The category management software market is on the verge of a remarkable valuation, expected to surge to US$ 1.8 billion by 2024. Fueled by heightened interest and growing insights into category management software, this trend is set to unlock new avenues, projecting an impressive CAGR of 11.6% from 2024 to 2034. Envisioned to reach an estimated total valuation of approximately US$ 5.5 billion by 2034, the market’s trajectory signifies robust growth and significant opportunities within the evolving landscape.
In the contemporary global economic landscape, nations exchange finished goods and intermediary inputs, weaving a complex web of economic connections. This intricate network is further amplified as businesses extend their geographic reach across multiple countries, fostering mutually beneficial relationships. Amidst this international trade surge, there is a growing imperative to enhance the efficiency of international logistics and shipment tracking systems. The escalating volume of global trade underscores the necessity for streamlined processes in managing the intricate web of interconnected economic activities.
International trade facilitates economic interdependence and serves as a gateway to new markets, exposing countries to diverse goods and services not readily available domestically. However, despite the advantages, organizations have traditionally relied on established systems like enterprise resource planning (ERP), supply chain management (SCM), and transport management systems to oversee their business operations. Manual management of trade activities, coupled with integrating existing management solutions, has been the norm.
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The pervasive adoption of category management software, however, faces notable barriers. Chief among these challenges is the limited bandwidth and constrained budgets of businesses, hindering the development and maintenance of new technologies, including category management solutions. The demand for more advanced solutions that can seamlessly integrate with existing systems is evident, but financial constraints and technological limitations impede the practical implementation.
Overcoming these barriers requires strategic investments and a paradigm shift in how businesses approach technology adoption. Allocating resources for robust category management software can significantly enhance operational efficiency, offering businesses a competitive edge in navigating the complexities of international trade. As the global economic landscape continues to evolve, addressing these barriers becomes imperative for businesses seeking to capitalize on the full potential of international trade while effectively managing the intricacies of their operations.
Key Takeaways from the Category Management Software Market Report:
- The market valuation in 2019 was US$ 2 billion.
- Based on enterprise size, large enterprises are expected to dominate at a market share of 73.2% in 2024.
- China is estimated to register at a CAGR of 12.1% by 2034.
- Australia experiences significant growth, projected at a CAGR of 15.1% by 2034.
“I am pleased to report significant growth and evolving trends within the ‘category management software market.’ Our comprehensive analysis reveals a surge in demand for innovative solutions, driven by the imperative need for effective assortment optimization and strategic merchandising. The market’s robust expansion is underscored by a burgeoning adoption of advanced technology, positioning category management software as a pivotal tool for businesses seeking heightened efficiency in product categorization and consumer-centric strategies.” – says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Competitive Landscape:
In the dynamic category management software industry, diverse market participants actively engage in research and development, particularly emphasizing integrating eco-friendly product lines into their manufacturing initiatives. Strategic expansion efforts, such as collaborations, mergers, and acquisitions, alongside a thorough exploration of regulatory approvals, are key strategies these players employ to fortify and expand their market presence. This multifaceted approach underscores the industrial commitment to innovation, sustainability, and strategic alliances as driving forces in its competitive landscape. Some of the key developments are:
- In June 2022, Epicor strategically acquired Data Interchange, a United Kingdom-based provider specializing in Electronic Data Interchange (EDI) cloud technologies and managed services.
- In February 2021, Aptos successfully acquired LS Retail, a company renowned for developing comprehensive software systems catering to retail, food service, pharmacy, and hospitality businesses.
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More Valuable Insights Available:
Future Market Insights offers an unbiased global category management software market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand category management software market opportunities are segmented based on Deployment (Cloud, On-premise), Enterprise Size (Large Enterprises, SMEs), Application (Retail, Distribution, Consumer Packaged Goods), Solution (Planogram Software, Floor Planning Software, Assortment Planning, Others), By Service (Managed Services, Professional Services) and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, The Middle East and Africa)
Category Management Software Market Segmentation:
By Component:
- Solution
- Assortment planning
- Pricing & promotion
- Inventory management
- Analytics & reporting
- Supplier collaboration
- Service
- Managed service
- Professional service
By Deployment:
- Cloud
- On-premise
By Organization Size:
- Large Enterprises
- SMEs
By Application:
- Retail
- Distribution
- Consumer Packaged Goods
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and the Pacific
- East Asia
- The Middle East & Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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