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Inventory Tracking System Market - Forecast(2024 - 2030)
Overview
Inventory tracking system market is
forecast to reach $6.2 billion by 2025, at a CAGR of 6.30% during 2020-2025. Increasing
adoption of smartphones and other mobile devices, a rapidly evolving global
e-commerce landscape and the increasing need to control and reduce supply chain
inefficiencies by offering an Omnichannel shopping experience, retailers are
designing a cohesive user experience for their customers on various platforms
such as physical stores, online stores, social media channels and rising need
to control inventory shrinkage in supply-chains are the key factor facilitating
the market growth. According to the National Retail Federation’s National
Retail Security Survey (NRSS) on retail theft, global retailers incurred shrinkage
losses amounting to $50.6 billion in 2018. The four major sources of inventory
shrinkage in the retail industry include shoplifting, employee theft, supplier
fraud, and paperwork errors. As inventory shrinkage can significantly affect
profit margins of SMEs, there is an increasing demand for modern inventory tracking
systems, especially from the retail sector will increase the demand for inventory
tracking system.
Report Coverage
The report: “Inventory Tracking System Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Inventory Tracking system Market.
Key Takeaways
- North America held a dominant share of over 40% in the inventory tracking system market in 2018 due to rapidly expanding e-commerce landscape in the region, a robust manufacturing sector with increasing adoption of industrial IoT after Industry 4.0
- The hardware and tracking device segment is projected to grow at highest CAGR of 11.2% due to increased adoption is due to the technology aids in tracking the movement through every stage of the supply chain right from the manufacturing unit to the point of sale.
- Manufacturing sector is growing at a highest CAGR in the inventory tracking system market in the forecast period due to effectively acting as buffer between consumer demands and component availability.
- Major Key players operating in the Inventory Tracking System Market include A2B Tracking Solutions Inc., Asset Management International, AT&T INC, Barcodes Inc., CYBRA Corporation, MASS Group Inc., Ventipix, Wasp Barcode Technologies, Windward Inventory Tracking System and ZIH Corporation among others.
Type - Segment Analysis
The hardware and tracking
device segment is projected to grow at highest CAGR of 11.2% in the forecast
period 2020-2025. Increased adoption is due to the technology aids in tracking
the movement through every stage of the supply chain right from the manufacturing
unit to the point of sale which ensures stock security, quality control and
reorder point. Tracking devices are
typically used by many end users. For instance, manufacturing units that move
thousands of orders on a daily basis use tracking devices for safety and security. Similarly, tracking devices are used by automobiles companies to provide
vehicle location and to share engine diagnosis. In addition to this, the technology is ideal for the implementation in environments, where real-time inventory optimization is critical. All these will accelerate
the growth of the inventory tracking system in the forecast period.
By End User - Segment Analysis
Manufacturing sector is
growing at a highest CAGR in the inventory tracking system market in the
forecast period due to effectively acting as a buffer between consumer demands
and component availability. In addition it acts as the mode of control
and management of inventories by tracking the number of products or components
that exists in the manufacturing unit. For Instance, insufficient inventory can
seriously disrupt the production-distribution cycle that is so crucial to the
survival of all manufacturing organizations. On the other hand, excessive
inventory can cripple a firm’s cash flow and thus endanger its liquidity
position. These capabilities are expected to favorably contribute to
the increasing uptake of inventory tracking systems over the forecast period.
Geography - Segment Analysis
In 2018, North America held a
dominant share of over 40% in the inventory tracking system market size due to
rapidly expanding e-commerce landscape in the region, a robust manufacturing
sector with increasing adoption of industrial IoT after Industry 4.0, and the
availability of an extensive cloud-based inventory solutions that offer
cost-benefits for the maintenance of large-scale inventory as compared to the
traditional systems are the major factors which fuel the growth in this region.
