According to the research report titled ‘Global Inventory Management Software Market Size study, by Component (Inventory Management Software, Inventory Management Services), By Deployment (SaaS-based Inventory Management Software, On-Premises Inventory Management Software), By Industry (Consumer Goods and Retail, Manufacturing, Automotive, Oil and Gas, Others) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global inventory management software market was worth USD 3.15 billion in 2020 and it is expected to reach USD 4.43 billion by 2027, recording a 5% CAGR over the study period.
 

The rising popularity of cloud-based solutions, as well as growing focus towards improving product capabilities and features are the primarily driving the growth of global inventory management software market. Increased focus on reinforcing supply chain management is also stimulating the overall industry outlook.
 

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For the record, an inventory management software system helps in tracking goods throughout a supply chain, right from purchasing to production to end sales. Rising concerns regarding insufficient supply inventory could, however, hinder the market growth during the forecast period.
 

By component type, the market is classified into inventory management services and inventory management software. In terms of deployment type, the market is divided into on-premises inventory management software and SaaS-based inventory management software.
 

By industry, the industry is split into oil and gas, automotive, manufacturing, consumer goods and retail, and others.
 

Geographically, worldwide inventory management software industry is categorized into Europe, North America, Asia-Pacific, Latin America, and the rest of the world with key emphasis on countries like Germany, France, Italy, Spain, the U.K, the U.S, Canada, India, China, Japan, Australia, South Korea, Brazil, and Mexico.
 

North America is likely to develop as a major revenue generator for the market participants during the projection period, owing to widespread availability of various retailers and manufacturing organizations that are focusing on omnichannel platforms.
 

Meanwhile, Asia-Pacific market is also expected to register substantial growth during the study period, primarily due to the rapid growth in industrialization.
 

Prominent players operating in global inventory management software industry are Microsoft Corporation, Manhattan Associates, Lightspeed Commerce, Fishbowl Inventory, Clear Spider, Blue Yonder, Archon Systems Inc., Alterity Inc., and NCR Corporation.