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(Hosting-NewsWire.com, June 17, 2017 ) The report "Warehouse Management System Market by Component (Software, Services), Implementation (On-Premise, On-Cloud), Tier Type (Advanced, Intermediate, Basic), Industry (Automotive, Food & Beverages, Healthcare, E-Commerce), and Region - Global Forecast to 2023", The warehouse management system market was valued at USD 1.32 Billion in 2016 and is projected to reach USD 3.23 Billion by 2023, at a CAGR of 14.1% between 2017 and 2023.
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Factors anticipated to drive the growth of the market include 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.
“The software segment accounted for the largest share of the warehouse management system market“
Based on component, the software segment is expected to lead the warehouse management system market between 2017 and 2023. In a dynamic supply chain ecosystem, warehouse operating companies have realized the importance of WMS software, as this software accurately manages their inventory. Therefore, increasing awareness of WMS software among small and medium-sized enterprises (SMEs) and the growing adoption of cloud-based WMS software solutions are key factors driving the demand for WMS software.
“The food & beverages industry segment is anticipated to grow at the highest CAGR between 2017 and 2023”
The food & beverages industry segment of the warehouse management system market is expected to grow at the highest CAGR between 2017 and 2023. Factors such as the need for automated and hygienic handling of food items, enhanced traceability of food items, and increased sale of packaged food products are propelling the implementation of WMS solutions in the warehousing facilities of food & beverages companies.
“North America expected to lead the warehouse management system market between 2017 and 2023”
North America is one of the key growth regions in the warehouse management system market. Increased adoption of cloud technology, growth of the e-commerce industry, highly developed warehousing infrastructure, and extensive third-party distribution network are influencing the growth of the warehouse management system market in North America. In addition, the presence of established manufacturing companies in the U.S., Canada, and Mexico are further contributing to the growth of this market.
Key players operating in the warehouse management system market include Epicor Software Corp. (US), JDA Software Group, Inc. (US), Manhattan Associates, Inc. (US), Oracle Corp. (US), SAP SE (Germany), IBM Corp. (US), Infor, Inc. (US), PTC Inc. (US), PSI AG (Germany), TECSYS Inc. (Canada), BluJay Solutions (UK), and HighJump (US).
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