Trade promotion acts as marketing tool and is a part of revenue management, which indicates marketing campaigns for retailers/wholesalers. These promotion strategies used by consumer goods’ companies potentially give much better results than earlier trade promotion methods. By using these strategies, both CPG manufacturers and retailers enhance ROI on their trade-promotion investments. Increase in the adoption of trade promotion management will eventually boost the demand for software to manage all functions effectively.
According to The Insight Partners’ research, the global trade promotion management software market was assessed at US$ 970.8 million in 2020 and is projected to be worth US$ 1,108.4 million by 2028, growing at 10.9% CAGR between 2021 and 2028. The rising expenditure on trade promotion management and increasing investments in trade promotion management strategies to boost sales are the crucial factors aiding market proliferation.
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As per application, the market is divided into small & medium-size enterprises and large enterprises. Of these, the large enterprises segment captured 58% of the market share in 2020. The segment was evaluated at US$ 407.4 million in 2020 and is slated to amass US$ 983.7 million by 2028, expanding at 12% CAGR between 2021 and 2028.
Moving on to industry, the trade promotion management software market can be categorized into retail and consumer goods, IT services, healthcare, manufacturing, and others. The retail and CG segment led the trade promotion management software market with a market share of 58.9% in 2020. It was valued at US$ 571.4 million in 2020 and is expected to grow at a CAGR of 11.2% during the forecast period to reach US$ 1,300.9 million by 2028.
From the regional frame of reference, North America held a significant share in the global trade promotion management software market in 2020. The regional market was assessed at US$ 226.7 million in 2020 and is slated to amass US$ 436.0 million by 2028. Meanwhile, Asia Pacific is projected to record a stellar growth rate of 12.2% CAGR over 2021–2028 and gather US$ 920.1 million by 2028.
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The trade promotion management software is a tool used by organizations to strategize, plan, execute, and manage operations related to trade promotion campaign. The trade process is subjected to be technology enabled in the coming years. Tools such as spreadsheet and excel are being used for budget preparation of all the related activities. To optimize promotion expenditure incurred by end-user companies, the need of a software is necessary. Development of trade promotion strategy is the key to boost top-line revenue while maintaining customer loyalty in consumer goods, retail, or ecommerce companies. Presence of trade management software providers in the market, which helps targeted end users utilize trade promotion management software effectively, is driving the market growth.
On the other hand, the adoption of spreadsheet over software will likely hinder market augmentation over the forecast timeframe.
Based on deployment type, the global trade promotion management software market is bifurcated into cloud and on-premise. Among these, the cloud segment held 75.1% of the market share in 2020. The segment was assessed at US$ 645.9 million in 2020 and is projected to reach US$ 1,549.2 million by 2028, growing at 11.9% CAGR during the forecast period.
Some of the leading players profiled in the global trade promotion management software market are SAP SE; Oracle Corporation; Exceedra (AFS Technologies Inc.); Aera; and CPGTOOLBOX Inc.
- In February 2021, Edenhouse, which is a UK-based independent SAP partner, was acquired by Accenture. The acquisition will further enhance Accenture’s ability to support customers in their digital transformation journey.
- In October 2020, Oracle Corporation announced the general availability of oracle cloud infrastructure operations insights. These operation insights enable business executives, DevOps, database, and IT administrators to make data-driven database resource and performance management decisions.
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