Multichannel Order Management Market Guided To Gain $2.44 billion by 2023

Multichannel Order Management Market

The Multichannel Order Management Market is segmented by component, deployment type, organization size, industry vertical, and region. MarketsandMarkets forecasts the global multichannel order management market 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.

Multichannel order management automation solutions are used by Business-to-Business (B2B) and Business-to-Customer (B2C) or by both vendors. The multichannel order management also facilitates the management of inventory information, database of customers, database of vendors, information on billings and payments, customer returns and refunds, and order processing records.

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Among all solutions, the services segment is expected to grow at a higher CAGR during the forecast period. Multichannel order management services include professional and managed services. Again, professional services segment is divided into consulting services, integration and deployment services, and training and support services. These services offer capabilities, such as smooth implementation, development, and maintenance of ongoing activities to organizations. Multichannel order management service providers assist and support organizational entities, such as customers, partners, support teams, marketing teams, and employees, with individual development and training. The services segment is in high demand across businesses owing to the extensive adoption of multichannel order management platforms among enterprises.

Cloud deployment type is expected to be a faster-growing deployment mode in this market. Many multichannel order management users prefer the cloud deployment type. The advantages of deploying cloud-based solutions include flexibility, scalability, affordability, operational efficiency, and low costs. 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.

By organization size, the SMEs segment is expected to grow at a higher CAGR during the forecast period as SMEs are inclined toward reducing costs and capital investments, and utilizing minimum workforce. As a result, the fastest-growing segment of the multichannel order management market is SMEs; they are adopting multichannel order management services, which would enable quick responses, timely decisions, and enhanced business productivity.

Among all industry verticals, the retail, eCommerce, and wholesale industry vertical is expected to grow at the highest CAGR during the forecast period. The rise in multiple sales channels among retail, eCommerce, and wholesale companies has made it necessary to have greater visibility across the entire order process life cycle. Therefore, the need for real-time updates related to the tracking, managing, and processing of orders has resulted in an increased demand for multichannel order management solutions.

The multichannel order management market in APAC is expected to witness a strong growth in the coming years, as organizations in these regions are looking forward to adopting multichannel order management to meet the demands of the dynamic mobile workforce. Also, there is a huge market potential for enterprises in this region; this potential can be leveraged to create better business opportunities. Speak to Research Expert @