GLOBAL WAREHOUSE MANAGEMENT SYSTEMS MARKET SIZE WORTH $7.52 BILLION, GLOBALLY, BY 2028 AT 15.5% CAGR - EXCLUSIVE REPORT BY BY 2028, (INCLUDING COVID-19 IMPACT ANALYSIS): ZION MARKET RESEARCH
NEW YORK, March 2, 2022 /PRNewswire/ -- As per Zion Market Research study, The Global warehouse management systems market was worth around USD 2.79 billion in 2021 and is estimated to grow to about USD 7.52 billion by 2028, with a compound annual growth rate (CAGR) of approximately 15.5 percent over the forecast period. The report analyzes the warehouse management systems market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the warehouse management systems market.
A warehouse management system is a software solution that provides visibility into a company's full inventory and oversees supply chain fulfillment activities from the warehouse to the retail shelf. Warehouse Management Systems (WMS) solutions also assist businesses to maximize labor and space efficiency, as well as equipment expenditures, by coordinating and optimizing resource consumption and material movements. WMS systems, in particular, are intended to meet the demands of a worldwide supply chain, encompassing distribution, asset-intensive, manufacturing, and service organizations.
Warehouse Management Systems Market: Growth Drivers:
The global warehouse management systems market is expanding at an astounding rate as a result of the growing need for automation in distribution centers, warehouses, and logistics networks. More warehouses are in high demand across the businesses. Apart from constructing new warehouses, large retailers have converted existing shopping malls into new distribution facilities. Furthermore, the number of people required to fill warehouse roles is likely to rise further. The capacity to fulfill orders and transfer items will impact customer service and profitability as the sector grows. As a result, an increasing number of businesses are contemplating implementing warehouse management systems, including upgrading to whole new systems. Further, the growth of E-Commerce and Omnichannel is the key reason for the adoption of warehouse management systems that are equally contributing to the growth of the global market. With the ease of use, the warehouse management systems offer crucial benefits such as inventory optimization and visibility, including slotting and order streaming.
Warehouse Management Systems Market: Restraints:
High-end on-premises WMS solutions have a high setup cost, which is preventing SMEs from adopting them. Constant hardware updates and on-premises WMS maintenance expenditures are significant drawbacks which in turn are restraining the growth of the global warehouse management systems market.
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Warehouse Management Systems Market: Opportunities:
Disrupting supplier markets, changing customer buying behaviors, and increasing supply chain complexity are examples of such operations that must respond to the changes with their own digitally linked solutions. Digital technology and the internet have revolutionized the warehouse management platform. It has changed the customer's purchasing behavior. Moving warehouse management systems to the cloud will allow them to link consumers with a connected fulfillment solution that provides real-time scalability, visibility, and market responsiveness.
Warehouse Management Systems Market: Challenges:
Small and middle-scale enterprises have historically used legacy technologies to run their warehouses. Due to the low yearly income of small-scale enterprises, expenditures to set up WMS appears to be a needless outlay for these business owners. Additionally, they have a limited workforce, and hiring a trained individual to maintain WMS may be a time-consuming and costly process. Business owners in small-scale businesses struggle to grasp the benefits of employing WMS due to a reluctance to change existing systems and constrained development plans.
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Warehouse Management Systems Market: Segmentation
The global warehouse management systems market is categorized based on offering, tier type, industry, and region. Based on offering, the market is segregated as software and services. Among these, the software segment holds the major share of the market whereas, the services segment is expected to grow at a rapid rate over the forecast period.
Recent Developments:
- Manhattan Associates introduced a unique Manhattan Active warehouse management solution in May 2020, a cloud-based enterprise-level warehouse management system that integrates all aspects of distribution and never has to be upgraded.
- In August 2021, Lucas Systems, the largest provider of voice and warehouse optimization software for shipping and distribution facilities, revealed a collaboration with Fetch Robotics, located in Silicon Valley, to empower the next generation of smart warehouses.
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Regional Landscape:
North America is likely to lead the global warehouse management systems markets during the forecasted period. This is attributed to increasing automation in large chains of warehouses, the rapid expansion of e-commerce platforms, and the high spending power of enterprises in the region. Major countries in the region such as the US and Canada are home to major logistics companies. Also, other sectors such as automobile, chemical, and food & beverage that require warehouses are also well developed in these countries which is strongly supporting the growth of the market. Asia Pacific is expected to be the fastest-growing market for warehouse management systems. The significant rise of the manufacturing and e-commerce sector in emerging economies like India, China, and Indonesia is mainly responsible for the rapid expansion of the market in this region. Due to its large industrial and manufacturing sector, China is expected to be the major revenue contributor for the warehouse management systems market in APAC. Whereas, India is one of the most rapidly increasing markets for warehouse management systems in the region.
Report Scope:
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Global Warehouse Management Systems Market is segmented as follows:
Warehouse Management Systems Market: By Offering Outlook (2022-2028)
- Software
- Services
Warehouse Management Systems Market: By Tier Type Outlook (2022-2028)
- Advanced WMS (Tier 1)
- Intermediate WMS (Tier 2)
- Basic WMS (Tier 3)
Warehouse Management Systems Market : By Industry Outlook (2022-2028)
- Third Party Logistics (3PL)
- Automotive
- Food & Beverages
- Healthcare
- E- commerce
- Chemicals
- Electricals & Electronics
- Metals & Machinery
- Others
Warehouse Management Systems Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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List of Key Players of Warehouse Management Systems Market:
- Infor Inc.
- Tecsys Inc.
- SAP SE
- Oracle Corporation
- HighJump Software Inc.
- Interlink Technologies
- Softeon Inc.
- Logfire Inc.
- Manhattan Associates Inc.
- Jda Software Group Inc..
- Others.
Key questions answered in this report:
- What are the growth rate forecast and market size for Warehouse Management Systems Market?
- What are the key driving factors propelling the Warehouse Management Systems Market forward?
- What are the most important companies in the Warehouse Management Systems Market Industry?
- What segments does the Warehouse Management Systems Market cover?
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