Warehouse Management Systems Market to Expand 4X by 2030; Covid-19 Impact on Logistics Industry Impeding Market Growth
Published On : May 22, 2020
The adoption of voice technology is increasing in warehouse management systems to eliminate the need for paper-pen instructions and to reduce manual. Voice technology is an effective way to make warehouse management efficient and affordable. Integration of voice technology with warehouse management systems helps operators interact with these systems with the help of the Internet and a headset device. Operators can give commands to the system by using voice technology, and can get updates on tasks such as stock update, picking orders, and receiving products.
As per the findings of a new market research report by Persistence Market Research, the global warehouse management systems market is projected to progress at an impressive CAGR of 13% over the forecast period of 2020 to 2030.
Covid-19 Impact on Warehouse Management Systems Market
The COVID-19 pandemic is spreading fast across the world, which is affecting various sectors, including warehousing, logistics, and others. The global warehousing and storage market was valued at approximately US$ 350 Bn in 2018, and grew by around 5% Y-o-Y till 2019.
However, amid the lockdowns due to the COVID-19 outbreak, the warehouse and storage market took a hit. e-Commerce businesses are facing issues due to the shortage of labour for warehouse management and operations. The warehouse management systems market grew around 11% Y-o-Y over the past 2 years; however, due to the challenges imposed by the pandemic, the market would be somewhat stagnant in 2020, and would recover by Q1, 2021.
Key Takeaways of Warehouse Management Systems Market Study
- Among the components, the integrated warehouse management software segment is expected to witness steady growth due to increasing adoption of the software by manufacturers to automate processes.
- PMR reports that, the demand for warehouse management systems from the transportation and logistics industry is expected to exhibit at a CAGR of 16% during the forecast period.
- Among the regions, South Asia & Pacific is expected to experience growth, owing to the high adoption of warehouse management systems to support in-store inventory and order management.
“Key players in the market can gain significant profits by providing warehouse management systems integrated with blockchain technology, as this helps track information regarding processes, delivery, production, maintenance, and suppliers and vendors,” says a PMR analyst.
Adoption of Drones and Robots in Warehouse Management Systems Spurring Market Growth
The adoption of drones and robots is increasing for warehouse management. Drones are used for inventory management, as they help find items easily that are stored in huge aisles and on shelves where warehouse workers cannot easily reach.
Various types of robots are also used in warehouse management to save time, reduce error, and increase efficiency. For instance, inventory robots help in making a note of the inventory, as these robots scan the inventory with the help of RFID tags.
Forklifts robots are used by warehouse operators to move and access heavy equipment. Forklifts have the ability to pick up and place entire pallets, drive them to the next spot, and sense obstacles in their path. Climbing robots are used for getting inventory that is stored on higher shelves or in narrow aisles. Goods to person robots are also used in warehouse management to carry bins and carts. All these factors only aid the growth of the warehouse management systems market.
Find More Valuable Insights on Warehouse Management Systems Market
Persistence Market Research puts forward an unbiased analysis of the global market for warehouse management systems market, providing historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. To understand the opportunities in warehouse management systems market, the market is segmented on the basis of component (hardware, software, and services), deployment (cloud and on-premise), application (inventory management, purchase and order management, supply chain management, asset management, and others), industry (retail & consumer goods, automotive, transportation and logistics, healthcare & pharmaceuticals, electrical and electronics, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).
For additional insights on how growth of the warehouse management systems market will unfold over the next decade, write to the analyst at firstname.lastname@example.org
About PMR – Electronics, Semiconductor, and ICT Division
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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