$3.23 Billion Warehouse Management System Market by Component, Tier Type, Industry, and Region - Global Forecast to 2023 - Research and Markets
Research and Markets has announced the addition of the "Warehouse Management System Market by Component, Tier Type, Industry, and Region - Global Forecast to 2023" report to their offering.
The warehouse management system market is anticipated to reach USD 3.23 billion by 2023, at a CAGR of 14.1% between 2017 and 2023.
Key factors driving the growth of the warehouse management system market are emergence of multi-channel distribution networks, growth of the e-commerce industry, increased adoption of on-cloud WMS solutions, and globalization of supply chain networks. However, major factors restraining the growth of the market include reluctance in replacement of legacy systems and high implementation cost of on-premise WMS for small and medium-sized enterprises (SMEs).
Based on component, the services segment of the warehouse management system market is projected to grow at the highest CAGR between 2017 and 2022. WMS software is increasingly susceptible to malfunction, due to virus attack or security breach. Hence, warehouse operating companies are focused on performing regular software upgrades and scanning of the WMS software to ensure that the software is free from any kind of defect. The after-sale services provided by WMS vendors such as installation, testing, and software upgrades, among others, help in improving the overall performance of the WMS software. Theefore, there is an increasing demand for after-sale services among warehouse operators.
Advanced (Tier 1) WMS is expected to lead the warehouse management system market between 2017 and 2023.
Based on tier type, the advanced (Tier 1) WMS segment is expected to account for the largest share of the warehouse management system market during the forecast period. Key factors such as efficient handling of complex warehouse and distribution networks, high scalability, and quick processing of a large amount of data generated through warehousing and logistics operations are driving the demand for advanced (Tier 1) WMS solutions.
Asia Pacific to be the fastest-growing market for warehouse management system during the forecast period.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Hardware Components Integrated With Warehouse Management System
7 Warehouse Management System Market, By Component
8 Warehouse Management System Market, By Implementation
9 Warehouse Management System Market, By Tier Type
10 Functions of Warehouse Management System
11 Warehouse Management System Market, By Industry
12 Warehouse Management System Market, Geographic Analysis
13 Competitive Landscape
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