The warehouse management systemmarket is likely to reach USD 4.82 billion by 2024 from USD 2.06 billion in
2018, at a CAGR of 15.2% from 2018 to 2024.
The growth of this market can be
attributed to the growth in the e-commerce industry, emerging multichannel
distribution channels, globalization of supply chain networks, increased
adoption of on-cloud WMS solutions, and rising need for efficient forecasting
models.
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“On-premise deployment to lead the warehouse
management system market from 2018 to 2024”
On-premise WMS software is installed on
premise servers to provide necessary computing power. Benefits offered by
on-premise WMS include increased degree of control over the servers and
software installed at the location, enhanced security, and improved
performance. On-premise WMS solutions are less dependent on the Internet and
can be customized easily. These WMS solutions give higher level of data
security and improved network performance. Companies involved in businesses
that require high level of data security with regard to their products,
materials, and inventory prefer on-premise WMS over on-cloud WMS.
“Software
to lead the warehouse management system market during forecast period”
WMS software ensures optimum utilization
of resources and can be integrated with various material handling equipment,
such as AGVs, robots, ASRSs, cranes, and conveyors and sortation systems, used
in warehouses for smooth operations. This software supervises and controls the
flow of inventory in a warehouse through receiving process. It then decides the
location to place the inventory at the warehouse through slotting and putaway
activities. Increasing demand for industrial IoT has resulted in the
development of features and technologies associated with the WMS software.
Advancements in warehouse management system software have resulted in benefits
such as increased optimization, reduced operational expenses, improved demand
planning, better visibility of inventory, and enhanced labor productivity.
“Advanced
(Tier 1) WMS to lead warehouse management system market from 2018 to 2024”
The implementation time of an advanced
WMS is two or more years based on the system’s complexity. Advanced WMSs are
costlier than intermediate and basic WMSs. However, the features and functions
offered by these WMS solutions ensure efficient operations in warehouses,
leading to higher productivity and larger profits. Industries such as
consumer electronics, retail, and e-commerce, which witness frequent product
launches, comprise products with short life cycle, and are dependent on seasonality
factors, can be benefitted from the use of tier 1 WMS solutions.
“3PL
industry to lead warehouse management system market from 2018 to 2024”
The implementation of WMS in the 3PL
industry is vital to efficiently handle inventory and orders. WMS can
seamlessly handle overlapping of inventory. These systems can also effortlessly
handle any overlapping of sales orders or purchase orders, thereby saving hours
required for manual data entry. It is one of the largest end-user industries of
WMS.
“North
America to be largest market for warehouse management systems during forecast
period”
The US is the major market for warehouse
management systems in North America. Companies in the US are shifting most of
their operations on cloud, thereby creating huge opportunity for the adoption
of on-cloud WMS solutions. Key factors driving the growth of this market
include growth in the e-commerce industry, established ecosystem for
manufacturing practices, and presence of large automotive, pharmaceuticals,
chemicals, and food & beverages companies in the US. These industries are
adopting advanced WMS solutions instead of old legacy systems. Further, the 3PL
industry is the largest contributor to the growth of the warehouse management
system market in North America.
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Major players operating 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).
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