face challenges throughout the forecast period due to factors such as high investment costs and customer resistance to adopting older systems. This market study on Inventory Control Software includes information on recent developments, trade laws, import-export trends, production analysis, value chain optimization, market share, the effects of domestic and regional market players, opportunities for new revenue streams, and regulatory changes.  

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INVENTORY CONTROL SOFTWARE MARKET REGIONAL INSIGHTS

"The North America Region will Dominate Market Due to Use of Cloud-Based Solutions"

Due to the existence of numerous manufacturers and retailers who are working on Omni channel platforms to improve operational efficiencies, the North American Inventory Control Software industry dominates the global market. Businesses were able to keep third-party inventory on the site. The growing use of cloud-based solutions, which provide significant cost and maintenance savings as compared to conventional inventory control software, is another driver fueling market expansion. Increased use of smartphones and other mobile devices, e-explosive commerce's growth in popularity, the desire to reduce supply chain inefficiencies, and expanding demand for RFID technology in this region are all factors.

Key Industry Players

"Adoption Experiential Marketing Services by Key Players Influencing Market Development"

The top key players in the market are Webgility, Zoho, TradeGecko, Kintone, Multiorders. Most of the top players hold inventory control software market share in some regions. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the inventory control software market growth in the competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession of market shares by the key players stimulates the inventory control software market.  

LIST OF TOP INVENTORY CONTROL SOFTWARE COMPANIES

• Webgility (U.S.)
• Zoho (India)
• TradeGecko (Singapore)
• Kintone (U.S.)
• Multiorders (UK.)
• ShipMonk (U.S.)
• AccountingSuite (U.S.)
• EZOfficeInventory (U.S.)
• RFgen Software (U.S.)
• Finale Inventory (U.S.)
• Fishbowl (U.S.)
• Alterity (U.S.)
• Stitch Labs (U.S.)
• Unleashed Software (UK.)
• Megaventory (U.S.)
• Shopify (Canada)
• ERun Systems (China)  

Report Coverage

This report examines an understanding of the inventory control software market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.