In Store Inventory Management Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

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In Store Inventory Management Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

Status : April, 2020 | Technology & Media | PPT format

Report Digest


Global In Store Inventory Management Market: Snapshot

Global in store inventory management market is gaining momentum owing to the rising demand for keeping track of business' resources and goods. The market is also growing as a result of rising demand for monitoring products' weight, dimensions, amounts, and location. The goal of in store inventory management market solutions is to reduce the cost of maintaining the inventory by alerting the stakeholders when it’s time to replenish products, or buy more materials to manufacture them.

How Inventory Management Saves Money for the Business?

1.No Dead Stock: Dead stock is an item that has no demand and can no longer be sold. It is not necessarily that the product is not selling because its broken, there are chances that it could have gone out of season, out of style, or otherwise become irrelevant. With the help of solutions from global in store inventory management market the store can be alerted when the product is about to expire or is about to go out of season. This helps businesses to save a ton of money.

Reduced Storage Cost: Warehousing is regularly a variable cost, which means it varies depending on how much item a business is putting away. When a business stores excessive amount of item or end up with an item that is hard to sell, its costs will go up. Maintaining a strategic distance from this will set aside you cash. With the help of advanced solutions from global in store inventory management market all of this can be avoided and lots of money can be saved.

Visibility of in store inventory has always been a black hole for the supply chain in retail sector. While manufacturing brands as well as retailers have already bet on multiple combinations involving cameras, robots, smart shelf technologies, and others for effective in store inventory management, there is always a room for brittleness and inaccuracy, in addition to the longstanding challenge of a high price point.

Brick-and-mortar stores aspiring high operational efficiency are thus rapidly shifting to modern in store inventory management practices that complement the evolving demands of today’s omnichannel marketplace. These trends are likely to influence the growth of in store inventory management market.

Spiking Investments in Technological Integrations Are Governing Competitive Landscape of In Store Inventory Management Market

In a highly fragmented competitive landscape of global in store inventory management market, the likes of IBM, Oracle, Microsoft, and SAP SE continue to dominate and dictate the course of competition. There have been a number of active regional as well as multinational players in the in store inventory management market, which are prioritizing major investments in product innovations and R&D of robust solutions facilitating robust in store inventory management.

Integration of sophisticated technologies such as AI, IoT, and Big Data Analytics into in store inventory management software is also identified to be among the top developmental strategies adopted by a large number of leading companies operating in in store inventory management market. While Zebra Corporation, Zoho Corporation, SAGE Group Plc, and industry giants are embracing the technological integration strategy, a few in store inventory management market players are also planning investments in strategic M&As to explore their inorganic growth potential and expand in terms of capabilities.

  • Oracle Corporation recently announced the launch of their new cloud service for in store inventory management. This service allows store owners to monitor in store inventory on the basis of basic attributes such as color and size.
  • The NYC-based Infor recently released a next-gen SCM solution to enable businesses achieve real-time visibility of their inventory and supply chain control. With this, store operators can more efficiently manage inventory, as the solution is integrated with predictive ETAs and 3D warehouse visualization capabilities.
  • Strategic integration of the in store inventory management solution of Boston-based OneView Commerce and IBM’s Watson Commerce Insights has been a classic example of super productive real-time in store inventory management analytics.
  • The US-based Bill's Gun Shop and Range has selected RTG’s (Retail Technology Group) Axis POS & Range Management S/W for in store inventory management and improved online sale.
  • For efficient in store inventory tracking, an Austin startup Pensa Systems has tapped in to the usage of autonomous drones that promote detailed understanding of on-shelves inventory. Post trialing the computer vision algorithms for in store inventory management and recently having invested fresh capital in an acquisition, Pensa is set to explore the potential of autonomous drone in highly efficient in store inventory management.

Several companies are targeting the use of computer vision technologies for picking and transporting inventory items.

  • The global commerce giant, Walmart has entered a partnership with Massachusetts-based Alert Innovation for the AlphaBot deployment that has been responsible for efficient pickup and transport of volumes of inventory items, especially grocery.
  • Another innovator based in Massachusetts, Takeoff Technologies, has been serving C-stores, retail pharmacies, and QSR operators in effective in store inventory management, while dually functioning as a pickup station.
  • The UK’s Ocado, one of the largest (only) on-line grocery retail chains across the globe, is currently using a packaging system based on a computer vision algorithm.

An Urge to Save on Huge Labor Costs Is Compelling Retailers to High Tech In Store Inventory Management Practices

It has become imperative for retailers to better integrate multiple shopping and delivery channels and accurately keep track of the available inventory, in order to better serve their customers. Research reveals that an average of 20 hours are spent per week in stock counts (in terms of manual labor), for shelf-based retail goods such as grocery items. As the potential of AI enabled tools is discovering more exposure, power of computer vision is being trialed in several use cases, and tracking technologies such as RFID are being used for a higher ROI, retailers are soon projected to reach 100% accuracy in terms of in store inventory management – saving significantly on the labor costs.

Strong Support by Technology Leaders Is Pushing In Store Inventory Management Market Growth

To survive competition that involves Ecommerce as well as offline/physical retail stores, companies are switching to advanced technology tools for efficient, streamlined, yet cost effective in store inventory management. Leading technology innovators from across the globe are playing a crucial role in supporting retailers with technologies required to implement digitization and automation, further pushing the growth of in store inventory management market.

Segmentation – Global In Store Inventory Management Market

Taxonomy of the global in store inventory management market classifies the landscape on the basis of system type, organizational size, model of deployment, application, and end use industry.

Classification of In Store Inventory Management Market on the Basis of Type of System –

  • Manual Inventory Management System
  • Advanced RFID (Radio Frequency Identification) System
  • Barcode Scanning System

Segmentation of In Store Inventory Management Market by the Size of Organizations –

  • Large
  • Medium
  • Small

In Store Inventory Management Market Segmentation Based on the Deployment Model –

  • Cloud
  • On-premise

Categorization of In Store Inventory Management Market by Application –

  • Inventory Optimization
  • Service Management
  • Order Management
  • Product Differentiation
  • Asset Tracking

In Store Inventory Management Market Classification Based on End Use Industry –

  • Retail
  • Manufacturing
  • Automotive
  • Healthcare & Medicine
  • Others

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.

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