Dublin, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The "Warehouse Management Systems Market by Component, Deployment Model, Enterprise Size, Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to the report titled, "Warehouse Management Systems Market," The warehouse management systems market was valued at $2.7 billion in 2021, and is estimated to reach $12.3 billion by 2031, growing at a CAGR of 16.3% from 2022 to 2031.
The Warehouse management system Market is likely to experience a significant growth rate of 16.3% from 2022-2031 owing to an increase in investments in warehouse management systems and related product technologies by global companies.
Key factors driving the growth of the warehouse management system market include robust growth in the e-commerce industry, increased demand for cloud WMS solutions, and surge in the adoption of multichannel distribution networks. A WMS aids in adopting multichannel distribution networks for reducing order accuracy errors and delivery lead times. This enables satisfaction and loyalty among customers.
The WMS solution also improves the supplier-customer relationship by reducing delivery lead times and order accuracy errors and results in more customers being satisfied with their orders, which in turn means more sales with greater productivity and efficiency. This primarily helps in strengthening supplier and customer relationships, which acts as a major driving force in the growth of the WMS market globally.
With the transformed fundamentals of product distribution and advancements in technology, supply chain solutions have increasingly been customized to serve user requirements. WMS solutions are implemented in logistics in order to improve the visibility of inventory and enhance fulfillment operations.
Further, the integration of business analytics has benefited logistics professionals in order to increase speed and efficiency in the competitive business world. For instance, in July 2022, Logiwa, the leading cloud fulfillment platform for high-volume direct-to-consumer (DTC) and omnichannel businesses, launched Logiwa Analytics software that provides warehouse and fulfillment operations with the visibility and control needed to handle the continuing growth in e-commerce. These factors are expected to create opportunities for market growth.
Rise in adoption of digital technologies such as service-oriented architecture (SOA) has gained immense popularity due to the growth of web-based services. Currently, technology developers witness complexities in software customization, distributed software, varied platforms & protocols, application integration, and others; SOA and other web services provide a full-fledged solution to such complexities. With SOA, the integration of applications becomes more seamless allowing software enhancements in isolation of the source code that facilitates ease of updates.
Further, SOA also enables event-oriented processing that improves the flow of information and notifies of potential problems or exceptions through web alerts. Furthermore, smaller firms, seek fewer capital investments and greater flexibility, and the on-demand supply chain execution is expected to gain considerable adoption over the forecast period. Furthermore, several suppliers have often provided their software as a service in order to get a foothold of the low-end of the market. Major providers of WMS have efficiently extended their solution footprints beyond the warehouse.
There has been a drastic shift towards comprehensive logistics applications and thereby the term supply chain execution has come into existence, of which warehousing is only a single component. Many vendors such as SAP, Oracle, and others acquired other software companies in order to expand their market reach and have integrated engineered labor standards, transportation planning/execution, slotting, and supply chain visibility. This is expected to create a lucrative opportunity for market growth.
Market Dynamics
Drivers
- Robust Growth in the E-Commerce Industry
- Increased Demand for Cloud Wms Solution
- Surge in Adoption of Multichannel Distribution Networks
Restraints
- High Investment Required in Setting Up On-Premise Wms for Smes
- Concerns Regarding Data Privacy and Information
Opportunities
- Surge in Adoption of Digital Technologies in Supply Chain Management
Key Market Segments
By Component
- Software
- Services
By Deployment Model
- On Premise
- Cloud Based
By Enterprise Size
- Large Enterprises
- Small and Medium Sized Enterprises
By Industry Vertical
- Retail and consumer goods
- Healthcare and Pharmaceuticals
- Manufacturing
- Food and Beverages
- Transportation and logistics
- Automotive
- Other
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Asia-Pacific
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Manhattan Associates, Inc.
- SAP SE
- IBM CORPORATION
- Infor Inc.
- Softeon, Inc.
- Blue Yonder Group, Inc.
- HighJump Software Inc.
- Oracle Corporation
- PSI Logistics
- Tecsys, Inc.
Key Market Insights
- By component, the software segment was the highest revenue contributor to the market and is estimated to reach $ 6,937.94 million by 2031, with a CAGR of 14.8%. However, the services segment is estimated to be the fastest-growing segment with a CAGR of 18.7% during the forecast period.
- By deployment model, the on-premise segment dominated the global market and is estimated to reach $5,979.55 million by 2031, with a CAGR of 14.8%. However, the cloud-based segment is expected to be the fastest-growing segment during the warehouse management system Market Forecast.
- Based on industry verticals, the retail and consumer goods segment was the highest revenue contributor to the market, with $758.39 million in 2021, and is estimated to reach $2,450.79 million by 2031, with a CAGR of 12.5%.
- Based on region, North America was the highest revenue contributor, accounting for $1,073.04 million in 2021, and is estimated to reach $3,770.31 million by 2031, with a CAGR of 13.5%.
For more information about this report visit https://www.researchandmarkets.com/r/sk4dy
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