Overview and Scope
Retail business management software refers to a comprehensive solution that streamlines operations, from point-of-sale transactions to inventory management, enhancing efficiency and customer satisfaction. It integrates sales, inventory, and customer data to optimize decision-making and drive business growth in the competitive retail landscape.
Sizing and Forecast
The retail business management software market size has grown rapidly in recent years. It will grow from $7.73 billion in 2023 to $8.51 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. 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 business management software market size is expected to see rapid growth in the next few years. It will grow to $12.66 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. 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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Segmentation & Regional Insights
The retail business management software market covered in this report is segmented –
1) By Type: Cloud Solutions, Traditional Solution
2) By Deployment: On-Demand, On-Premise
3) By Application : Market, Department Store, Restaurant, Shop, Other Applications
North America was the largest region in the retail business management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail business management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising popularity of online shopping is expected to propel the growth of the retail business management software market in the coming years. Online shopping refers to the process of purchasing goods or services over the Internet from an online retailer or e-commerce platform. The popularity and adoption of online shopping arise because of its convenience, personalization, ease of payment, safety concerns, and advancements in technology. Retail business management software is essential for online shopping operations to streamline inventory management, order fulfillment, customer relationship management, analytics, marketing, and accounting processes, ultimately enabling online retailers to operate more efficiently and effectively. 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 United States e-commerce sales in the final quarter of 2023, when measured against the corresponding period in 2022. Therefore, the rising popularity of online shopping is driving the growth of the retail business management software market.
Key Industry Players
Major companies operating in the retail business management software market are Comcash Inc., International Business Machines Corporation, Oracle Corporation, NetSuite Inc., SAP SE, Salesforce.com Inc., Intuit Inc., NCR Corporation, Shopify Inc., Epicor Software Corporation, Cegid Group, Lightspeed POS Inc., Aptos Inc., Revel Systems Inc., Mi9 Retail Inc., Epos Now Limited, Vend Limited, Jesta I.S. Inc., Brightpearl Limited, Retail Pro International LLC, Tillpoint Limited, GoFrugal Technologies Private Limited, One Step Retail Solutions LLC, Wondersoft Private Limited, Heartland Payment Systems LLC
The retail business management software market report table of contents includes:
1. Executive Summary
2. Retail Business Management Software Market Characteristics
3. Retail Business Management Software Market Trends And Strategies
4. Retail Business Management Software Market – Macro Economic Scenario
5. Global Retail Business Management Software Market Size and Growth
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31. Retail Business Management Software Market Other Major And Innovative Companies
32. Global Retail Business Management Software Market Competitive Benchmarking
33. Global Retail Business Management Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Retail Business Management Software Market
35. Retail Business Management Software Market Future Outlook and Potential Analysis
36.Appendix
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