Category Management Software Market is Estimated to Witness High Growth Owing to AI and Machine Learning Integration
Category management software helps retailers and suppliers optimize decisions for managing product assortment, pricing, promotions, and shelf placement across categories. With the increasing use of advanced technologies like AI and machine learning in retail analytics, category management software has gained popularity for its capability to provide real-time insights into customer purchasing patterns. Category management software analyzes huge amounts of customer transaction and behavioral data to identify cross-selling and upselling opportunities. The tools allow retailers to personalize shelf placements, predictive promotions, and optimize in-store layouts that maximize sales and margins.
The Global Category Management Software Market is estimated to be valued at US$ 1.71 Bn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Category Management Software market are Aptos, LLC, Board International S.A., Cognizant, IBM Corporation, INTERACTIVE EDGE, Infor, Mi9 Retail, Microsoft Corporation, Oracle Corporation, Retail Insights, Retek, Revionics, SAP SE, Softvision, Symphony RetailAI.
Key opportunities in the market include growing demand for data-driven sales optimization and expansion of product catalogs. Retailers are widely adopting category management software to streamline category reviews, enable collaborative planning with suppliers, and enhance on-shelf availability.
Technological advancements like AI, machine learning and predictive analytics are boosting the capabilities of category management tools. Software providers are integrating advanced algorithms to offer hyper-personalized recommendations, automate replenishment planning, and optimize pricing and promotions based on real-time demand patterns.
Market Drivers
One of the major drivers for Category Management Software Market Growth is the increasing need for sales optimization and efficiency across retail operations. With growing competition, retailers are under pressure to maximize profits from limited shelf space and optimize product assortments based on changing customer preferences. Category management software helps retailers make smarter category decisions informed by deep analytics of transaction histories, demographics, and feedback from supplier partner systems. This enables aligning inventory with current demands and sustaining margins over the long term.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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