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Press Release / Technology / Multichannel Order Management Market extrapolated to obtain $2.44 billion by 2023

Multichannel Order Management Market extrapolated to obtain $2.44 billion by 2023

By KyraMania on May 26 2021 | 576 Views

multichannel order management market expected to grow from $1.34 billion in 2017 to $2.44 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.8%

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 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.

Browse in-depth TOC on "Multichannel Order Management Market"
65- Tables
39- Figures
134- Pages

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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), UnicommerceEsolutions 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).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Research Insights: https://www.marketsandmarkets.com/ResearchInsight/multichannel-order-management-market.asp
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