Multichannel Order Management Market Expected to Reach $6.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Multichannel Order Management Market," The multichannel order management market size was at $2.5 billion in 2021, and is estimated to reach $6.5 billion by 2031, growing at a CAGR of 10.1% from 2022 to 2031.

Businesses track and account for orders from several sales channels using multichannel order management. These consist of wholesale, retail, and inventory used by online marketplaces and other businesses. For a variety of reasons, several departments require order information. A vital step in this process is disseminating this knowledge throughout the business. When there is a single, undisputed inventory data source that all stakeholders can openly access, a difficult layer of alignment is eliminated.

Since many different departments require inventory data for various purposes, how the information is communicated across the company is a crucial element of this process. An otherwise difficult layer of alignment is removed when there is a reliable source of order data that all stakeholders may access. The majority of retailers would concur that inventory is the core of their business operations, and it has become crucial to retain a competitive advantage internally that translates into a positive customer experience externally. The market for multichannel order management has expanded as a result of the aforementioned considerations.

According to multichannel order management market research, inventory management and other segments collectively accounted for around 60% market share in 2021, with the former constituting around 35% share. The order fulfillment and inventory management segments are expected to witness considerable CAGRs of 12% and 11%, respectively, during the forecast period. The cumulative share of these two segments was 58% in 2021 and is anticipated to reach 60% by 2031.

During the pandemic, several significant elements saw an increase, including the adoption of many sales channels by various firms, technology developments in various sectors, increased smartphone penetration internationally, increased internet users, and technological breakthroughs in various industries. The aforementioned factors contributed to propelling the multichannel order management industry. With the change to the internet-related business, retailers swiftly began incorporating cutting-edge technologies like big data analytics, cloud computing, and digital stores.

The retail industry has undergone a shift thanks in large part to digital media as consumers have become more selective about how and when they want to hear from companies. To adapt to the quickly shifting consumer tastes and effectively handle the large orders of multichannel commerce, several significant firms implemented techniques including improving their services and working together. As a result, during the pandemic, multichannel order management has risen in popularity. popular. Consequently, COVID-19 has had a significant impact on the market for multichannel order management.

Region-wise, North America held a significant global multichannel order management market share, due to the region’s expanding wireless connectivity penetration and growing digitalization, the U.S. currently dominates the regional market for North America. Rapid advancements in artificial intelligence (AI) and internet of things (IoT) technologies have propelled multichannel order management market trends in this region. Moreover, rapid urbanization and an increase in consumer spending to streamline channel integration solutions are the primary factors that drive the growth of the multichannel order management industry in Asia-Pacific, North America, Europe, and LAMEA.

KEY FINDINGS OF THE STUDY

• By component, in 2021, the software segment was the highest revenue contributor to the market, with $1,500 million. However, the services segment is estimated to reach $1,800 million by 2031, at a significant CAGR, during the forecast period.
• By organization size, the large enterprises segment was the highest revenue contributor to the market in 2021. However, the SMEs segment is estimated to grow with an impressive CAGR, during the forecast period.
• By deployment mode, in 2021, The cloud-based segment was the highest revenue contributor to the market, with $1,600 million. However, the on-premises segment is estimated to reach $1,700 million by 2031, with an impressive CAGR, during the forecast period.
• By application, in 2021, the inventory management segment was the highest revenue contributor to the market. However, order fulfillment segments are estimated to grow with an impressive CAGR in multichannel order management market forecast.
• By end-use vertical, the manufacturing segment is estimated to reach $1,500 million by 2031, with impressive CAGR, during the forecast period. However, transportation & logistics and retail segments are expected to witness considerable CAGRs of 12% and 11%, respectively, during the forecast period.
• Region-wise, the multichannel order management market growth was dominated by North America. However, Asia-Pacific and Europe are expected to witness a significant growth rate during the forecasted period.

Key players profiled in the report include Brightpearl, Inc., Cloud Commerce Pro Ltd., Delhivery Pvt. Ltd., HCL Technologies Limited, IBM Corporation, Newfold Digital Inc., Oracle Corporation, Salesforce.com, Inc., SAP SE and Zoho Corporation. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the multichannel order management market.