The popularity of RFID technology is being increasing owing to different advantages including its ability to make the task of data collection easy with high level of precision. Hence, the technology is being preferred over barcode data capture and other manual techniques.
In the recent years, there has been increase in the use of RFID tags for inventory optimization software and services owing to their advantages including reduced labor costs, faster scanning, tracking of returnable assets, and improved visibility. This factor is resulting into promising sales prospects in the global inventory optimization software and services market. A study by Transparency Market Research (TMR) says that the global inventory optimization software and services market is prognosticated to expand at a CAGR of 11.2% during the forecast period of 2021 to 2031 and gain a valuation of US$ 11 Bn by 2031.
Inventory optimization software and services are being utilized in different industry verticals such as manufacturing, IT & telecom, food & beverages, consumer goods, BFSI, retail, automotive, healthcare & pharmaceuticals, oil & gas, life sciences, and transportation and logistics industries. This wide application range highlights that the global inventory optimization software and services market is expected to gain prominent sales prospects in the years ahead.
Players Develop Cost-Efficient and Compact-Sized Products
Companies in the inventory optimization software and services market are utilizing different strategies in order to stay ahead of the competition. They are increasing cash in-flow in R&Ds in order to improve the quality of products they offer. Moreover, several inventory optimization software and service providers are developing cost-efficient and compact-sized products in order to attract new customer base.
Many companies in the inventory optimization software and services market are entering into mergers, acquisitions, partnerships, and collaborations in order to maintain their leading positions. These factors are anticipated to help in the expansion of the inventory optimization software and services market in the near future.
Some of the key players operating in the global inventory optimization software and services market include Chainalytics LLC, Brightpearl Ltd., Genpact Limited, DEAR Systems, IBM Corporation, Infor Inc, and GEP Worldwide.
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