The global 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. 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 rapidly growing number of internet users are expected to drive the adoption of multichannel order management solutions and services.
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.
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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.
According to MarketsandMarkets, multichannel order management is arranging and managing all business processes related to orders generated from sources or channels. Multichannel order management simplifies the process by maintaining all the order data in a single place, thereby eliminating the need to login into multiple platforms to fulfill requested orders. Multichannel order management automation solutions are used by Business-to-Business (B2B) and Business-to-Customer (B2C) or by both vendors. It also facilitates inventory information management, customer database, vendors’ database, billings and payments, customer returns and refunds, and order processing records. The multichannel order management market comprises multichannel order management services and software solutions embedded with advanced technologies, such as Artificial Intelligence (AI) and Machine Learning (ML), analytics, IoT, and techniques that help in maning customers orders from multiple platforms in real-time.
Some of the key players operating in the 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). These multichannel order management vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global multichannel order management market.
Oracle was incorporated in 1977 and is headquartered in California, US. The company is a global leader in delivering a broad spectrum of products, solutions, and services designed to meet the requirements of corporate IT environments, such as platforms, applications, and infrastructure. Oracle’s customers include businesses of various sizes, government agencies, educational institutions, and resellers. The company, directly and indirectly, sells its products and services through a worldwide sales force and Oracle Partner Network, respectively. It specializes in developing, manufacturing, and marketing hardware systems, databases, middleware software, and application software. It provides SaaS offerings that are designed to incorporate emerging technologies, such as IoT, AI, ML, and blockchain. It operates through three business segments: cloud and license, hardware, and services, in more than 175 countries and caters to 4,30,000 customers across banking, telecommunications, engineering and construction, financial services, healthcare, insurance, public sector, retail, and utilities verticals. Oracle offers a comprehensive and broad portfolio of cloud solutions for business functions, such as Enterprise Resource Planning (ERP), Human Capital Management (HCM), customer experience, and Supply Chain Management (SCM). It operates through three business segments: cloud and license, hardware, and services, in more than 175 countries and caters to 4,30,000 customers across banking, telecommunications, engineering and construction, financial services, healthcare, insurance, public sector, retail, and utilities verticals.
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IBM is a multinational technology and consulting corporation founded in the year 1911 and is headquartered in New York, US. It offers infrastructure, hosting, and consulting services and operates through five major business segments: cloud and cognitive software, global business services, global technology services, systems, and global financing. IBM’s product portfolio comprises various segments, such as IoT, analytics, security, mobile, social, and Watson. It caters to various industry verticals that include aerospace and defense, education, healthcare, oil and gas, automotive, electronics, insurance, retail and consumer products, banking and finance, energy and utilities, life sciences, telecommunications, media and entertainment, chemicals, government, manufacturing, travel and transportation, construction, and metals and mining. The company has a robust presence in the Americas, Europe, the MEA, and Asia Pacific and clients in more than 175 countries. In the multichannel order management market, IBM offers IBM Sterling Order Management platform to offer seamless omnichannel customer experience.
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