Albany, NY -- (SBWIRE) -- 08/17/2017 -- The emergence of digital technology has led to the increased adoption of warehouse management systems (WMS) in a number of applications. A booming e-commerce industry and the subsequent adoption of WMS in this sector is expected to drive the global warehouse management systems market. Another significant factor supporting its growth is the increasing adoption of BYOD in various industries such as retail, 3PL, healthcare, and manufacturing. This has led to an increasing demand for cloud-based WMS solutions, subsequently driving the warehouse management systems market.
The market is anticipated to expand at a revenue-based CAGR of 14.1% during the forecast period, rising from a value of US$1.2 bn in 2015 to US$4.1 bn by 2024.
On the basis of the component, the market can be bifurcated into software and services. The software segment comprises on-premise and cloud-based warehouse management systems. In 2015, on-premise WMS accounted for the maximum revenue share of the warehouse management software market at around 77%. However, cloud-based warehouse management software is expected to show sustainable growth during the forecast period due to various technological advancements and a higher cost-effectiveness as compared to on-premise warehouse management software.
Based on services, the WMS market is segmented into consulting, system integration, and operations and maintenance. In 2015, the operation and maintenance segment held a higher revenue share compared to the rest and is also expected to expand at a significant CAGR during the forecast period.
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Accounting for a share of just over 58% in 2015, services formed the leading component segment in the overall warehouse management systems market. At a 15.1% CAGR from 2016 to 2024, this segment is also projected to witness a growth rate higher than the software segment. Between on-premise and cloud-based warehouse management systems, the former accounted for a share of around 77% in 2015. However, cloud-based WMS are likely to witness immense growth during the course of the forecast period.
Based on application, third-party logistics held the leading share in the WMS market in 2015, while the pharmaceutical segment is projected to register a high CAGR from 2016 to 2024. Geographically, Europe held a 43% share in the total revenue generated by the global warehouse management systems market in 2015, generating US$560.7 mn that year. On the other hand, Asia Pacific will register a 17.2% CAGR during the course of the forecast period, emerging as an immensely lucrative regional segment in the warehouse management systems market.
Globalization and the rising demand for advanced warehouse management solutions in the emerging markets of Asia Pacific is one of the key factors fueling the demand for warehouse management systems. "Rising urbanization and the consequent increase in per capita income have brought about a remarkable transformation in the retail sector in the region," the lead analyst states.
Consumers have been increasingly inclined toward online shopping owing to the vast benefits the platform presents, owing to which, the very structure of the retail sector has evolved. Trying to meet the growing consumer demand and the resultant tackling challenges of capacity and capability has significantly boosted the demand for warehouse management systems worldwide.
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In terms of revenue, Europe was the leading regional market for warehouse management systems, accounting for around 43% of revenue share in 2015. The region is expected to retain its dominance in the WMS market throughout the forecast period. This market is primarily driven by the role of third-party logistics. Third-party logistics companies are increasingly adopting warehouse management systems to enhance various functionalities, improve customer relationship experience, and support a cost-effective management system.
The warehouse management systems market in North America is projected to show moderate growth during the forecast period, with the U.S. emerging as one of the most attractive regional segments.
Asia Pacific also plays a key role in the development of the global warehouse management systems market. The WMS market in Asia Pacific is growing at a rapid pace and is expected to maintain its momentum due to the rising demand for extended WMS solutions supporting in-store inventory, cloud integration, and order management along with standard warehouse management system offerings.
The warehouse management systems market in Latin America and the Middle East and Africa is anticipated to witness sustainable growth in the near future. The major factor fuelling these markets is the rising adoption of WMS solutions in retail applications in countries such as Saudi Arabia, Israel, the UAE, and Turkey, where the e-commerce market is expanding substantially.
Some of the prominent players in the global warehouse management systems market are HighJump Software, Tecsys, Inc., Infor Inc., JDA Software Group, Inc., LogFire Inc., Made4net LLC, Manhattan Associates Inc., Oracle Corporation, Reply, SAP SE, Softeon, Inc., and Synergy Logistics Ltd.