(I-BusinessNews.Com, May 06, 2020 ) According to a new market research report “Multichannel Order Management Market by Solution (Software & Services), Deployment Type (Cloud & On-Premises), Organization Size, Industry Vertical (Retail, Ecommerce, and Wholesale, Manufacturing, & Healthcare), and Region – Global Forecast to 2023″, published by MarketsandMarkets™, the multichannel order management market size is expected to grow from USD 1.46 billion in 2018 to USD 2.44 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.8% during the forecast period.
The booming retail and eCommerce sector, multiple sale channels, low operational and initial costs, and rapidly growing number of internet users are some of the major factors driving the multichannel order management market.
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Software segment is expected to hold a larger market size during the forecast period.
Among all solutions, the software segment is expected to hold a larger market size during the forecast period. This growth can be attributed to the widespread adoption of multichannel order management software among enterprises. With the advent in various industry verticals and growth in multichannel selling, businesses’ focus centered around streamlining business operations and improving customer experience.
Cloud deployment type is expected to be a faster-growing segment during the forecast period.
Under the deployment type, the cloud deployment segment is expected to hold a larger market size and also grow at a higher CAGR during the forecast period. The overall adoption of cloud-based solutions has been witnessed to be on the rise and is expected to gain high demand during the forecast period because of its functionalities and core features. Moreover, the additional benefits of cloud-based solutions include effectiveness while being used by multiple users, reduced upfront costs, easy rolling out of new projects, no investments on hardware, low maintenance costs, and minimized infrastructure costs.
Retail, eCommerce, and wholesale vertical is expected to grow at the highest CAGR during the forecast period.
In the industry vertical segment, the retail, eCommerce, and wholesale industry is expected to be one of the highest growing verticals in the multichannel order management market. Companies in this vertical are constantly evolving in terms of technology. Furthermore, the growing customer base within the eCommerce sector forced businesses to focus on delivering enhanced customer experience and satisfaction. Moreover, the growth in retail and eCommerce across developed and emerging countries also drive multichannel order management market.
North America is expected to hold the largest market size and Asia Pacific (APAC) to grow at the highest CAGR during the forecast period.
Among all regions, North America is expected to have the largest size in the multichannel order management market during the forecast period, followed by the European region. The North American region has been receptive toward adopting multichannel order management within organizations because of its wide range of features and functionalities. The APAC region is expected to register a strong growth in the coming years, as organizations in this region are expected to adopt multichannel order management solutions to improve customer experience streamline business process and meet the demands of dynamic customers.
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The key vendors in the multichannel order management market include IBM (US), Salesforce (US), Oracle (US), HCL Technologies Limited (India), SAP (Germany), Zoho Corporation (India), Freestyle Solutions (US), Brightpearl (US), Unicommerce Esolutions Pvt. Ltd. (India), Cloud Commerce Pro Ltd (UK), ChannelGrabber (UK), Ecomdash (US), Primaseller (US), Stitch Labs (US), Vinculum Solutions Ltd. (India), Etail Solutions (US), Selro Ltd. (UK), SalesWarp (US), SellerActive (US), TradeGecko Pte. Ltd. (Singapore), ManageEcom (India), Contalog (India), GeekSeller, Browntape Technologies (India), Linnworks (UK), and Sanderson (UK).
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