How Has the Retail Management Software Market Size Evolved in Recent Years?
The retail management software market has seen considerable growth due to a variety of factors.
• The market size of retail management software has witnessed swift expansion in past years. The market, which is expected to enlarge from 2024's value of $22.08 billion, is predicted to reach approximately $25.13 billion in 2025, showcasing a compound annual growth rate (CAGR) of 13.8%.
Factors like the surging demand for automation, the explosion of e-commerce, the internationalization of retail, the necessity for effective inventory management, and the compliance requirements of regulations have significantly contributed to the historical phase's growth.
What are the Market Size and Expected Growth Rates for the Retail Management Software Market?
The retail management software market is expected to maintain its strong growth trajectory in upcoming years.
• Over the upcoming years, the retail management software market is forecasted to experience substantial growth, with an expected value of $41.75 billion by 2029. The prominent compound annual growth rate (CAGR) is projected at 13.5%.
This bolstered expansion during the forecast timeframe is largely due to heightened focus on data security and privacy, the proliferation of cloud-based solutions, need for instant analytics and insights, commitment to sustainability and eco-friendliness, and the proliferation of mobile commerce and mobile point-of-sale (mPOS). Key trends during this period are expected to be the escalating use of augmented reality in retail management software, the surge of subscription-based pricing models, the emphasis on predictive analytics for anticipating demand, the merging of online and offline shopping encounters, and the adoption of blockchain technology for enhancing supply chain transparency.
Which Key Drivers Are Propelling The Retail Management Software Market's Growth?
The surge in e-commerce and online retail is projected to propel the retail management software market's growth. This field encompasses all trades that take place on the internet. Increased convenience, accessibility, and ability to cater to international customers are facilitated by the expansion of e-commerce and online retail. In order to streamline operations, boost inventory management, and improve customer satisfaction, the e-commerce industry uses retail management software. For example, the Census Bureau of the Department of Commerce, a US governmental organization, in February 2024, reported a substantial 7.5% rise in e-commerce sales in the United States in the last quarter of 2023 compared to the same period in 2022. Consequently, this growth in e-commerce and online retail is expected to fuel the advancement of the retail management software market.
What Are The Key Segments Within The Global Retail Management Software Market?
The retail management software market covered in this report is segmented –
1) By Product: Cloud, Software As A Service (SaaS), Web, Mobile - Android Native, Mobile - iPhone Operating System (IOS) Native, Other Products
2) By Application: Small Business, Midsize Enterprise, Large Enterprise, Other Applications
3) By End-Users: Grocery And Pharmacy, Hardlines And Do It Yourself (DIY), Apparel And Softline, E-Commerce And Specialty, Other End-Users
Subsegments:
1) By Cloud: Private Cloud, Public Cloud, Hybrid Cloud
2) By Software As A Service (SaaS): Subscription-Based SaaS, Pay-Per-Use SaaS
3) By Web: Web-Based Applications, Browser-Based Software
4) By Mobile - Android Native: Android Tablet Apps, Android Smartphone Apps
5) By Mobile - iPhone Operating System (iOS) Native: iOS Tablet Apps, iOS Smartphone Apps
6) By Other Products: Desktop Software, Hybrid Solutions (Combining Mobile, Cloud, And Desktop)
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How Are Emerging Trends Reshaping The Dynamics Of The Retail Management Software Market?
Top firms operating in the retail management software market, are enhancing their focus on creating technologically progressive solutions such as point-of-sale systems to simplify daily business operations and supervise them conveniently from a single location. Retail management leverages a point-of-sale system, a software utilized in handling transactions and inventory management. POS systems serve as the core of retail management software, assisting retailers in managing sales transactions, inventory, customer relationships, and business performance effectively. For instance, in February 2024, Zoho Corporation, a cloud software company based in India, introduced Zakya for small to medium retail businesses with an assortment of significant features including superior inventory management, extensive support for omnichannel sales, and an easy-to-use mobile billing application. This technological advancement signifies a significant progression in the retail management software market, specifically designed to meet smaller retailers' requirements. Zakya optimizes operations for businesses in this sector with its comprehensive features, competitive prices, and effortless integration with top payment providers. Moreover, its POS billing app sustains uninterrupted transactions, even without internet, empowering sales staff to handle customer purchases efficiently and reduce waiting time during high-traffic hours.
Who Are the Key Players In The Retail Management Software Market?
Major companies operating in the retail management software market report are:
• 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.
What Are The Regional Insights Into The Retail Management Software Market?
North America was the largest region in the retail management software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
