Pune, March 16, 2023 (GLOBE NEWSWIRE) -- Based on SNS Insider research, the need for efficient inventory management, the growing adoption of e-commerce and omnichannel retailing, and the use of advanced technologies are driving the growth of the WMS market.
As per SNS Insider, the Warehouse Management System Market was assessed at USD 3.36 billion in 2022, and is anticipated to attain USD 11.51 billion by 2030, exhibiting a compound annual growth rate of 16.6% during the projected period of 2023-2030.
Warehouse Management System Market Report Scope
| Report Attributes | Details |
| Market Size in 2022 | US$ 3.36 Billion |
| Market Size by 2030 | US$ 11.51 Billion |
| CAGR 2023-2030 | 16.6% |
| Key Segments | • By Component (Software, Services) • By Deployment (Cloud, On Premises) • By Function (Analytics & Optimization, Labor Management System, Billing & Yard Management, Consulting Services, Systems Integration & Maintenance) • By Industry (Third Party Logistics, Food & Beverages, Retail, Chemicals, Metals & Machinery, Automotive, Healthcare, E- Commerce, Electricals & Electronics, Others) |
| Company Profiles | ON Semiconductor, Hamamatsu Photonics, KETEK, Cremat, Philips, TE connectivity, Broadcom, First Sensor, AdvanSiD, Excelitas Technologies, Radiation Monitoring Devices and Other companies. |
| Key Drivers | • Forecasting models are becoming increasingly important in warehouse management. • Adoption of multichannel distribution networks is increasing. • Adoption of multichannel distribution networks is increasing. |
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Warehouse management system (WMS) is an advanced software application that facilitates the management of complex warehouse operations. It streamlines and optimizes the processes involved in receiving, storing, and shipping goods within a warehouse. It can also automate the process of picking and packing goods for shipment, by directing warehouse workers to the location of the items and ensuring that the right items are picked and packed for each order.
Market Analysis
The warehouse management system market is expected to experience significant growth in response to changing supply chain models and increasing consumer demand, particularly in the transport and logistics, as well as retail sectors. As manufacturers seek to streamline their warehouse management processes and reduce costs, the demand for WMS automation is expected to grow rapidly. As the market for WMS continues to expand, vendors are increasingly developing cloud-based solutions that offer greater flexibility, scalability, and cost-effectiveness. The increasing adoption of WMS technology is expected to provide manufacturers with a competitive edge by enabling them to operate more efficiently, respond more quickly to customer demands, and reduce operating costs
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Impact of Recession
The impact of a recession on the warehouse management system market can vary depending on factors such as industry, economic conditions, and the shift towards e-commerce. While a recession may result in a slowdown in the growth of the WMS market, there are still opportunities for WMS providers to offer solutions to businesses that are essential or adapting to the changing e-commerce landscape.
Key Regional Development
Europe has emerged as the leader in the warehouse management system market, with the largest global revenue share. This dominance is followed by Asia Pacific and North America. The WMS market in Europe is experiencing robust growth, primarily due to the advancement in warehouse management systems and the increasing awareness of cloud-based WMS. As the demand for faster and more efficient order fulfillment and delivery grows, WMS providers in Europe are leveraging cutting-edge technology to provide innovative solutions that meet the evolving needs of customers.
Recent Developments Related to Warehouse Management System Market
- AEB, a leading provider of global trade and logistics software, has announced the launch of its new warehouse management system designed specifically for the Philippine market. This new system aims to help businesses in the country improve their warehouse operations and streamline their supply chain management.
- Honeywell, a global leader in technology and industrial automation, is taking steps to address the interoperability gap in warehouse automation systems as the industry invests nearly $22 billion in technology. With the increasing demand for efficient warehouse operations, the need for seamless integration and interoperability between different automation systems has become more critical than ever before.
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Key Takeaway from Warehouse Management System Market Study
- Among the different segments of the WMS market, the services segment has been the most significant contributor to revenue share. This segment includes a range of services such as consulting, system integration, operation, and maintenance services.
- The WMS market is witnessing a significant shift towards cloud-based technology, which is driving the market's growth. The cloud segment currently holds the highest revenue share in the market and is expected to emerge as the fastest-growing segment in the coming years.
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