Market Analysis
The global warehouse as a service market will touch USD 3,990.9.9 million at a 22.0% CAGR by 2032, as per the latest Market Research Future report.
Drivers
Exponential Growth of Online Sales to Boost Market Growth
The exponential growth of online sales has affected the warehousing business significantly and is a key factor behind the global warehouse as a service market growth. The ascent in the web-based businesses indeed have transformed the manner in which purchasers shop following the increase in quantities of people that pick the web-based shopping’s comfort over the traditional physical stores. Such a shift in customer behavior created a flood in online orders volume which organizations require for managing. For fulfilling this need, enterprises need compelling and proficient warehousing arrangements. Thus, the exponential growth of online sales will boost market growth over the forecast period.
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Warehouse as a Service (WaaS) Market Key Players –
Eminent industry players profiled in the WaaS market report include:
- Total IT Global
- ShipBob Inc.
- Clutter, Inc.
- GXO Logistics Inc.
- GEODIS
- Waresix
- Stowga
- Edgstify (OptiSupply Chain Solution Pvt. Ltd.)
- Flowspace, Saltbox
- Torqued LLC
- Waredock Estonia LLC
- Sino Shipping
- BIS Henderson Group.
Opportunities
Need to Suffice Growing Customer Demand to offer Robust Opportunities
The need to cater to the growing customer demand will offer lucrative opportunities for the warehouse as a service market over the forecast period. With the eCommerce sector continuing to evolve and grow, the expectations of customers for seamless, reliable, and fast order fulfillment have in fact intensified. Delivery times and fast shipping is a chief demand from customers particularly during shopping season.
At the time of peak shopping seasons for instance such as Big Billion Days, the online retailers experiences immensely noteworthy surges in orders. The WaaS providers in fact can quickly scale up the warehouse space resources for accommodating the rising order volumes thus ensuring customer satisfaction and timely fulfillment.
Restraints and Challenges
High Cost to act as Market Restraint
The high cost of WaaS services may act as a market restraint over the forecast period. Besides, the impact of COVID-19 may also impede market growth.
Market Segmentation
The warehouse as a service market has been bifurcated based on end user, customer type, and type.
By type, general warehousing will lead the market over the forecast period.
By customer type, SMEs will domineer the market over the forecast period.
By end user, other businesses will spearhead the market over the forecast period.
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Regional Analysis
APAC to Command Warehouse as a Service Market
The APAC region will command the WaaS market over the forecast period owing to the rapid economic development in the region, booming e-commerce, and the burgeoning need for scalable and flexible warehousing solutions. This market is domineered by Japan, India, and China for the growing e-commerce industry coupled with the expanding cross-border trade. Further the requirement for effective technology for managing warehouse efficiently and effectively is adding to the growth of the market.
The region has the utmost share in the market for the constant technological developments and presence of several manufacturers in India, Japan, and China. There is a burgeoning need for effective warehousing distribution solutions in these countries owing to its massive population increased consumer spending.
In fact businesses across several industries can reap the perks of WaaS solutions which are pocket friendly as well as supported via advanced technologies rising industrial automation within the APAC region. OMRON for instance came up with its foremost Automation Centre at Singapore dedicated to the logistics industry. The automation center offers human-machine collaboration for automated goods movement in the warehouses.
North America to Have Admirable Growth in Warehouse as a Service Market
North America will have admirable growth in the warehouse as a service market over the forecast period for a shift in omnichannel retailing in this region’s retail industry. The traditional retailers have adapted their physical stores with the consumers changing preferences by integrating them along with online platforms.
Through WaaS providers, the inventory management indeed is seamless, the cross-channel orders are seamlessly fulfilled, and the stock levels are seen in real-time in various distribution channels. Owing to the region’s robust distribution and manufacturing sectors, there has been a requirement for effective storage distribution solutions that boosts market growth.
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