According to the U.S. Department of Commerce’s International Trade
Administration (ITA), the manufacturing industry in the U.S. received Foreign
Direct Investment (FDI) amounting to USD 1.6 trillion in 2017. Similarly, in
2016, the manufacturing sector contributed nearly USD 350 billion to the U.S.
GDP. All these factors
will accelerate the market in this region.
Drivers – Inventory Tracking System Market
- Rising popularity of e- commerce is driving the growth of this market
Inventory tracking in e-commerce helps
to manage and keep track of the inventory so that one can channelize them
accordingly and deliver to the customers without any delay. Having a proper
inventory system in an e-commerce business will always help them to
prevent any time lag from processing the order to the final
delivery. E-Commerce is a huge platform
which is growing at an unprecedented rate all over the world. For Instance according
to the report given by internet retailer in 2018, global ecommerce sales will
reach $3.6 trillion in 2019 from $2.9 trillion in 2018. Therefore, an
increase in the e-commerce sales will drive the demand for inventory tracking
system.
- Increasing usage of smartphones
Smartphones can be used for barcode scanning,
data collection and entry, data access in the field, taking photos, collecting
signatures and capturing GPS location of the transaction. The
increase adoption of smart phones will drive the inventory tracking system in
the forecast period. For instance according to the report given by American
mobile retail association in 2018, 1.4 billion units of
smartphones were sold worldwide, therefore increase in
smartphones will enhance the inventory tracking system market.
Challenges – Inventory Tracking System Market
- High investment cost and cyber security attacks.
Software which is required
for inventory tracking system depends on the features and the abilities that it
offers along with the access to the number of users and products involved is
very high. Additionally, data security is one of the major concerns for
inventory tracking system vendors, as the software carries vital information
related to customers, product and technicians is easily cyber attackers, who
can hack into these systems and manipulate the data to misguide
technicians. These kind of challenges will hinder the market for the forecast
period.
Market Landscape
Partnership and acquisitions are
key strategies adopted by players in the Inventory Tracking System Market. In
2018, the market of Inventory Tracking System industry outlook has been
consolidated by the top five players accounting for 58.25% of the share. Inventory Tracking System top 10
companies include A2B Tracking
Solutions Inc., Asset Management International, AT&T INC, Barcodes Inc.,
CYBRA Corporation, MASS Group Inc., Ventipix, Wasp Barcode Technologies, Windward
Inventory Tracking System and ZIH Corporation among others.
Acquisitions/Technology Launches
- In June 2019, Barcodes, Inc. is proud to announce the recent acquisition of Informs, Inc., an AIDC solutions provider with a strategic focus on consumables and custom labels sales.
- In April 2018, BluJay Solutions acquired CSF Solutions, a leading provider of customs and compliance solutions in the German market. With this acquisition, BluJay further solidifies its position as Germany’s leading customs solution provider.
