What Is The Scope Of The Global Category Management Software Market?
Category management software refers to specialized software tools designed to help businesses efficiently manage and optimize their product categories. This software enables businesses to gain insights into their product categories, understand customer preferences, identify trends, and make informed decisions to maximize sales and profitability.
Category Management Software Global Market Report 2024 provides data on the global category management software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The category management software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Category Management Software Sector?
The category management market has experienced rapid growth, increasing from $1.90 billion in 2023 to $2.16 billion in 2024, with a CAGR of 13.8%. Historical growth was driven by the demand for data-driven decisions, retail competition, e-commerce growth, and big data analytics. The market is expected to reach $3.66 billion by 2028, with a CAGR of 14.0%. Key growth factors include IoT-based inventory tracking, dynamic pricing strategies, supply chain resilience, and shopper loyalty. Trends include cloud-based solutions, real-time analytics, mobile-friendly tools, and personalization.
Which Factors Are Boosting Growth In The Category Management Software Market?
The rise in the number of retail stores is expected to drive the growth of the category management software market. Retail stores, both physical and online, are growing due to rising consumer demand for convenience and retailers' efforts to expand their presence. Category management software helps retailers streamline inventory management, optimize pricing, and improve store layouts, resulting in better sales and profitability. For instance, in January 2024, the National Association of Convenience Stores reported a 1.5% rise in convenience stores in the US, reaching a total of 152,396 stores. Therefore, the increasing number of retail stores is driving the category management software market's growth.
Get Your Free Sample of the Global Category Management Software Market Report
What Key Areas Define The Segmentation Of The Global Category Management Software Market?
The category management software market covered in this report is segmented –
1) By Component: Solution, Service
2) By Deployment: On-Premises, Cloud-Based
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
4) By Application: Retail, Distribution, Consumer Packaged Goods
How Are Emerging Trends Reshaping The Dynamics Of The Category Management Software Market?
Companies in the category management software market are focusing on incorporating artificial intelligence to develop AI-powered category management tools that optimize decision-making and efficiency. AI-powered category management uses artificial intelligence algorithms to improve the management of product categories in retail. For example, in January 2024, Symphony Innovation LLC, an India-based predictive intelligence software provider, launched the category manager copilot system, developed in collaboration with the Microsoft Azure Open AI service. This AI-driven system enables retailers and consumer goods managers to rapidly analyze product category performance, offering real-time suggestions and insights that enhance strategic decision-making and efficiency.
Which Region Has The Fastest Expansion In The Category Management Software Market?
Europe was the largest region in the category management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the category management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
