Press release
Warehouse Management Systems Market: Present Scenario and the Growth Prospects with Forecast 2024
A TMR analyst observes, “Established players that are based in developed regions are striving to expand their operations in emerging markets such as China, India, Brazil, and several European countries. This is mainly because of expeditious growth in the retail applications of warehouse management systems in these regions.” For example, in September 2015, Canada-based Tecsys Inc. expanded its operations in several countries in Europe to expand its presence in the region.
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As per a report by TMR, the global warehouse management systems market was evaluated at US$1.2 bn in 2015. Expanding at a solid 14.1% CAGR for the forecast period between 2016 and 2024, the market is expected to be valued at US$4.1 bn by the end of 2024.
In 2015, services was registered as the leading component segment accounting for a share of little over 58% of the global WMS market. Expanding at a CAGR of 15.1% between 2016 and 2024, the segment is projected to display a higher growth rate than the software segment.
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In terms of application, third-party logistics accounted for the leading share in the WMS market in 2015. However, pharmaceutical is expected to surpass in terms of growth rate between 2016 and 2024.
Geography-wise, in 2015, Europe accounted for 43% revenue contribution to the global warehouse management systems market. In absolute numbers, the region contributed US$560.7 mn to the overall market in the same year. On the other hand, Asia Pacific will register a robust 17.2% CAGR between 2016 and 2024. As a result, the region will emerge as a significant regional market for warehouse management systems in the upcoming years.
At the forefront of stoking growth of the global warehouse management systems market is globalization and increased demand for advanced warehouse management solutions in emerging economies. With rising urbanization and rising per capita income, the retail sector is undergoing radical transformation in terms of processes and services.
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The incessant adoption of mobile devices equipped with high-speed data connectivity has brought a stir in online shopping. The rising middle class population in emerging economies is increasingly inclined towards online shopping on account of the numerous advantages that it offers. As a result, the retail sector in the emerging economies is experiencing transformation to serve the large volume of consumer demand. This includes equipping processes with warehouse management solutions for the desired level of capacity and capability.
Despite the time and cost saving attributes of warehouse management systems, the market faces growth challenges. High initial investments and lack of information and communication technology infrastructure in several developing economies is providing headwinds to the growth of the WMS market.
The review presented is based on the findings of a report by Transparency Market Research, titled “Warehouse Management Systems Market (Component – Software (On-Premise and Cloud), and Services (Consulting, System Integration, and Operations and Maintenance); Application - Retail, Electronics, Grocery/Food and Beverage, Pharmaceutical, and 3PL) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
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