1.1 Definitions and Scope
2. Inventory Tracking System Market - Executive summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key Trends by type of Application
2.3 Key Trends segmented by Geography
3. Inventory Tracking System Market
3.1 Comparative analysis
3.1.1 Product Benchmarking - Top 10 companies
3.1.2 Top 5 Financials Analysis
3.1.3 Market Value split by Top 10 companies
3.1.4 Patent Analysis - Top 10 companies
3.1.5 Pricing Analysis
4. Inventory Tracking System Market - Startup companies Scenario Premium
4.1 Top 10 startup company Analysis by
4.1.1 Investment
4.1.2 Revenue
4.1.3 Market Shares
4.1.4 Market Size and Application Analysis
4.1.5 Venture Capital and Funding Scenario
5. Inventory Tracking System Market - Industry Market Entry Scenario Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing business index
5.3 Case studies of successful ventures
5.4 Customer Analysis - Top 10 companies
6. Inventory Tracking System Market Forces
6.1 Drivers
6.2 Constraints
6.3 Challenges
6.4 Porters five force model
6.4.1 Bargaining power of suppliers
6.4.2 Bargaining powers of customers
6.4.3 Threat of new entrants
6.4.4 Rivalry among existing players
6.4.5 Threat of substitutes
7. Inventory Tracking System Market -Strategic analysis
7.1 Value chain analysis
7.2 Opportunities analysis
7.3 Product life cycle
7.4 Suppliers and distributors Market Share
8. Inventory Tracking System Market - By Component Type (Market Size -$Million / $Billion)
8.1 Hardware
8.2 Software
8.3 Service
9. Inventory Tracking System Market - By Industry Vertical (Market Size -$Million / $Billion)
9.1 Manufacturing
9.2 Retail
10. Inventory Tracking System - By Application (Market Size -$Million / $Billion)
10.1 Segment type Size and Market Share Analysis
10.2 Application Revenue and Trends by type of Application
10.3 Application Segment Analysis by Type
10.3.1 Asset Tagging
10.3.2 Maintenance Audit
10.3.3 Monitoring
10.3.4 Tracking
11. Inventory Tracking System- By Geography (Market Size -$Million / $Billion)
11.1 Inventory Tracking System Market - North America Segment Research
11.2 North America Market Research (Million / $Billion)
11.2.1 Segment type Size and Market Size Analysis
11.2.2 Revenue and Trends
11.2.3 Application Revenue and Trends by type of Application
11.2.4 Company Revenue and Product Analysis
11.2.5 North America Product type and Application Market Size
11.2.5.1 U.S
11.2.5.2 Canada
11.2.5.3 Mexico
11.2.5.4 Rest of North America
11.3 Inventory Tracking System- South America Segment Research
11.4 South America Market Research (Market Size -$Million / $Billion)
11.4.1 Segment type Size and Market Size Analysis
11.4.2 Revenue and Trends
11.4.3 Application Revenue and Trends by type of Application
11.4.4 Company Revenue and Product Analysis
11.4.5 South America Product type and Application Market Size
11.4.5.1 Brazil
11.4.5.2 Venezuela
11.4.5.3 Argentina
11.4.5.4 Ecuador
11.4.5.5 Peru
11.4.5.6 Colombia
11.4.5.7 Costa Rica
11.4.5.8 Rest of South America
11.5 Inventory Tracking System- Europe Segment Research
11.6 Europe Market Research (Market Size -$Million / $Billion)
11.6.1 Segment type Size and Market Size Analysis
11.6.2 Revenue and Trends
11.6.3 Application Revenue and Trends by type of Application
11.6.4 Company Revenue and Product Analysis
11.6.5 Europe Segment Product type and Application Market Size
11.6.5.1 U.K
11.6.5.2 Germany
11.6.5.3 Italy
11.6.5.4 France
11.6.5.5 Netherlands
11.6.5.6 Belgium
11.6.5.7 Denmark
11.6.5.8 Spain
11.6.5.9 Rest of Europe
11.7 Inventory Tracking System - APAC Segment Research
11.8 APAC Market Research (Market Size -$Million / $Billion)
11.8.1 Segment type Size and Market Size Analysis
11.8.2 Revenue and Trends
