As per the report published by Fior Markets, the global Multichannel Order Management market is expected to grow from USD 2.2 billion in 2020 to USD 5.06 billion by 2028, at a CAGR of 11% during the forecast period 2021-2028.
Multichannel order management software systems have a high acceptance rate in businesses owing to benefits including shorter time to market, simple architecture, easy implementation, increased operational efficiency, and improved customer experience. In addition, the number of internet users continues to rise rapidly throughout the world, driving demand for multichannel order management (MOM) systems. The rate of internet consumption keeps rising rapidly in economies such as India and China. Cloud-based solutions’ benefits, such as scalability and minimal maintenance costs, are driving their growth. As a result, the multichannel order management market is growing. Security and privacy concerns are increasing among businesses and are likely to hamper the growth of the multichannel order management market over the projected period.
A multichannel order management system (MOM) is business-to-business software designed to help various dealers sell their products and promote their online businesses. The executive’s preparations for multichannel requests are primarily meant to assist in combining orders from many channels into a single list and posting the most recent costs throughout all business diverts during cost adjustments. Some multichannel order management solutions are utilized as a commerce management solution as well as for fundamental necessities. Furthermore, as the internet market grows, businesses, particularly retail establishments, are embracing cutting-edge technology like big data analytics, digital stores, cloud computing, and social media networks to better connect with customers and expand their client base. Due to increased rivalry among businesses, firms are focused on enhancing customer experience as a key differentiator amid a plethora of online purchasing options.
The global multichannel order management market is being driven by an increase in retail sales and online purchasing, particularly in emerging nations. According to research by the India Brand Equity Foundation, India’s e-commerce business is rapidly expanding, with the country on track to overtake the United States and become the world’s second biggest e-commerce market by 2034. Furthermore, as businesses become more adaptable and versatile, the requirement for scalability continues to climb, resulting in an increase in multichannel selling and the need for multichannel order management systems inside businesses. Globally, demand for multichannel order management systems is growing since they are less expensive than traditional solutions.
Key players operating in the global multichannel order management market include Aptean, Brightpearl, Browntape Technologies, Cloud Commerce Pro Ltd, Delhivery Pvt Ltd, Etail Solutions, EMERGE App & Higher Identity Technology Pte Ltd., Freestyle Solutions, HCL Technologies Limited, IBM Corporation, Linnworks, Newfold Digital Inc., Oracle Corporation, SAP SE, Salesforce.com Inc., Stitch Labs, Selro Ltd., SellerActive Inc., SalesWarp, Contalog, SKUSUITE INC., QuickBooks Commerce, Unicommerce eSolutions Pvt. Ltd., Vinculum Solutions Pvt. Ltd., and Zoho Corporation Pvt. Ltd.
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The cloud segment dominated the market and held the largest market share of 55.7% in the year 2020
Based on deployment, the global Multichannel Order Management market is segmented into cloud and on-premise. The cloud segment dominated the market and held the largest market share of 55.7% in the year 2020, as it allows both resiliency and risk minimization, which isn’t possible with on-premises infrastructure. Cloud solutions provide a number of benefits, including scalability, flexibility, ease of deployment, and cost-effectiveness, all of which encourage companies to use cloud deployment. Cloud computing has become a popular delivery mechanism among businesses due to its low cost and ease of deployment.
The large enterprise segment dominated the market and held the largest market share of more than 50% in the year 2020
Based on the size, the global Multichannel Order Management market is segmented into large enterprises and small and medium-sized enterprises. The large enterprise segment dominated the market and held the largest market share of more than 50% in the year 2020, as they are focused on numerous channels to reach a wide number of customers and satisfy their expectations. As a result, many businesses are turning to multichannel order management solutions to stop omnichannel and stock control difficulties.