Growth Perspectives of Warehouse Management System Market

Posted June 12, 2020 by ctom7000

Third-party logistics, automotive, and food & beverages industries drive the growth of warehouse management system market
Warehouse management system (WMS) is a software application that helps manage operations in warehouses in the most efficient and productive manner. The warehouse management system market is expected to reach USD 4.82 billion by 2024 from USD 2.06 billion in 2018, at a CAGR of 15.2% from 2018 to 2024. The growth of this market can be attributed to the growth in the e-commerce industry, emerging multichannel distribution channels, globalization of supply chain networks, increased adoption of on-cloud WMS solutions, and rising need for efficient forecasting models.

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Software is likely to hold a large share of the WMS market during the forecast period. Increasing awareness about WMS software among small and midsized enterprises (SMEs), globalization of supply chain networks, and growing share of cloud-based WMS software solutions are the key factors boosting the demand for WMS software.

On-premise deployment is likely to lead the WMS market during forecast period. Benefits such as enhanced data security, better performance and control over data transmission, and easier customizations provided by on-premise warehouse management systems are resulting in their high adoption.

Advanced (tier 1) WMS is expected to dominate the WMS market during forecast period. Advanced WMS aids warehouse operators in making better decisions about inventory stocking, movement, and employee efficiency with adequate and accessible information. This is a major factor driving the growth of the market for advanced (tier 1) WMS.

The third-party logistics (3PL) industry is expected to lead the overall warehouse management system market from 2018 to 2024. Factors such as growing need for efficient order management, increased outsourcing of logistics and transportation operations, and globalization of supply chain networks have boosted the adoption of warehouse management systems in the 3PL industry.

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North America is expected to account for the largest share of the warehouse management system market in 2018. Factors such as presence of large companies with global warehousing and distribution operations, growth in e-commerce industry, and developed third-party logistics (3PL) networks are driving the growth of the market in this region. The US is the major contributor to the growth of market in North America. Companies in the US are shifting most of their operations on cloud, thereby creating huge opportunities for the adoption of on-cloud WMS solutions.
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Issued By Tom
Country United Kingdom
Categories Technology
Tags warehouse management system market
Last Updated June 12, 2020