Press release
Warehouse Management Systems Market - Rising from a value US$4.1 bn by 2024
Another significant factor supporting its growth is the increasing adoption of BYOD in various industries such as retail, 3PL, healthcare, and manufacturing. This has led to an increasing demand for cloud-based WMS solutions, subsequently driving the warehouse management systems market.
The market is anticipated to expand at a revenue-based CAGR of 14.1% during the forecast period, rising from a value of US$1.2 bn in 2015 to US$4.1 bn by 2024.
Higher Cost-effectiveness of Cloud-based Warehouse Management Systems a Plus Point
On the basis of the component, the market can be bifurcated into software and services. The software segment comprises on-premise and cloud-based warehouse management systems. In 2015, on-premise WMS accounted for the maximum revenue share of the warehouse management software market at around 77%.
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However, cloud-based warehouse management software is expected to show sustainable growth during the forecast period due to various technological advancements and a higher cost-effectiveness as compared to on-premise warehouse management software.
In terms of revenue, Europe was the leading regional market for warehouse management systems, accounting for around 43% of revenue share in 2015. The region is expected to retain its dominance in the WMS market throughout the forecast period. This market is primarily driven by the role of third-party logistics.
Third-party logistics companies are increasingly adopting warehouse management systems to enhance various functionalities, improve customer relationship experience, and support a cost-effective management system.
The warehouse management systems market in North America is projected to show moderate growth during the forecast period, with the U.S. emerging as one of the most attractive regional segments.
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