Growth in e-commerce industry driving warehouse management system market growth
Northrook, IL -- (SBWIRE) -- 04/05/2020 -- 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.
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.
Browse 40 market data Tables and 62 Figures spread through 170 Pages and in-depth TOC on "Warehouse Management System Market - Global Forecast to 2024"
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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.
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.
Third-party logistics, automotive, and food & beverages industries drive the growth of warehouse management system market
With the rise in demand for 3PL services, companies are handling huge inventory on a daily basis. Further, the complexity of operating a 3PL facility, particularly one that serves multiple clients, has accelerated. The implementation of WMS in the 3PL industry is vital to efficiently handle inventory and orders. WMS can seamlessly handle overlapping of inventory. These systems can also effortlessly handle any overlapping of sales orders or purchase orders, thereby saving hours required for manual data entry.
The after-sales service market for the automotive industry is witnessing tremendous growth opportunities owing to the high number of vehicles sold worldwide and the increasing need for periodic maintenance. In recent times, provision of efficient after-sales services adds value to the final products as it influences customers to buy products of certain brands. Provision of an efficient after-sales service requires uninterrupted supply of essential spare parts and components, such as engine parts, suspensions, tires, electronic components, and brake pads. These spare parts are not necessarily being manufactured at same locations and are required to be transported both at assembly facilities and service outlets for customers to buy replacements. WMS plays a major role in making the inventory available at warehouses and transporting it to distribution centers as per customer requirements.
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Food & Beverages:
With the increasing concern about food safety and quality among customers, it becomes necessary for food & beverages companies to keep a track of the sources of food products and to ensure food quality while these are being transported. Several governments worldwide have come-up with regulations to ensure superior quality of packaged food & beverages. Regulations such as Hazard Analysis and Critical Control Point (HACCP) by the US federal government, Safe Food for Canadians by the Canadian Food Inspection Agency (CFIA), and General Food Law of the European Union have been adopted by food & beverages companies to ensure freshness and integrity of food items.
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