Warehouse as a Service (WaaS) Market is projected to grow at a CAGR of 22.0% during the forecast period: MRFR

Market Research Future (MRFR) has published on the “Global Warehouse as a Service (WaaS) Market”

Warehouse as a Service (WaaS) Market Overview

The Warehouse as a Service (WaaS) Market is predicted to reach USD 3,990.9.9 Million by 2032, registering a 22.0% CAGR during the forecast period, 2023–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. The need to meet increasing customer demands is a significant driver behind the demand for the Warehouse as a Service (WaaS) market. As the eCommerce industry continues to grow and evolve, customer expectations for fast, reliable, and seamless order fulfilment have intensified. Fast Shipping and Delivery Times is one of the key demands from the customer especially during shopping season. For example, during peak shopping seasons like Big Billion Days, online retailers experience a significant surge in orders. WaaS providers can quickly scale up their warehouse space and resources to accommodate the increased order volumes, ensuring timely fulfilment and customer satisfaction. By leveraging WaaS solutions, businesses can effectively manage the fluctuating demands of online sales without the need for long-term commitments or excessive investment in warehouse infrastructure. In addition, in Brazil, Lovers' Day (June 12) is the biggest online sales event, surpassing Black Friday and Cyber Monday weekend as well as Singles Day in terms of sales. Black Friday weekend is the second-largest event, with a 25 percent increase in sales growth compared to the previous year, generating BRL 7.7 billion (USD 1.5 billion) in sales in 2020. Christmas and Mother's Day are also significant shopping occasions. These events create a demand for the WaaS market, driven by the importance of fast shipping and quick turnaround.

Segmental Analysis

The scope of the global Warehouse as a Service (WaaS) market has been segmented based on by Type, Customer Type, End-user.

Based on Type, the global Warehouse as a Service (WaaS) market is segmented into General warehousing, Refrigerator Warehousing. The General Warehousing category is anticipated to grow at the fastest rate over the forecast period.

Based on Customer Type, the global Warehouse as a Service (WaaS) market is segmented into SMEs and Large Enterprises. The SMEs category is anticipated to grow at the fastest rate over the forecast period.

Based on End-user, the global Warehouse as a Service (WaaS) market is segmented into E-commerce companies, Other Businesses. Other Businesses further divided into Apparel & Fashion, Healthcare & Pharma, Consumer Goods/ Retail, Food & Organic, Others. The Other Businesses category is expected to grow at a substantial rate in terms of CAGR over the forecasted period.

Regional Analysis

Geographically, the global Warehouse as a Service (WaaS) market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa and South America.

Asia Pacific held a largest market revenue share in 2022 owing to the continuous development of technologies and presence of large number of manufacturers in the major countries like China, Japan, India. There is a growing demand for efficient warehousing and distribution services in these countries as a result of its large population and increased consumer spending. Businesses across many industries can take advantage of WaaS solutions that are cost-effective and supported by advanced technologies and growing industrial automation in Asia Pacific region. OMRON, launched its first Automation Centre in Singapore, South-East Asia, and Pacific, dedicated to the Logistics Industry. This automation center provides human-machine collaboration for the automated movement of goods in the warehouses.

North America will continue to dominate at CAGR in upcoming period. There is a shift towards omnichannel retailing in the North American retail industry. Traditional retailers are adapting their physical stores to the changing preferences of consumers by integrating them with online platforms. With WaaS providers, inventory management is seamless, cross-channel orders are fulfilled seamlessly, and stock levels are shown in real-time across distribution channels. As a result of the region's robust manufacturing and distribution sectors, there is a need for efficient storage and distribution solutions which will propel the market growth in this region in upcoming years.

Key Players

The key players in the global Warehouse as a Service (WaaS) market 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.