CHICAGO, June 25, 2021 /PRNewswire/ -- According to a new market research report "Multichannel Order Management Market with COVID-19 Impact Analysis, by Component (Software & Services), Deployment Mode, Organization Size, Vertical (Retail, E-commerce, and Wholesale, Manufacturing, and Healthcare), and Region - Global Forecast to 2026" published by MarketsandMarkets™, the Multichannel Order Management Market size to grow from USD 2.3 billion in 2021 to USD 3.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.2% during the forecast period.
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Various factors such as COVID-19-led acceleration of organizations for new customer engagement through digital experiences, booming retail and eCommerce vertical, growth in multichannel selling, low operational and initial costs, and a rapidly growing number of internet users are expected to drive the adoption of multichannel order management solutions and services.
There will be a long-lasting impact of COVID-19 on the warehouse. As the virus spread throughout the world, it made a ripple effect. An outbreak or transportation delay that occurred in one part of the world had a destructive impact globally, causing shutdowns due to warehouse closures or missing or delayed supplies. The global supply chain struggled to keep up as the virus spread. While the COVID-19 pandemic was not responsible for starting the eCommerce boom, it is certainly responsible for the recent surge in demand. Hence, omnichannel distribution also started booming. As the warehouse shifts from picking full cases for retail locations to picking individual items for end customers, they also need to manage multiple delivery options. Omni-Channel includes letting the customer purchase from anywhere (in-store, online) and delivering the products where they like (ship to home, pick up in-store, curbside pickup). This also includes the return of the product (ship to return or return in-store). Customers have always been demanding, but with the COVID-19 surging eCommerce demand, the omnichannel distribution trend will stay for a longer time. This leaves warehouses and distribution centers looking for advanced processes, technologies, and software to support omnichannel distribution.
The services segment to hold higher CAGR during the forecast period
Based on components, the Multichannel Order Management Market is segmented into software and services. Further, the services segment has been divided into professional and managed services. These services play a vital role in the functioning of multichannel order management solutions, as well as ensure faster and smoother implementation that maximizes the value of the enterprise investments. The growing adoption of multichannel order management software is expected to boost the adoption of professional and managed services.
Cloud deployment mode to account for largest market size and CAGR during the forecast period
The Multichannel Order Management Market by deployment mode has been segmented into cloud and on-premises. The low cost and ease of implementation, scalability, adaptability, easy deployment, and cost-effectiveness, which promote the adoption of cloud deployment across organizations and have made cloud a highly desirable delivery mode among them. Cloud-based multichannel order management software offers a wide range of agile and cost-effective software and services for accurate, real-time delivery from global inventory channels to achieve on-time order fulfillment, which would drive the adoption of cloud based solutions among both, SMEs and large enterprises.
The SMEs segment to hold higher CAGR during the forecast period
The Multichannel Order Management Market has been segmented by organization size into large enterprises and SMEs. The market share of large enterprises is higher; however, the market for SMEs is expected to register a higher CAGR during the forecast period. To deal with challenges, such as business model sustainability, process efficiency data, reporting, and audit requirement, SMEs are increasingly adopting multichannel order management solutions.
Retail, eCommerce, and wholesale Services segment to have the largest market size during the forecast period
The Multichannel Order Management Market by vertical has been categorized into retail, eCommerce, and wholesale, manufacturing, healthcare and life sciences, food and beverages, and other verticals (automotive, pharmaceuticals). Multichannel order management can help retail, eCommerce, and wholesale industry in managing orders coming from multiple channels. The rise in multiple sales channels among retail, eCommerce, and wholesale companies have made it necessary to have greater visibility across the entire order process life cycle. Therefore, the need for real-time updates related to tracking, managing, and processing of orders has resulted in an increased demand for multichannel order management solutions.
APAC to hold higher CAGR during the forecast period
APAC is expected to grow at a good pace due to growing digitalization, business complexity, increased online shopping, and rising adoption of social media channels in the region. This has created new ways to reach customers and deliver goods at their doorsteps. APAC has continually presented lucrative market opportunities for multichannel order management solution providers with a notable increase in adoption of multichannel order management across both its developed and emerging countries. China, Japan, and India have displayed ample growth opportunities in the Multichannel Order Management Market. Moreover, various partnerships among retail giants and social media platforms, food chain providers and delivery partners during COVID-19 crises have led the adoption of multichannel order management solutions in the APAC region
Major vendors in the global Multichannel Order Management Market include IBM (US), Oracle (US), SAP (Germany), Salesforce (US), HCL Technologies (India), Zoho (India), Brightpearl (US), Stitch Labs (US), Selro (England), Linnworks(England), Vinculum (India), Freestyle Solutions (US), Aptean (US), Etail Solutions (US), SellerActive (US), Delhivery (India), Cloud Commerce Pro (England), QuickBooks Commerce (India), Unicommerce (India), SalesWarp (US), Contalog (India), Browntape (India), Multiorders (England), ManageEcom (India), Evanik (India), GeekSeller (US), SkuSuite (US), Newfold Digital (US), and EMERGE App (Singapore).
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