The Indian Inventory Management Software Market revenue to reach $351.3 million by 2023
Bangalore, India – June 4, 2018: The recently published Infoholic Research study “India Inventory Management Software Market–Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023”, forecasts that the market for inventory software will continue to grow, primarily because of the demand for data-driven solutions in warehouse management, rapid growth in organized business environment in India, and the increasing push from government policies.
According to Infoholic Research, the Indian inventory operators are moving from ERP- based warehouse software to inventory-alone management software due to the push for building an omni channel distribution platform, lowering the operational costs, improving user experience and other factors. Increasing smartphone penetration and growing demand for remote access of inventory information will further push this demand in a wide range of industries. The growing demand for offering real-time inventory information, bigdata analytics, integration of multiple warehouses located at different geographical locations and automated updates on orders and returns are expected to shape the Indian inventory management software market. Inventory management software is expected to be more inclined towards gathering real time inventory information using a remotely accessible device along with automated order processing capabilities which would reduce the operational expenses to the maximum possible level. The Indian Inventory Management Software Market is estimated to grow at a CAGR of 14.5% during the forecast period 2017–2023.
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Most of the warehouse operators are moving to cloud based inventory management software chiefly because of the cost-effective nature of the platform and flexibility of accessing information using a device. The increasing smartphone, tablet and laptop penetration among business owners is also considered to be an accelerating factor for the adoption of cloud-based software in a warehouse. Accessing real-time inventory information, data analytics, and integration of two or more warehouses at lower cost have all become a possibility using cloud-based inventory software applications. The leading vendors of cloud-based inventory management software such as Oracle and SAP are implementing the next generation warehouses by enabling effective warehouse space management capabilities in multiple industries. On-premises and hybrid modes are also expected to witness a rising demand from the wearhouse operators.
Indian retail and e-commerce industries are undergoing digitalization in its inventory at a vigorous rate. These are the cash cows for inventory software vendors because of the increasing demand for supply chain digitalization. These industries are also experiencing a regulatory push which is prompting them to adopt and operate under an organized business environment. The entrance of global giants like Walmart in the Indian retail space is expected to push the demand to lower operational costs by procuring efficient inventory management software among medium and large sized businesses. On the other hand, inventory management software enjoys a relatively lesser cost structure, although its adoption is expected to increase gradually over the years, consequently offering higher inventory management capabilities. Also, industries such as, logistics, pharma healthcare, manufacturing, chemicals, and food processing are also expected to adopt the inventory software rapidly.
“The retailers and e-commerce companies were the leading adopters of inventory software in 2017 and they are expected to dominate the market by acquiring larger market share till 2023 and beyond. These industries are witnessing a massive growth due to the changes implemented in the tax regime. These measures has prompted the companies to closely monitor their supply chain to reduce operating expenses.” – Srujan, Research Analyst at Infoholic Research
The report covers the present scenario and growth prospects of the Indian Inventory Management Software Market during the forecast period 2017–2023. The report provides an in-depth analysis and forecast about the industry covering the following key features:
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- Major deployment modes:
- Major Industries include:
- Healthcare and Pharma
- Food Processing
- It also contains an analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views.