ILLINOIS, Chicago, September 17, 2018 /PRNewswire/ --
According to the new market research report "Warehouse Management System Market by Offering (Software, Services), Deployment (On-Premise, On-Cloud), Tier Type (Advanced, Intermediate, Basic), Industry (3PL, Automotive, Food & Beverages, E-Commerce), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the market 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.
"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.
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"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.
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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