Inventory Management Software Market to grow at 6% CAGR from 2018 to 2024: Global Market Insights Inc. Inventory Management Software Market was estimated at over USD 2 billion in 2017, and is set to exceed USD 3 billion by 2024; according to a new research report by Global Market Insights, Inc. The inventory management software market growth is attributed to the rapidly growing global e-commerce landscape, retailers emphasizing on offering omnichannel shopping experience to their customers, and the increasing manufacturing output due to the adoption of Industrial IoT (IIoT). Inadequate supply of inventory may grind manufacturing operations into a halt. On the other hand, the excessive supply of inventory can cripple an organization’s cash flow and pose a threat to its liquidity position. Either way, inefficient inventory management in manufacturing organizations can create serious challenges for the productivity of the companies. Hence, the demand for robust inventory management solutions in the manufacturing sector is expected to increase consistently over the forecast timeline.
The advanced radio frequency system (RFID) segment in inventory management software market is projected to register an accelerated growth during the forecast timeline with an impressive CAGR of around 11%. The technology allows supply chain managers to identify individual products and components and to track the movement of the inventory throughout the supply chain right from the manufacturing unit to the point-of-sale. The systems are used for ensuring stock security, quality control, and for the prevention of over-stocking or under-stocking of products.
The inventory optimization application is anticipated to exhibit a lucrative growth at a CAGR of over 9% between 2018 and 2024. Inventory management systems enable effective inventory optimization by allowing organizations to reduce inventory by a considerable percentage to free up working capital from unnecessary inventory buffers. This also facilitates reduced inventory carrying costs and increased customer service performance.
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