11.8.3 Application Revenue and Trends by type of Application
11.8.4 Company Revenue and Product Analysis
11.8.5 APAC Segment - Product type and Application Market Size
11.8.5.1 China
11.8.5.2 Australia
11.8.5.3 Japan
11.8.5.4 South Korea
11.8.5.5 India
11.8.5.6 Taiwan
11.8.5.7 Malaysia
11.8.5.8 Hong kong
11.8.5.9 Rest of APAC
11.9 Inventory Tracking System - Middle East Segment and Africa Segment Research
11.10 Middle East & Africa Market Research (Market Size -$Million / $Billion)
11.10.1 Segment type Size and Market Size Analysis
11.10.2 Revenue and Trend Analysis
11.10.3 Application Revenue and Trends by type of Application
11.10.4 Company Revenue and Product Analysis
11.10.5 Middle East Segment Product type and Application Market Size
11.10.5.1 Israel
11.10.5.2 Saudi Arabia
11.10.5.3 UAE
11.10.6 Africa Segment Analysis
11.10.6.1 South Africa
11.10.6.2 Rest of Middle East & Africa
12. Inventory Tracking System Market - Entropy
12.1 New product launches
12.2 M&A s, collaborations, JVs and partnerships
13. Inventory Tracking System Market - Industry / Segment Competition landscape Premium
13.1 Market Share Analysis
13.1.1 Market Share by Country- Top companies
13.1.2 Market Share by Region- Top 10 companies
13.1.3 Market Share by type of Application - Top 10 companies
13.1.4 Market Share by type of Product / Product category- Top 10 companies
13.1.5 Market Share at global level - Top 10 companies
13.1.6 Best Practises for companies
14. Inventory Tracking System Market - Key Company List by Country Premium
15. Inventory Tracking System Market Company Analysis
15.1 Market Share, Company Revenue, Products, M&A, Developments
15.2 A2B Tracking Solutions, Inc
15.3 Asset Management International
15.4 Att; Inc
15.5 Barcodes, Inc
15.6 Cybra Corporation
15.7 Mass Group Inc
15.8 Ventipix
15.9 Wasp Barcode Technology
15.10 Windward Software
15.11 Zih Corp
15.12 Company 12
15.13 Company 13 & More
16.1 Abbreviations
16.2 Sources
17. Inventory Tracking System Market - Methodology
17.1 Research Methodology
17.1.1 Company Expert Interviews
17.1.2 Industry Databases
17.1.3 Associations
17.1.4 Company News
17.1.5 Company Annual Reports
17.1.6 Application Trends
17.1.7 New Products and Product database
17.1.8 Company Transcripts
17.1.9 R&D Trends
17.1.10 Key Opinion Leaders Interviews
17.1.11 Supply and Demand Trends
LIST OF TABLES
1.Global Global Inventory Tracking System Market, By Component Type Market 2023-2030 ($M)1.1 Hardware Market 2023-2030 ($M) - Global Industry Research
1.2 Software Market 2023-2030 ($M) - Global Industry Research
1.3 Service Market 2023-2030 ($M) - Global Industry Research
2.Global Global Inventory Tracking System Market, By Industry Vertical Market 2023-2030 ($M)
2.1 Manufacturing Market 2023-2030 ($M) - Global Industry Research
2.2 Retail Market 2023-2030 ($M) - Global Industry Research
2.3 Aerospace Defense Market 2023-2030 ($M) - Global Industry Research
2.4 Healthcare Market 2023-2030 ($M) - Global Industry Research
2.5 Consumer Good Market 2023-2030 ($M) - Global Industry Research
2.6 Food Beverage Market 2023-2030 ($M) - Global Industry Research
2.7 Agriculture Market 2023-2030 ($M) - Global Industry Research
2.8 Automotive Market 2023-2030 ($M) - Global Industry Research
3.Global Global Inventory Tracking System Market, By Component Type Market 2023-2030 (Volume/Units)
3.1 Hardware Market 2023-2030 (Volume/Units) - Global Industry Research
3.2 Software Market 2023-2030 (Volume/Units) - Global Industry Research
3.3 Service Market 2023-2030 (Volume/Units) - Global Industry Research
4.Global Global Inventory Tracking System Market, By Industry Vertical Market 2023-2030 (Volume/Units)
4.1 Manufacturing Market 2023-2030 (Volume/Units) - Global Industry Research
