Northbrook, IL 60062 -- (SBWire) -- 10/02/2023 --The global Smart Warehousing Market size is projected to grow from USD 20.4 billion in 2023 to USD 40.5 billion by 2028, at a compound annual growth rate (CAGR) of 14.6% during the forecast period, according to research report by MarketsandMarkets™.
The smart warehousing market is expected to grow significantly during the forecast period, owing to various business drivers like the emergence of multi-channel distribution networks, and the rising focus on green initiatives and sustainability to minimize waste. The dynamic nature and globalization of supply chain networks is also accountable for driving the market's growth.
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228 - Tables
58- Figures
260 – Pages
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By services, managed services to register for the highest CAGR during the forecast period
The services segment of the smart warehousing market is growing rapidly. The managed services are vital in properly functioning smart warehousing solutions. Managed services provide all the required skillsets to maintain and upgrade the solutions, which is of utmost importance in the smart warehousing or positioning environment. All client's pre-and post-deployment questions and needs are taken care of through the managed services unit. Organizations mostly outsource such services to offer clients on-time delivery and an enhanced experience.
By technology, Robotics & Automation to register for the highest market size during the forecast period
The smart warehousing market is experiencing a transformative wave driven by Robotics & Automation technologies. The adoption of autonomous robots, such as AGVs (Automated Guided Vehicles) and AMRs (Autonomous Mobile Robots), is streamlining warehouse operations by automating material handling, inventory management, and order fulfillment processes. This not only reduces labor costs but also enhances accuracy and speed, making it a compelling choice for businesses striving to meet the rising e-commerce demands.
By region, Asia Pacific accounted for highest growth rate during forecast period
Asia Pacific is the fastest-growing region for the smart warehousing market during the forecast period. The growth of the market in this region can be attributed to the tremendous growth of the eCommerce and manufacturing industries in emerging economies such as China, India, and Japan. China is a key contributor to the growth of the smart warehousing market in Asia Pacific owing to its huge industrial and manufacturing sector, whereas India is the fastest-growing market during the forecast year.
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Some major players in the smart warehousing market include Manhattan Associates (US), Korber (Germany), Oracle (US), SAP (Germany), Tecsys (Canada), PSI Logistics (Germany), PTC (US), Reply (Italy), Infor (US), IBM (US), Blue Yonder (US), Generix Group (France), Microlistics (Australia), ABB (Switzerland), Microsoft (US), Epicor (US), Made4net (US), Mantis (US), Softeon (US), Synergy Logistics (US), E2open (US), Vinculum (India), Mecalux (Spain), SSI Schaefer (US), WareIQ (India), Foysonis (India), Increff (India), Locus Robotics (US), ShipHero (US), Cin7 (US), EasyEcom (India), Unicommerce (India), and IAM Robotics (US).
Key Dynamic Factors For Smart Warehousing Market:
Technology Advancements and Integration: One of the main factors propelling the smart warehousing market is the ongoing advancement and integration of technologies such as IoT (Internet of Things), AI (Artificial Intelligence), machine learning, robots, RFID (Radio Frequency Identification), and automation. These innovations boost operational effectiveness, cut down on errors, and maximise resource use.
Real-time data and analytics are in high demand.
Analytics of real-time data are crucial for improving warehouse operations. The adoption of smart warehousing solutions is driven by the requirement for real-time insight into inventory, order status, and performance data. Making informed decisions is made possible and the supply chain's efficiency is increased through analysis.
Growth in e-commerce and last-mile logistics:
The demand for quick and effective last-mile delivery is rising, and this is driving the demand for intelligent warehousing solutions. To meet customer expectations for on-time deliveries, e-commerce businesses are investing in cutting-edge technologies to automate procedures and quicken order fulfilment.
Smart warehouse solutions assist save costs and optimise the supply chain by streamlining operations, cutting down on transit times, lowering labour expenses, and improving inventory control. These technologies are being used by businesses to increase operational effectiveness and produce cost savings across the supply chain.
Environmental and sustainability issues are becoming more and more important in business. By maximising energy use, decreasing waste, and optimising resource allocation, smart warehousing solutions may support sustainability goals. The deployment of smart warehousing technologies is increasingly influenced by environmentally friendly practises.
Regulatory Compliance and Safety Standards: The warehouse sector must adhere to constantly changing regulatory regulations and safety standards. Compliance with laws governing inventory tracking, storage conditions, and safety procedures can be ensured with the aid of smart warehousing systems. Adhering to these norms is what motivates the use of cutting-edge technology.
Globalisation and Complex Supply Chains: As supply chains become more global and complex, it is critical to find warehousing solutions that are effective, precise, and transparent.
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Competitive and Segmentation Analysis:
The demand for more efficient supply chain operations and the incorporation of cutting-edge technologies have increased competition in the market for smart warehousing. Through research and development, strategic alliances, mergers, and acquisitions, key companies in this market are constantly aiming to innovate and achieve a competitive edge. The competition is largely focused on providing all-encompassing smart warehousing solutions that include Internet of Things-based hardware, AI, cutting-edge robots, real-time data analytics, and effective warehouse management systems.
The solutions, services, technology, and end-users categories can be used to segment the smart warehousing industry. Robotics, RFID systems, transportation management systems, and other technologies are examples of solutions. Consulting, system integration, maintenance, and support are all considered services. IoT, AI, machine learning, and other technologies are included. Retail, e-commerce, healthcare, food and beverage, manufacturing, and logistics are just a few examples of end-users.
The segmentation enables a targeted strategy, tying solutions to certain industrial needs and guaranteeing a customised strategy to satisfy various criteria. For instance, whereas the healthcare industry places an emphasis on temperature-sensitive storage and strict regulatory compliance, the retail and e-commerce industries look for solutions that optimise order processing and last-mile delivery. For businesses to successfully enter and flourish in the cutthroat smart warehousing market, they must have a thorough understanding of these categories and their particular needs.
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Smart Warehousing Market Size, Share, Future Trends, Scope and Opportunities 2028
This research report categorizes the smart warehousing market based on offering, technology, application, warehouse size, vertical, and region.