WMS market projected to hit $3,122 million by 2022
The warehouse management system (WMS) market is tipped to be worth $3,122 million by 2022, according to new figures from Allied Market Research.
The latest report, “Global Warehouse Management System Market by Component Type, Industry Vertical, and Geography - Global Opportunity Analysis and Industry Forecasts, 2014 – 2022”, predicts that the WMS market will grow at a compound annual growth rate (CAGR) of 15.2% between now and 2022.
Europe is expected to be the largest market and will generate the most revenue over the next five years. On the other hand Asia-Pacific is projected to be the fastest growing market thanks to the increasing use of WMS services in countries like Japan, China, Australia, and India, which has been a boon to the sector’s growth.
All of this growth has been attributed to growing inventory and workloads in warehouses. The pharmaceuticals industry is believed to have the fastest growth rate over this period with transport and logistics also dominating the market.
Within the WMS space, software is expected to see the most significant growth owing to the growing adoption of newer technologies. This is especially the case in the logistics industry, which has seen the highest revenues of all verticals that were examined, according to Allied Market Research. These high revenues are once again attributed to WMS services.
“The European market is most productive as compared to others with diverse industry verticals implementing WMS at a greater extent,” said Seapee Bajaj, lead analyst for construction and manufacturing at Allied Market Research.
“Furthermore, it is projected to generate the highest market revenue over the forecast period with predominant deployments in the transportation and logistics industry.”
The researchers also noted how many major players – like Oracle, SAP, and Infor – in different industries are forming new partnerships in order to launch new WMS products and gain more market share.
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