Trade Promotion Management Software Market is expected to reach US$ 2.69 billion by 2030

Rise in Electronics Industry Drives Trade Promotion Management Software Market Growth

According to our latest study on “Trade Promotion Management Software Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component, Deployment Type, Application, and Industry Vertical,” the trade promotion management software market size was valued at US$ 1.28 billion in 2022 and is expected to reach US$ 2.69 billion by 2030. The trade promotion management software market is estimated to record a CAGR of 9.7% from 2022 to 2030.

Trade promotion acts as a marketing tool, which makes it a part of revenue management through marketing campaigns for retailers/wholesalers. The use of best-in-class trade promotion strategies by consumer goods companies has the potential to provide five times better results than old trade promotion methods. These companies invest approximately 20–23% of their top-line revenue in trade promotions annually, which creates a need to evaluate whether the trade spent meets the objective of maximizing return on investment. With respect to expenditure, consumer-packaged goods companies have increased their spending on trade promotion to handle diminishing customer loyalty and private label growth. This factor propels the demand for efficient trade promotion strategies and plays a key role in developing software for managing trade promotions, driving trade promotion management software market size. With a rise in trade investment by consumer goods manufacturers, their retail partners are able to drive an increase in both revenues and margins.

Trade Promotion Management Software Market – by Region, 2022 and 2030

Source: The Insight Partners Analysis

Moreover, fragmenting sales channels; dynamic consumer behavior; rising focus of retailers on private labels; changing retail formats by introducing new channels such as gas station forecourts, convenience formats, and e-commerce sites; and the arrival of small and fast-moving competitors are among the factors creating demand for efficient trade promotion management software among large and well-established consumer goods companies to remain in the competitive market. The end user companies executing trade promotion strategies and optimization consume less time and resources for collecting consumer data. The trade promotion management software also helps in using trade funds in an ideal way to have greater visibility to ROI. By using trade promotion strategies, both CPG manufacturers and retailers enhance ROI on their trade promotion investments. Hence, with rising expenditure on trade promotion management, the demand for trade promotion management software is also growing, which drives the trade promotion management software market growth.

In 2022, North America accounted for the largest trade promotion management software market share of the global. The region has the largest consumer goods sector, which can help the companies of this sector to use advanced technologies and software to maximize the return on investment (ROI) and profit margin of promotional funding. In addition, the region houses consumer goods companies within its territory, which can further enhance the scope of trade promotion management software market growth in North America.

Based on component, the trade promotion management software market is bifurcated into solution and services. Based on deployment type, the trade promotion management software market is divided into cloud and on-premise. In terms of application, the trade promotion management software market is bifurcated into large enterprises and small & medium size enterprises. Based on industry, the trade promotion management software market is categorized into retail & consumer goods, IT & services, pharmaceutical, manufacturing, and others. In terms of geography, the global trade promotion management software market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).

Aera Technology; TELUS; o9 Solutions, Inc.; Oracle; SAP SE; UpClear; Anaplan, Inc.; Aforza Inc.; Wipro; and Psignite Inc are among the key trade promotion management software market players. 

Contact Us
 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com