The global retail management software market witnessed an impressive growth of USD 8.0 billion 2020 and its market size is projected to reach close to USD 130 billion by 2028. Industry experts expect this figure to rise sporadically in the coming years. As per the current estimates, it is expected to record a robust CAGR of 12% over the forecasted years. Retail management software is a type of software system that includes Point of Sale (POS), Customer Relationship Management (CRM), Sales Order Management, Inventory Management, Purchasing & Receiving, Reporting and data driven Dashboard applications. The purpose of the software is to facilitate better management of sales transactions and handle other activities like inventory management, track customer behavior, efficiently manage retail business routines, etc. Retail management software are usually triggered in complex retail businesses, willingness to provide seamless customer experience, and more. For example, sales and supply chain management is also classed under the retail management systems software. The purpose of the retail management systems software is to serve the needs of entire value chain.
The growing willingness of retail businesses to invest money in new business models and experiment with different retail formats to streamline retail operations and clock more and more revenue is the key factor driving growth of global retail management software market. The emergence of ecommerce retail businesses is a crucial aspect reflecting the current economic scenario of the global market. Ecommerce retailing businesses are increasing favorably in recent years and is also anticipated to grow even faster in the years to come. These developments would facilitate fresh growth opportunities in global retail management systems software market Also, factors such as the high return on investments and improved business efficiency and competency are driving the market growth However, connection reliability, costly software upgrades, inconvenience, problems encountered by hardware & software, and security risks are likely to hamper the global retail management systems software market. Furthermore, the advancement of security in retail software systems, threat prevention, usability, and customizable workflow management capabilities of the software would be lucrative growth opportunities for the global retail management systems software market in years to come.
Adroit Market Research report covers the global retail management systems software market from 2021-2028 which includes 100+ companies offering such software, estimated market sizes in terms of current demands, company rankings. Geographic footprint and strategic initiatives of the leading players is studied. The market has assessed multiple developments in the historic years from 2018 to 2020, with the base year of estimation as 2020 and forecast from 2021 to 2028. The report examines some of the most pressing challenges retailer management system software providers face and the transformative journeys of the entities many are on right now. This report focuses on conducting in-depth analysis market and customer trends to help the market players identify various retail software models that would work best in current times. The analytical findings are supported by studying global trends, current state of the market, market characteristics, economic drivers and what it foretells about the future of the global retail management systems software industry.
The global retail management systems software market faces stiff competition today from well-established and new entrants coming up with advanced retail business management and customized solutions to the market retails clients. The established and the new entrants score better over each other in product range, quality, access, efficiency, etc. The deep pockets and willingness of market players to be competitive in the evolving retail industry is a key factor fueling use of such software and offering a great opportunity to the retail management system software providers. Another factor providing opportunity for the market players is the emergence of e-stores that need highly advanced software to manage the retail business processes.
Depending on Type segment, the market is studied on the basis of segments namely Cloud, SaaS, Web, Mobile- Android Native, and Mobile- Ios Native. The Cloud and SaaS segment gathered the highest share in 2020 and is likely to see a considerable growth in the years to come. The aforementioned advantages coupled with better cost management and improved business capabilities are expected to boost the market value for the Cloud and SaaS segment in the global retail management systems software market in the forecasted period.
North America is projected to gather the major growth in the forecasted years. Heightened customer expectations, massive advancement in technology, and rise in like ecommerce retail trends are the key factors inclining the retail businesses adopt retail management systems software opening doors for significant opportunities for the market players and the overall global retail management systems software market. This is one of the key reasons for the growth of North American retail management systems software market in the forecast period 201-2028. However, the China region is the major market share holder to contribute to overall market share in 2020 and is expected to remain competent during the forecasted period.
The major players of the global retail management systems software market are POS Prophet Systems, Universal Accounting Software, Visual Retail Plus, iQmetrix, Passport Software, Cegid, Snappii Apps, Retail Pro International, NCR, PeachWorks, Vend, Windward Software, Smartsheet, and OpenXcell Technolabs. The global retail management system software market comprises well-established players as well as new entrants. The new entrants are ambitious for their future expansion plans and are seeking to provide smarter options to the retail clients and set up wide customer base in collaboration with big software companies.
Key Segments of the Global Retail Management Systems Software Market
Type Overview, 2021-2028 (USD Million)
- Mobile Android Native
- Mobile IOS Native
Application Overview, 2021-2028 (USD Million)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
Regional Overview, 2018-2028 (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa