Warehouse Management System Market is Expected to Cross USD 2.45 Billion at CAGR of Around 14% by 2022
Research Reports
Jan 11, 2021
According to the market research future, the global warehouse management system (WMS) market is poised to create a valuation of USD 2.45 Billion by 2022, growing at 14% CAGR throughout the review period (2016-2022). In 2015, the WMS market size was valued at around USD 1.15 BN. Most small, medium & large enterprises have adopted the warehouse management systems, which further pushes the market growth.
Additionally, the rapid industrialization and growing numbers of businesses provide an impetus to the growth of the market. Also, advances in management technologies act as a key tailwind for the market growth. Various innovative warehouse technologies, such as robotic WMS and supply material handling automation systems, have devised over the past few years.
Besides, dramatically increasing demand for e-commerce fulfillment positively impacts the growth of the market. Growing product developments would influence market growth, offering innovative warehouse technologies. On the other hand, technical complexities and the high cost of the technology are the major factors forecasted to impede the growth of the market.
Also, the recent COVID 19 pandemic has posed challenges to market growth, complicating the WMS procurement process. The epidemic has driven many firms to work remotely and warehouses to adopt social distancing measures, making it challenging the process for standing up a new WMS. Nevertheless, the rising popularity of WMS would support market growth throughout the assessment period.
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Global WMS Market – Regional Analysis
Europe dominates the global warehouse management system (WMS) market. The largest market share attributes to advancements in WMS and the increasing awareness of cloud-based warehouse management systems. Besides, the growing adoption of on-demand cloud services, alongside the rapidly increasing markets in Germany, the UK, France, and Italy, act as major driving forces for the market increase. The European WMS market is projected to retain its dominance over the forecast period.
North America stands second in the global warehouse management system (WMS) market. The region is a hub for futuristic technologies and witnesses vast management solution options. The presence of notable players and early adoption of IoT and Artificial Intelligence (AI) technologies drive the WMS market in North America. The US, backed by rising technological developments, accounts for the largest share in the regional market. The North American WMS market is estimated to create a substantial revenue pocket during the assessment period.
The Asia Pacific warehouse management system market is emerging as a promising market globally. The market is driven by the burgeoning IT & telecom sector and the rapid economic growth in the region. Moreover, economically and technologically developing countries such as China, Japan, and India play a causal role in developing the market, offering substantial growth opportunities for the market players. The APAC warehouse management system market is forecasted to grow at an impressive CAGR during the estimated period.
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