Warehouse Management System Market analysis & forecast report categorizes global by Offering (Software, Services), Deployment (On-Premise, On-Cloud), Tier Type (Advanced, Intermediate, Basic), Industry (3PL, Automotive, Food & Beverages, E-Commerce), and Region.
According to the new market research report "Warehouse Management System Market by Offering (Software, Services), Deployment (On-Premise, On-Cloud), Tier Type (Advanced, Intermediate, Basic), Industry (3PL, Automotive, Food & Beverages, E-Commerce), and Region - Global Forecast to 2024 ", the warehouse management system market is estimated to reach USD 4.8 billion by 2024 from USD 2.1 billion in 2018, at a CAGR of 15.2% between 2018 and 2024.
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Warehouse management system is a software solution primarily used by warehouse operators for efficient control over various warehousing operations, including inventory management, labor management, crossdocking, picking and placing, packaging, shipping, yard management, and dock management. A WMS can be deployed on-premise or on-cloud in different industries, such as third-party logistics (3PL), ecommerce, automotive, electrical and electronics, food & beverages, and pharmaceuticals.
The growth of the market is propelled by growth in e-commerce industry, emergence of multichannel distribution, globalization of supply chain networks, increasing adoption of on-cloud WMS solutions, and need for efficient forecasting models.
“Based on deployment type, On-cloud expected to grow at a higher CAGR in the warehouse management system market between 2018 and 2024”
On-cloud WMS software solutions are deployed or implemented using the Internet, and the unlimited computing power provided by server systems is maintained by cloud service providers. The on-cloud WMS software can be used at multiple locations, by many users, for processing large numbers of transactions simultaneously.
This software is delivered either as a “one-size-fits-all” product or a uniquely configured solution accessible only by a particular customer. The customer pays a monthly or annual fee for subscription to software license, support, updates, and supplier’s infrastructure.
The growing adoption of cloud services in the manufacturing and logistics industries, along with increased reliability of users on cloud companies, is fueling the adoption of on-cloud WMS software. Benefits, such as faster implementation, lower upfront installation and hardware costs, and faster return on investment are also some of the major factors driving the growth of the on-cloud WMS market.
It is expected that ~80% of the new warehouses will use on-cloud warehouse management systems in the next 5 years.
“Based on offering, Services expected to grow at a higher CAGR in the warehouse management system market”
A warehouse management system is sold as a complete package, including service contract, along with the software. Implementation of a WMS software alone does not meet the needs of a warehouse operator as it requires a number of services to ensure smooth functioning of the software.
WMS vendors sign high value contracts with their customers to provide after-sales services. These services play a major role as they keep the systems optimized and ensure lesser production cycle time.
The services offered by most WMS vendors include consulting and installation, testing, maintenance, training, and software upgrades. Need for increased efficiency, constant upgrades to ensure data security, and improved operations of WMS software are the major factors boosting the demand for WMS services.
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“Based on tier type, Basic (Tier 3) WMS expected to grow at a higher CAGR in the warehouse management system market”
Basic (tier 3) WMSs cover only necessary functions and features required for warehouse operations. Basic WMSs offer lesser features than advanced and intermediate WMSs.
However, these WMS solutions cost lesser than the other two WMS types, and require 2 to 3 months for implementation. Basic WMSs are ideal for applications in small-scale businesses, which cannot afford high initial investments in WMS.
The growth of this market is driven by the increasing demand for basic WMS solutions from small and midsized warehouse operators. Further, basic WMS solutions offer higher flexibility and lower subscription cost, and can be customized as per the requirements of warehouse operators.
“Food & beverages industry expected to grow at the highest CAGR between 2018 and 2024 in the warehouse management system market”
The food & beverages industry is transforming at a rapid rate owing to changing customer preferences, increasing need for food safety, growing trend of processed food and packaged eatables, and rising number of online retailing companies. The food & beverages industry is constantly under pressure of meeting customers’ demands in time and keeping in check the perishability of food items before these reach customers.
Factors such as need for automated and hygienic handling of food items, enhanced traceability of food items, increased sales of packaged food products, and rising trend of online shopping of grocery are encouraging food & beverages companies to implement WMS solutions in their warehousing facilities.
“APAC expected to be the fastest-growing market for warehouse management system during the forecast period”
APAC is expected to be the fastest-growing market for warehouse management systems between 2018 and 2024. The growth of the market in this region can be attributed to the tremendous growth of the e-commerce and manufacturing industries in emerging economies such as China, India, and Indonesia.
China is a key contributor to the growth of the WMS market in APAC owing to its huge industrial and manufacturing sector. China is the key contributor to the growth of the WMS market in APAC owing to its huge industrial and manufacturing sector and increasing emphasis on domestic production.
Further, foreign investments have also made a positive impact on China’s warehousing and logistics ecosystem. India is the fastest-growing market for WMS in APAC.
The launch of “Make in India” initiative has supported the growth of the manufacturing and warehousing sectors in India. Japan is a developed country and is witnessing a slow but steady growth in the WMS market.
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Major players involved in the warehouse management system market include Epicor Software (US), JDA Software (US), Manhattan Associates (US), Oracle (US), SAP (Germany), IBM (US), Infor (US), PSI (Germany), PTC (US), Tecsys (Canada), Blujay Solutions (UK), HighJump (US).
This research report categorizes the warehouse management system market on the basis of offering, deployment, tier type, industry, and region. This report describes the drivers, restraints, opportunities, and challenges for the growth of the warehouse management system market.
The value chain analysis and competitive landscape for the market leaders has been included in the report.
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