Inventory management software is computer-based system to manage inventory related task such as monitoring and tracking inventory levels, generate sales or purchase orders. These software are deployed in manufacturing industry to maintain & generate work order, bills and to obtain other production related documents.Inventory management software is tool, which assist in maintaining balance between over stocking and out of stock.
Better merchandising decision coupled with low operation cost are the major factor attributing to the growth of the inventory management software management in forthcoming years. Further inventory management enables easy inventory tracking using dedicated barcode scanners, smartphones, and tablets is the other reason responsible for the growth of the industry.
Features of inventory management software such as efficient order management, easy asset tracking & monitoring, product identification and inventory optimization are assisting in increasing its vertical application. In addition, increase in adoption RFID and emerging data analytics & cloud based software platform are becoming key attraction for the investor to invest in the market.
Global Inventory Management Software Market can be divided into three segments, based on Deployment, Vertical Application, and Region. Inventory Management Software Market Segmentation By Deployment Include – Cloud Based, On Premise; By Application – Manufacturing, Healthcare and Pharmaceutical Sector, Education, Public Sector & Utilities, Retail, Others.;The major segments of Inventory Management Software Market on the basis of Region include: Asia-Pacific excluding Japan, The Middle East and Africa, Western Europe, North America, Eastern Europe, Latin America, Japan
North America is expected to dominate the inventory management software market owing to increasing need for synchronize real-time inventory data management. Further countries such as U.S and Canada is anticipated to witness increase in demand for inventory management software market. Owing to increasing vertical application of inventory management software is the key factor responsible for market growth in Asia Pacific region. Emerging economies such as India and China is projected to grow with the fastest growth rate, due to increasing inclination towards automated tool at workplace to enhance the overall productivity.
Some of the prominent players in the inventory management software market include Totvs, Epicor Software Corporation, PTC (Servigistics), Oracle, SAP, Microsoft Corporation, IBM Corporation, Retalix Ltd., JDA Software Group, Inc., NetSuite Inc., Quintiq, Sage Group plc, Inflow Inventory Software (Archon Software), Logility, Inc., Accellos, Lawson Software, Aldata Software Management Inc., Kinaxis, and BluJay Solutions.
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