Smart warehousing market worth $ 25.4 billion by 2026
CHICAGO, October 5, 2021 / PRNewswire / – According to New Market Research Report “Smart warehousing market by component (hardware, solutions and services), technology (IoT and analytics, RFID, AGV), application (inventory management, order management), organization size, mode of deployment, vertical and region – Global forecasts up to in 2026 “, published by MarketsandMarkets ™, the Global Smart warehousing market size from which to pass $ 14.8 billion in 2021 to $ 25.4 billion by 2026, at a compound annual growth rate (CAGR) of 11.5% over the forecast period. Various factors such as the proliferation of smartphones for faster handling of goods, the increasing advancement of the e-commerce industry due to the onset of the COVID-19 pandemic, the emergence of multi-channel distribution networks and the nature The dynamics and globalization of supply chain networks are expected to drive the adoption of intelligent warehousing equipment, solutions and services. However, the market faces constraints, such as a lack of uniform governance standards in the fragmented logistics industry and growing data security and privacy concerns.
The COVID-19 pandemic has disrupted global supply chains overtaken and affected both supply and demand at a faster rate. But the impact of COVID on the warehouse will have long and lasting effects. As the virus spreads across the world, there is an epidemic or transport delay in one part of the world that would have a devastating impact across the world, causing closures due to closures of warehouses or supplies. missing or delayed. At the warehouse, some organizations found themselves with excess inventory that they could not ship and few other companies were at a standstill while waiting to receive inventory in their depleted warehouse. Some industries have seen unprecedented demand while others have seen demand drop, which has had a negative impact on the whole Smart warehousing market. After COVID-19, the warehouse and supply chain industries adopted and implemented automation technologies, such as Assisted Assistance Vehicles (AGVs), forklift automation, robotics and the smart sorting to enable businesses to thrive in today’s changing conditions.
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The on-premise segment to hold the largest market size during the forecast period
Deployment mode segment for smart warehousing market is segmented into cloud and on-premise. The on-premise segment will hold a larger market share during the forecast period. Highly secure data encryption and comprehensive data visibility and control functionality are driving the adoption of intelligent on-premise warehousing solutions across all verticals, such as retail and e-commerce, transportation and transportation. logistics, and manufacturing, to have better and more efficient warehouse operations.
AI in Warehouse Segment Represents Highest CAGR During Forecast Period
The smart warehousing market is segmented on the basis of technology, which includes IoT and analytics, warehouse AI, RFID, automated guided vehicles (AGVs), blockchain, and others (AR , security, Wi-Fi and voice recognition). The warehouse AI segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the growing need to improve overall productivity with minimal errors.
The increasing use of AI and ML technology with smart warehouse solutions ensures an efficient inventory process and better route optimization.
Large enterprise segment will hold larger market size during the forecast period
The smart warehousing market has been segmented by organization size into large enterprises and SMEs. The SMB market is expected to register a higher CAGR during the forecast period as the cloud-based solutions and services help them improve their business performance and productivity. While the large enterprise segment is expected to hold a larger market share in the smart warehousing market during the forecast period. Large companies have already started implementing smart warehousing solutions and are focusing on implementing advanced technologies to manage the overall supply chain management process across channels. The availability of smart warehousing technologies such as RFID, IoT and analytics, and AI will enable large enterprises to manage complex inventory processes.
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Healthcare and Life Sciences vertical will have the highest CAGR during the forecast period
The healthcare and life sciences vertical is expected to grow at the highest CAGR of the smart warehousing market during the forecast period. The traceability and proper digitization of items to verify their authenticity and the prevention of counterfeiting encourage healthcare companies to improve their warehousing practices. With the help of smart warehousing solutions, healthcare companies can efficiently manage their warehousing activities to improve productivity.
North America hold the largest market share during the forecast period
North America is estimated to have the largest market size in 2021, followed by Europe; this growth can be attributed to technological upgrades in these regions. Being one of the first to adopt technologies, North America is a hub of innovation and should present strong opportunities for smart warehousing providers to expand into this market. However, APAC is expected to grow at the highest compound annual growth rate (CAGR) due to the rapid increase in technology adoption across all verticals to improve customer experience and productivity. Adoption of smart warehousing hardware, solutions and services is expected to increase in MEA region and Latin America due to the increasing demand for warehouse process automation for improved productivity, efficiency and accuracy. The implemented smart warehouse solutions provide flexibility and enhance employee capabilities.
Key players offering Smart warehousing market. The main suppliers covered are Oracle (US), SAP (Germany), Manhattan (United States), PSI Logistics (Germany), PTC (United States), Tecsys (Canada), To respond (Italy), IBM (United States), Infor (United States), Korber (Germany), Generic (France), Microlistics (Australia), Blue Yonder (United States), Vinculum (India), Epicor (US), Softeon (US), 3PL Central (US), Synergy Logistics (US), BlueJay Solutions (US), Mantis (US), WareIQ (India), Foysonis (United States), Logiwa (United States), Increff (India), Locus Robotics (US), ShipHero (US), Orderhive US), EasyEcom (India), Unicommerce (India) and IAM Robotics (United States).
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