The Multichannel Order Management Market size is estimated at USD 3.27 billion in 2024, and is expected to reach USD 5.01 billion by 2029, growing at a CAGR of 8.92% during the forecast period (2024-2029).
Some major factors driving the market are the technological advancements related to digital transformation in various industries, the increasing penetration of smartphones across the globe, the growing number of internet users, and the adoption of multiple sales channels by different organizations.
The multichannel order management market is highly competitive due to many large and small players providing software and services to domestic and international markets. The market appears moderately fragmented and is moving towards the fragmented stage. The major players in the market are adopting strategies like product and service innovation and mergers and acquisitions to expand their product portfolio's functionality and stay competitive in the market. Some of the major players in the market are IBM Corporation, HCL Technologies Limited, Oracle Corporation, and Salesforce.com, Inc.
In April 2023, Oracle introduced new capabilities across Oracle Fusion Cloud Applications Suite, expected to help customers accelerate supply chain planning, increase operational efficiency, and improve financial accuracy. The updates included new planning, usage-based pricing, Oracle Fusion Cloud Supply Chain & Manufacturing (SCM) rebate management capabilities, and enhanced quote-to-cash processes in Oracle Fusion Applications.
In April 2023, Freestyle Software announced the availability of version 12 of Multichannel Order Manager (M.O.M.), which marks the second major release since 2020. The latest version includes significant improvements to security and is one of the first applications to be certified under the new, more stringent PCI-S3 requirements.
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