October 03, 2022 11:00 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES
New York, US, Oct. 03, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Warehouse Management System Market Information by Service Type, by Application and by Region - Forecast to 2030”, the market is poised to touch a valuation of USD 11.28 Billion, growing at a 17.1% CAGR throughout the review period (2020-2030).
Warehouse Management System (WMS) Market Overview
The warehouse management system market witnesses rapidly growing revenues across the globe. Advanced warehouse management systems have become an important investment area, and most enterprises of all sizes have embraced the technology for further growth. Besides, the rapidly growing online retailing sector worldwide boosts the market value. The success of eCommerce operations vastly depends on the timely delivery of shipments. Therefore, most eCommerce companies invest in robust warehouse management systems that can handle store and process goods.
Warehouse management systems streamline complex warehousing processes making it easier to manage the entire operations of a fulfilment center, right from the time an order is initiated to its shipment. Thus, WMSs enable warehouse operators to run end-to-end warehousing processes and respond to supply chain challenges more efficiently and smartly.
Leading players in the WMS market are,
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Warehouses are facing tremendous pressure to increase output without spending more. Therefore, they are increasingly working on extending their capabilities and automating time-consuming warehouse operations to increase output and efficiency. This further helps them meet business demands cost-efficiently by aligning shipments, improving shipping routes, and customizing workflows.
Warehouse Management System (WMS) Market Segments
The WMS market is segmented into service types, applications, and regions. The service type segment is sub-segmented into consulting, software, system integration, operations & maintenance, and other services. The application is sub-segmented into pharmaceutical, electronics, transportation & logistics, retail, and others. The region segment is bifurcated into the MEA, Asia-Pacific, Americas, Europe, and rest-of-the-world.
Warehouse management software integrated with ERP can play a causal role in the success of online retailing, providing stocks-related real-time data. Moreover, the rising demand for WMS from the healthcare sector and increasing expenses in various key sectors for deploying the technology escalate the market value. Resultantly, the global WMS market is garnering huge traction.
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Additionally, the rapidly growing industrialization and businesses worldwide push the market size. Also, advances in management technologies are key tailwinds defining the growing market landscape. Over the past few years, various innovative warehouse technologies, such as robotic WMS and supply material handling automation systems, have emerged in the market.
Besides, dramatically increasing demand for e-commerce fulfillment centers pushes market growth. Growing product developments positively impact the growth of the market, offering innovative warehouse technologies. Conversely, technical complexities and high costs associated with the development of WMS are major factors impeding the market's growth.
Also, the recent outbreak of the COVID 19 pandemic posed significant challenges to market rise, complicating the WMS procurement process. Social distancing mandates made it further challenging to set up a new WMS. However, the growing popularity of WMS would support market growth throughout the assessment period.
Warehouse Management System (WMS) Market Regional Analysis
North America leads the global warehouse management system market. The region witnesses vast developments in futuristic technologies and management solution options. The strong presence of key WMS providers and early adoption of IoT & AI technologies impact market revenues positively. With large-sized service providers offering customized solutions to a huge variety of WMS end-users, The US accounts for the largest share of the WMS market in North America.
Europe stands second in the global warehouse management system market. Advances in WMS and the increasing awareness of the benefits of cloud-based warehouse management systems contribute to regional market growth. Moreover, the growing adoption of on-demand cloud services boosts the region's market shares. Germany, the UK, France, and Italy are the rapidly increasing markets in Europe.
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The warehouse management system market is brisk in the Asia Pacific region. The burgeoning IT & telecom sectors and the rapid economic growth escalate the market value. Additionally, China, Japan, and India hold a significant share in the WMS market in the APAC due to the rapid economically and technologically developments. The APAC warehouse management system market is likely to register a notable CAGR during the assessment period.
Warehouse Management System (WMS) Market Competitive Analysis
The highly competitive WMS market appears fragmented due to several large and small players forming a competitive landscape. Players incorporate strategies such as collaborations, mergers & acquisitions, product/ technology launches, and expansion to boost sales and market share growth.
They strive to develop warehouse management systems that can improve 3PL operations and related capabilities, including hosting options, integration services, technical support, and more. WMS providers focus on improving their market performance and expanding their global footprint. They employ a continuous improvement strategy to analyze and update the system by implementing improvements and launching new technologies.
For instance, on Sep. 16, 2022, Pivotree Inc. launched a new Warehouse Management System (WMS), a chain product offering integrated for hosting multiple facilities and brands with complex and varied business operations. The new solution leverages a shared SaaS infrastructure, allowing seamless expansion of existing business processes and implementations. The product is built using futuristic technologies with compostable cloud-ready architecture delivering a scalable solution platform.
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In another instance, on Sept. 28, 2022, Oracle NetSuite introduced a mobile application - NetSuite Ship Central, that can help organizations further improve the efficiency of warehouse operations. The solution equips warehouse workers with packing and shipping capabilities on a mobile or kiosk device. Also, NetSuite Ship Central helps organizations optimize operations, eliminate manual processes, and accelerate customer deliveries.
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