DUBLIN, June 12, 2017 /PRNewswire/ --

Research and Markets has announced the addition of the "Warehouse Management System Market by Component, Tier Type, Industry, and Region - Global Forecast to 2023" report to their offering.

The Warehouse Management System (WMS) market is projected to reach USD 3.23 Billion by 2023, at a CAGR of 14.1% between 2017 and 2023

Key factors driving the growth of this market include emergence of multi-channel distribution networks, growth of the e-commerce industry, increased adoption of on-cloud WMS solutions, and globalization of supply chain networks.

The software segment accounted for the largest share of the warehouse management system market in 2016. The increasing awareness of WMS software among small and medium-sized enterprises (SMEs) and the growing adoption of on-cloud WMS software solutions are key factors driving the growth of the software segment. The services segment of this market is anticipated to grow at the highest CAGR between 2017 and 2023. The need for constant upgrade of WMS software to ensure data security and the rising demand for regular maintenance and testing of the software are key factors driving the demand for WMS services.

Based on implementation, the on-premise segment accounted for the largest share of the warehouse management system market in 2016. On-premise WMS solutions are increasingly preferred by warehouse operating companies, despite the growing awareness of cloud-based WMS solutions. Factors such as enhanced data security, better performance, accurate control over data transmission, and easy customizations are influencing the high adoption of on-premise WMS solutions. The on-cloud segment of the warehouse management system market is projected to grow at the highest CAGR during the forecast period. This growth is mainly attributed to the benefits associated with the implementation of on-cloud WMS solutions, such as fast implementation, low upfront cost, reduced requirement for maintaining expensive hardware, and quick return on investment.

Based on tier type, the advanced (Tier 1) WMS segment accounted for the largest share of the warehouse management system market in 2016. The advanced WMS solution comprises a complete set of functionalities; this solution is considered as an ideal software package for businesses having highly complex operations. Efficient handling of complex warehouse and distribution networks, high scalability, and quick processing of a large amount of data generated through warehousing and logistics operations are some of the key factors driving the demand for advanced WMS solutions. The basic (Tier 3) WMS segment of the market is expected to grow at the highest CAGR between 2017 and 2023. This growth is mainly attributed to the increasing demand for basic WMS from small and medium-sized warehouse operators.

Based on industry, the automotive segment accounted for the largest share of the warehouse management system market in 2016. Key factors such as growing after-sale market for automotive spares, increasing customization in vehicles, and growing need to ensure the availability of various components for automobile manufacturing are propelling the adoption of warehouse management systems in the automotive industry. Furthermore, the food & beverages industry segment of the market is expected to grow at the highest CAGR during the forecast period. The need for automated and hygienic handling of food items, enhanced traceability of food items, and increased sale of packaged food products are factors anticipated to drive the growth of the warehouse management system market in the food & beverages industry.

North America accounted for the largest share of the warehouse management system market in 2016. The presence of established companies with global warehousing and distribution operations and highly developed third-party logistics (3PL) network are driving the growth of the warehouse management system market in North America. The Asia Pacific is expected to be the fastest-growing market for warehouse management systems between 2017 and 2023. This growth is mainly attributed to the expansion of the e-commerce industry and increased emphasis on domestic production by emerging economies such as China and India.

Key factors restraining the growth of the warehouse management system market are high installation cost of on-premise WMS for SMEs and reluctance in replacement of legacy systems.

Major market players such as SAP SE (Germany), Manhattan Associates, Inc. (US), and Oracle Corp. (US) have adopted key growth strategies such as new product launches, expansions, contracts, and collaborations to enhance their product offerings and expand their businesses.

Market Dynamics

Drivers

• Emergence of Multichannel Distribution Network
• Growth in E-Commerce Industry
• Increasing Adoption of On-Cloud WMS Solutions
• Globalization of Supply Chain Network

Restraints

• Reluctance in Replacement of Legacy Systems
• High Implementation Cost of On-Premise WMS for Smes

Opportunities

• Industrial Growth in Emerging Economies
• Digitization of Supply Chain Management

Challenges

• Lack of Standardization in Implementation of WMS
• Need for Constant Upgradation of WMS

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Hardware Components Integrated With Warehouse Management System

7 Warehouse Management System Market, By Component

8 Warehouse Management System Market, By Implementation

9 Warehouse Management System Market, By Tier Type

10 Functions of Warehouse Management System 

11 Warehouse Management System Market, By Industry

12 Warehouse Management System Market, Geographic Analysis

13 Competitive Landscape

• Aptean (US)
• Blujay Solutions (UK)
• Daifuku Co. Ltd. (Japan)
• Descartes Systems Group Inc. (Canada)
• Epicor Software Corp. (US)
• Highjump (US)
• IBM Corp. (US)
• Infor Inc. (US)
• Iqms (US)
• JDA Software Group Inc. (US)
• Made4net (US)
• Magaya Corporation (US)
• Manhattan Associates Inc. (US)
• Mecalux S.A. (Spain)
• Microlistics (Australia)
• Oracle Corp. (US)
• PSI AG (Germany)
• PTC Inc. (US)
• Pathguide Technologies Inc. (US)
• S&P Logistics GmbH (Germany)
• SAP SE (Germany)
• Snapfulfil (UK)
• Softeon (US)
• Swisslog Holding AG (Switzerland)
• Tecsys Inc. (Canada)

For more information about this report visit http://www.researchandmarkets.com/research/vvnr7j/warehouse

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SOURCE Research and Markets