4.2 Retail Market 2023-2030 (Volume/Units) - Global Industry Research
4.3 Aerospace Defense Market 2023-2030 (Volume/Units) - Global Industry Research
4.4 Healthcare Market 2023-2030 (Volume/Units) - Global Industry Research
4.5 Consumer Good Market 2023-2030 (Volume/Units) - Global Industry Research
4.6 Food Beverage Market 2023-2030 (Volume/Units) - Global Industry Research
4.7 Agriculture Market 2023-2030 (Volume/Units) - Global Industry Research
4.8 Automotive Market 2023-2030 (Volume/Units) - Global Industry Research
5.North America Global Inventory Tracking System Market, By Component Type Market 2023-2030 ($M)
5.1 Hardware Market 2023-2030 ($M) - Regional Industry Research
5.2 Software Market 2023-2030 ($M) - Regional Industry Research
5.3 Service Market 2023-2030 ($M) - Regional Industry Research
6.North America Global Inventory Tracking System Market, By Industry Vertical Market 2023-2030 ($M)
6.1 Manufacturing Market 2023-2030 ($M) - Regional Industry Research
6.2 Retail Market 2023-2030 ($M) - Regional Industry Research
6.3 Aerospace Defense Market 2023-2030 ($M) - Regional Industry Research
6.4 Healthcare Market 2023-2030 ($M) - Regional Industry Research
6.5 Consumer Good Market 2023-2030 ($M) - Regional Industry Research
6.6 Food Beverage Market 2023-2030 ($M) - Regional Industry Research
6.7 Agriculture Market 2023-2030 ($M) - Regional Industry Research
6.8 Automotive Market 2023-2030 ($M) - Regional Industry Research
7.South America Global Inventory Tracking System Market, By Component Type Market 2023-2030 ($M)
7.1 Hardware Market 2023-2030 ($M) - Regional Industry Research
7.2 Software Market 2023-2030 ($M) - Regional Industry Research
7.3 Service Market 2023-2030 ($M) - Regional Industry Research
8.South America Global Inventory Tracking System Market, By Industry Vertical Market 2023-2030 ($M)
8.1 Manufacturing Market 2023-2030 ($M) - Regional Industry Research
8.2 Retail Market 2023-2030 ($M) - Regional Industry Research
8.3 Aerospace Defense Market 2023-2030 ($M) - Regional Industry Research
8.4 Healthcare Market 2023-2030 ($M) - Regional Industry Research
8.5 Consumer Good Market 2023-2030 ($M) - Regional Industry Research
8.6 Food Beverage Market 2023-2030 ($M) - Regional Industry Research
8.7 Agriculture Market 2023-2030 ($M) - Regional Industry Research
8.8 Automotive Market 2023-2030 ($M) - Regional Industry Research
9.Europe Global Inventory Tracking System Market, By Component Type Market 2023-2030 ($M)
9.1 Hardware Market 2023-2030 ($M) - Regional Industry Research
9.2 Software Market 2023-2030 ($M) - Regional Industry Research
9.3 Service Market 2023-2030 ($M) - Regional Industry Research
10.Europe Global Inventory Tracking System Market, By Industry Vertical Market 2023-2030 ($M)
10.1 Manufacturing Market 2023-2030 ($M) - Regional Industry Research
10.2 Retail Market 2023-2030 ($M) - Regional Industry Research
10.3 Aerospace Defense Market 2023-2030 ($M) - Regional Industry Research
10.4 Healthcare Market 2023-2030 ($M) - Regional Industry Research
10.5 Consumer Good Market 2023-2030 ($M) - Regional Industry Research
10.6 Food Beverage Market 2023-2030 ($M) - Regional Industry Research
10.7 Agriculture Market 2023-2030 ($M) - Regional Industry Research
10.8 Automotive Market 2023-2030 ($M) - Regional Industry Research
11.APAC Global Inventory Tracking System Market, By Component Type Market 2023-2030 ($M)
11.1 Hardware Market 2023-2030 ($M) - Regional Industry Research
11.2 Software Market 2023-2030 ($M) - Regional Industry Research
11.3 Service Market 2023-2030 ($M) - Regional Industry Research
12.APAC Global Inventory Tracking System Market, By Industry Vertical Market 2023-2030 ($M)
