India Inventory Management Software Market Size Growth Insights Top Countries Data, COVID-19 Impact, Industry Share, and Forecast 2022 to 2031

Kenneth Research, in its repository of market research reports, have recently added a report on India Inventory Management Software Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The India Inventory Management Software Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for India Inventory Management Software Market products.

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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.

The India Inventory Management Software Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2023, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Overview:
Indian supply chain industry is witnessing an increasing demand for digital driven solutions to enhance their profitability by closely monitoring their operational expenses. The technology driven business solutions such as, predictive inventory management, warehouse robots, distribution network planning and others are largely being demanded by Indian warehouses. Inventory software is one such technology which is helping the business owners to monitor their inventory to help them implement omni-channel inventory, automatic order processing, payments and returns tracking, remote access of inventory data, and order level accounting by closely monitoring real-time inventory information. The presence of leading global retail chains such as Walmart, in the Indian e-commerce industry is prompting retail and e-tailing companies to adopt efficient tools to increase their profitability using real-time information.

Market analysis:
The market for inventory management software is driven by the increasing demand for real-time inventory, government regulatory policies and remote accessibility of information. Most of the Indian industries are including inventory management software as a part of digitalizing their supply chain to capture real-time data for improving profitability. Also, the large sized warehouses are focusing on replacing their manual method of noting inventory with digital technologies. India Inventory Management Software Market

the “India Inventory Management Software” market is expected to grow at a CAGR of 14.5% during the forecast period 2017-2023.

The market is analyzed based on industries and deployment types. Industries include, retail, e-commerce, manufacturing, healthcare and pharma, chemicals, logistics, food processing and others. The Indian retail and e-tailing industries are expected to open up new business opportunities for inventory management software developers. The policy framework in the recent years have resulted in the organic growth of organized businesses in India. The process manufacturing industry has been recording double digit growth in the recent years, which is further increasing the demand for inventory managemnt softeware in manufacturing, chemicals, food processing and healthcare & pharma industries. 

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The Indian logistics industry is also witnessing an increasing trend towards digitalization which aims to augment their business portfolio. Healthcare & Pharma, and retailing industries are expected to grow at more than 15% CAGR during the forecast period.

The deployment modes include, cloud, on-premises, and hybrid. Currently, cloud is the leading deployment mode. However, in the recent years hybrid deployment mode is becoming popular among the vendors due to the increase in omni-channel and multi-invenotory business models. Cloud deployment modes are currently offering real-time inventory data, big data analytics, automated update of inventory infromation, multiple wearhouse management and others in a remotely accessable device. The platform will soon offer predictive space management capabilities in a warehouse which will include blockchain and AI capabilities.

Vendors:
The report also contains an in-depth analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape. The companies included in the report are Google, Microsoft, SAP, Oracle, Zoho, PALMS, Emerge App, Falcon and others.

The study offers a comprehensive analysis of the “India Inventory Management Software” market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalist in understanding the companies better and take informed decisions.

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