Asia Pacific inventory management software market is projected to register an excellent growth with a CAGR of around 10% between 2018 and 2024.

Sellbyville, DE -- (SBWire) -- 10/10/2018 --Inventory Management Software Market growth will be impelled by increased adoption of the software in retail, logistics, and transportation. The growth of the e-commerce sector has led to the expansion of warehouse and inventory operations, which have increased the demand for scalable and robust cloud-based inventory management solutions. The presence of well-established distribution channels and the highly competitive retail landscape is expected to generate the need for efficient inventory management systems, which will help the organizations to know which stock is on hand and enable effective demand and supply forecasts.

The barcode technology is widely used for increasing the accuracy and efficiency of inventory management systems. Barcode scanners enable organizations to easily process large item sets with the ability to pull the data directly from the cash registers and POS systems. Using such systems reduces the man-hours spent on the inventory counting and increases the organizations overall productivity.

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Inventory Management Software Market is projected to surpass USD 3 billion by 2024. Inventory management, a component of supply-chain management refers to the management of inventory and stock to ensure the smooth flow of goods from manufacturers to warehouses and ultimately to the point of sale. As managing huge inventory is a complex process, organizations use the inventory management software, which enables them to keep track of a large volume of goods as they move through their supply chain. Every organization must maintain an optimum inventory to ensure that it has enough stock to meet the changing customer demands.

Another important factor accelerating the market growth is the inventory shrinkage that can be attributed to shoplifting, customer theft, and vendor fraud, leading to a revenue leakage. For instance, in Asia Pacific, it is estimated that the countries including India, China, and South Korea faced the highest shrinkage value in 2018 amounting to around USD 0.52 billion, USD 13.52 billion, and USD 1.56 billion, respectively.

North America is projected to hold a significant share of over 42% in the inventory management software market by 2024 due to the increasing number of retailers and manufacturing companies, which are using the omni-channel platforms to increase their productivity and efficiency. These tools improve merchandise inventory decisions and the financial performance of campus stores, including monthly sales forecasts, open-to-buy budgets, and retail metrics by merchandise category.

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Another factor accelerating the growth of the North America inventory management software market is the penetration of cloud-based inventory management solutions that offer cost-benefits for the maintenance of large-scale inventory as compared to the traditional systems. The region has also witnessed huge investments, driven by the trends such as growth in the e-commerce platforms and the modernization of supply chains.

The inventory management software market growth in Asia Pacific is driven by various government-led initiatives to boost the digitalization, particularly in the developing economies. The government, particularly in China, India, South Korea, and Australia, are also taking efforts for the development and growth of the SMBs, especially with respect to financing and tax reforms.

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