Warehouse Management Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 11/16/2017 -- The global market for warehouse management systems is in a state of consolidation. The leading players in the global market are trying penetrate into new markets such as Latin America and Asia Pacific. The competitive landscape of the global warehouse management market has seen the leading players that are in the developed areas are working hard to broaden their horizons in the upcoming markets such as India, Brazil, China, and numerous other European countries. This is primarily due to the exponential development of the retail applications of the warehouse management systems in the given regions. In the year 2015, SAP SE and Oracle Corporation cumulatively held a share of nearly 40% of the overall market of global warehouse management systems market. Moreover, in September 2015, Tecsys Inc. – a Canada based company – expanded its business operations in numerous countries in Europe to broaden its market presence in the region.
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The global market for warehouse management systems stood at an overall valuation of US$1.2 bn in the year 2015. This valuation is expected to grow and reach a figure worth US$4.1 bn over the course of the given forecast period of 2016 to 2024. This growth of the global warehouse management systems market is expected to be achieved with the help of an impressive CAGR of 14.1% over the same period of forecast. The services segment of the global warehouse management systems market emerged to be the most dominant in 2015 with accounting over 58% of the overall global market. The segment is expected to grow with a strong CAGR of 15.1% over the period of 2016 and 2024. In terms of geography, the global market for warehouse management systems was dominated by Europe in 2015, with the region accounting for 43% of contribution in overall revenue generation. On the other hand, the Asia Pacific region is expected to show most promising growth over the course of the given forecast period with a hefty CAGR of 17.2%.
Globalization and Demand for High-tech Solutions to Drive Growth of Global Warehouse Management Systems Market
The chief driving factor for the swift development of the global warehouse management systems market is considered to be the globalization and the growing demand for high-tech solution for warehouse management systems in the developing countries. With growing urbanization and increasing per capita income, the retail segment is witnessing a drastic transformation with respect to services and process.
The online shopping sector has been considerably boosted by the increased uptake of mobile devices backed by high-speed internet connectivity. The growing middle class population in the developing countries is more inclined towards shopping things online due to various lucrative offers they can avail. Thus, this has led to retail segment in the developing countries managing larger volumes of goods to serve their clients. As a result, it has fuelled the need for having advanced solutions for warehouse management systems. All these factors have thus, resulted in the overall development of the global market.
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High Initial Capital Investment to Hinder Growth of Market
In spite of the cost and time saving features of the warehouse management systems, the global market is facing some challenges in reaching its full potential. There is a high investment initially and lack of proper communication and information technology infrastructure in several emerging countries. All these factors are expected to hinder the growth of the global warehouse management systems market.
This review is based on the research report by Transparency Market Research (TMR) titled, "Warehouse Management Systems Market (Component - Software and Services; Software - On-premise and Cloud; On-premise - Labor Management Systems, Analytics and Optimization; Cloud - Labor Management Systems, Analytics and Optimization; Services - Consulting, System Integration, and Operations and Maintenance; Application - Retail, Electronics, Food and Beverage, Pharmaceutical, 3PL) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024