12.1 Manufacturing Market 2023-2030 ($M) - Regional Industry Research
12.2 Retail Market 2023-2030 ($M) - Regional Industry Research
12.3 Aerospace Defense Market 2023-2030 ($M) - Regional Industry Research
12.4 Healthcare Market 2023-2030 ($M) - Regional Industry Research
12.5 Consumer Good Market 2023-2030 ($M) - Regional Industry Research
12.6 Food Beverage Market 2023-2030 ($M) - Regional Industry Research
12.7 Agriculture Market 2023-2030 ($M) - Regional Industry Research
12.8 Automotive Market 2023-2030 ($M) - Regional Industry Research
13.MENA Global Inventory Tracking System Market, By Component Type Market 2023-2030 ($M)
13.1 Hardware Market 2023-2030 ($M) - Regional Industry Research
13.2 Software Market 2023-2030 ($M) - Regional Industry Research
13.3 Service Market 2023-2030 ($M) - Regional Industry Research
14.MENA Global Inventory Tracking System Market, By Industry Vertical Market 2023-2030 ($M)
14.1 Manufacturing Market 2023-2030 ($M) - Regional Industry Research
14.2 Retail Market 2023-2030 ($M) - Regional Industry Research
14.3 Aerospace Defense Market 2023-2030 ($M) - Regional Industry Research
14.4 Healthcare Market 2023-2030 ($M) - Regional Industry Research
14.5 Consumer Good Market 2023-2030 ($M) - Regional Industry Research
14.6 Food Beverage Market 2023-2030 ($M) - Regional Industry Research
14.7 Agriculture Market 2023-2030 ($M) - Regional Industry Research
14.8 Automotive Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Inventory Tracking System Market Revenue, 2023-2030 ($M)2.Canada Inventory Tracking System Market Revenue, 2023-2030 ($M)
3.Mexico Inventory Tracking System Market Revenue, 2023-2030 ($M)
4.Brazil Inventory Tracking System Market Revenue, 2023-2030 ($M)
5.Argentina Inventory Tracking System Market Revenue, 2023-2030 ($M)
6.Peru Inventory Tracking System Market Revenue, 2023-2030 ($M)
7.Colombia Inventory Tracking System Market Revenue, 2023-2030 ($M)
8.Chile Inventory Tracking System Market Revenue, 2023-2030 ($M)
9.Rest of South America Inventory Tracking System Market Revenue, 2023-2030 ($M)
10.UK Inventory Tracking System Market Revenue, 2023-2030 ($M)
11.Germany Inventory Tracking System Market Revenue, 2023-2030 ($M)
12.France Inventory Tracking System Market Revenue, 2023-2030 ($M)
13.Italy Inventory Tracking System Market Revenue, 2023-2030 ($M)
14.Spain Inventory Tracking System Market Revenue, 2023-2030 ($M)
15.Rest of Europe Inventory Tracking System Market Revenue, 2023-2030 ($M)
16.China Inventory Tracking System Market Revenue, 2023-2030 ($M)
17.India Inventory Tracking System Market Revenue, 2023-2030 ($M)
18.Japan Inventory Tracking System Market Revenue, 2023-2030 ($M)
19.South Korea Inventory Tracking System Market Revenue, 2023-2030 ($M)
20.South Africa Inventory Tracking System Market Revenue, 2023-2030 ($M)
21.North America Inventory Tracking System By Application
22.South America Inventory Tracking System By Application
23.Europe Inventory Tracking System By Application
24.APAC Inventory Tracking System By Application
25.MENA Inventory Tracking System By Application
26.A2B Tracking Solutions, Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Asset Management International, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Att; Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Barcodes, Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Cybra Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Mass Group Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Ventipix, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Wasp Barcode Technology, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Windward Software, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Zih Corp, Sales /Revenue, 2015-2018 ($Mn/$Bn)