Warehouse management system (WMS) is a software
application that helps manage operations in warehouses in the most efficient
and productive manner. The warehouse
management system market
is expected 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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Software is likely to hold a large share of the WMS
market during the forecast period. Increasing awareness about WMS software
among small and midsized enterprises (SMEs), globalization of supply chain
networks, and growing share of cloud-based WMS software solutions are the key
factors boosting the demand for WMS software.
On-premise deployment is likely to lead the WMS
market during forecast period. Benefits such as enhanced data security, better
performance and control over data transmission, and easier customizations
provided by on-premise warehouse management systems are resulting in their high
adoption.
Advanced (tier 1) WMS is expected to dominate the
WMS market during forecast period. Advanced WMS aids warehouse operators in
making better decisions about inventory stocking, movement, and employee
efficiency with adequate and accessible information. This is a major factor
driving the growth of the market for advanced (tier 1) WMS.
The third-party logistics (3PL) industry is expected
to lead the overall warehouse management system market from 2018 to 2024.
Factors such as growing need for efficient order management, increased
outsourcing of logistics and transportation operations, and globalization of
supply chain networks have boosted the adoption of warehouse management systems
in the 3PL industry.
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North America is
expected to account for the largest share of the warehouse management system
market in 2018. Factors such as presence of large companies with global
warehousing and distribution operations, growth in e-commerce industry, and
developed third-party logistics (3PL) networks are driving the growth of the
market in this region. The US is the major contributor to the growth of market
in North America. Companies in the US are shifting most of their operations on
cloud, thereby creating huge opportunities for the adoption of on-cloud WMS
solutions.
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