2024 Global Market Report: Retail Management Software Developments and Projections

"The Business Research Company recently released a comprehensive report on the Global Retail Management Software Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The retail management software market size has grown rapidly in recent years. It will grow from $19.46 billion in 2023 to $22.08 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to increased demand for automation, the growth of e-commerce, the globalization of retail, the need for efficient inventory management, and regulatory compliance requirements.

The retail management software market size is expected to see rapid growth in the next few years. It will grow to $36.81 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to emphasis on data security and privacy, expansion of cloud-based solutions, demand for real-time analytics and insights, focus on sustainability and eco-friendly practices, and rise of mobile commerce and mobile point-of-sale (mPOS). Major trends in the forecast period include increased use of augmented reality in retail management software, growth of subscription-based pricing models, emphasis on predictive analytics for demand forecasting, convergence of online and offline shopping experiences, and rise of blockchain technology for supply chain transparency.

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Market Drivers and Trends:

The expansion of e-commerce and online retailing is expected to drive the retail management software market going forward. E-commerce and online retailing refer to the buying and selling of goods or services over the Internet. The expansion of e-commerce and online retailing is driven by convenience, accessibility, and the ability to reach a global market. The e-commerce sector utilizes retail management software to streamline operations, optimize inventory management, and enhance customer experiences. For instance, in February 2024, according to the Census Bureau of the Department of Commerce, a US-based government department, there was a remarkable 7.5% increase in the United States e-commerce sales in the final quarter of 2023, when measured against the corresponding period in 2022. Therefore, the growing expansion of e-commerce and online retailing is driving the growth of the retail management software market.

Major companies operating in the retail management software market are increasing their focus on developing technologically advanced solutions, such as point-of-sale solutions, to streamline day-to-day operations and easily monitor them from one place. A point-of-sale solution is a software system used in retail management for processing transactions and managing inventory. POS solutions are central to retail management software, enabling retailers to efficiently manage sales transactions, inventory, customer relationships, and business performance. For instance, in February 2024, Zoho Corporation, an India-based cloud software company, launched Zakya for small and medium-sized retail enterprises, offering a suite of powerful capabilities including advanced inventory management, comprehensive support for omnichannel sales, and a user-friendly mobile billing application. This technological innovation marks a notable advancement in the market for retail management software, tailored specifically to the needs of smaller retailers. Zakya streamlines operations for businesses in this sector with its extensive features, competitive pricing, and seamless integration with leading payment providers. Additionally, its POS billing app ensures uninterrupted transactions, even in offline scenarios, empowering sales personnel to efficiently manage customer purchases and minimize wait times during peak hours.

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Major Key Players of the Market:

NCR Corporation, Shopify Inc., Pitney Bowes Inc., Cegid Group, Digital River Inc., BigCommerce Pty. Ltd., osCommerce Solutions, JDA Software Group Inc., Magento Commerce Inc., Epicor Software Corporation, iQmetrix Software Development Corp., PrestaShop SA, WooCommerce Inc., LS Retail EHF, Passport Software Inc., Windward Software Inc., OpenXcell Technolabs Pvt. Ltd., Fishbowl Inc., Snappii Apps Inc., EffiaSoft Private Limited, POS Prophet Systems Inc., Universal Accounting Software Inc., Visual Retail Plus Inc., Peach Software Limited, OpenCart Ltd.

Retail Management Software Market 2024 Key Insights:

• The retail management software market size is expected to see rapid growth in the next few years. It will grow to $36.81 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%.
• Centralized Inventory Management Driving Retail Management Software Market Growth
• Increasing Focus On Technologically Advanced Solutions By Major Companies In Retail Management Software Market
• North America was the largest region in the retail management software market in 2023

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