The global trade promotion management software market is expected to grow from US$ 1,048.9 million in 2021 to US$ 2,157.3 million by 2028; it is estimated to grow at a CAGR of 10.9% from 2021 to 2028.
The trade promotion management software is a tool used by organizations to strategize, plan, execute, and manage operations related to trade promotion campaign.The objective of utilizing the trade promotion software is to increase revenue and maximize profits.
The software is used by manufacturers, as well as retailers and vendors for capitalizing on various strategies such as pricing strategies, product display, and offers & discounts. The trade promotion management software market is experiencing significant growth.This can be attributed to the growing consumer goods industry due to increase in global GDP per capita and adaptation of modern lifestyle.
Moreover, the increasing need to make data-driven decision across various industry verticals by analyzing demand and supply forces for production and sales planning is among other factors bolstering the growth of the trade promotion management software market. However, the lack of adoption of trade promotion management software in certain developing and underdeveloped countries is hampering the growth of the market.
Impact of COVID-19 Pandemic on Trade Promotion Management Software Market
Amid COVID-19 pandemic, the retail sector has gone through tremendous changes in every activity, such as promotional tasks.Both manufacturers and retailers are looking for solutions to deal with numerous unexpected challenges, such as altered consumer behaviours and shortened timelines.
To manage these challenges, trade promotion management software is helping end users to plan and track their respective activities. Moreover, it has been observed that companies are putting additional focus on trade promotion optimization during pandemic as it applies data analytics to trade promotion management and allows users to develop smarter and more granular insights. To drive greater efficiency in trade promotion, the COVID-19 pandemic has brought growth opportunities for the providers of trade promotion management software solutions
The overall trade promotion management software market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the trade promotion management software market with respect to all the segments.It also provides the overview and forecast for the global market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic.The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the trade promotion management software market.
A few major players operating in the market are Aera Technology; Accenture; Cornerstone; Deloitte; Exceedra by TELUS; o9 Solutions, Inc.; Oracle Corporation; Palantir Technologies; SAP SE; and UpClear.
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