Smart warehousing market projected to reach $75.7 billion by 2032, driven by automation and IoT
From GlobeNewswire: 2024-12-07 09:00:00
The Smart Warehousing Market is projected to reach USD 75.7 billion by 2032, with a CAGR of 14.3%. The growth is driven by e-commerce and the need for efficient inventory management systems. Smart warehouses using robotics, IoT, AI, and data analytics enhance operational efficiency, reduce errors, and improve safety protocols.
Interoperability between supply chain components is pushing the growth of sophisticated warehousing systems. Smart warehouses offer visibility into inventory, operations, and customer demand, aiding in stock management, cost reduction, and improved customer experience. Major players in the market include IBM, Oracle, Manhattan Associates, and Locus Robotics.
In 2023, the Solutions segment dominated the market with a 45% share, offering hardware and software solutions for automation, data analytics, and real-time monitoring. Large enterprises held a 60% market share, investing in smart warehousing technologies for efficient inventory management and scalability. SMEs are also adopting these solutions as costs decrease.
The Transportation and Logistics sector led the market with a 30% share in 2023, recognizing the value of smart warehousing in improving efficiency and ensuring timely deliveries. As demand for faster shipping and omnichannel retail grows, automation in warehouses is crucial. North America dominated the market in 2023, with the U.S. leading in automation and robotics adoption. The smart warehousing market in Europe is growing rapidly, fueled by technological advancements and the adoption of smart warehousing solutions in countries like Germany, the UK, and France. The presence of key players like Amazon and Walmart, along with government support for automation, is driving market growth in the region.
The Asia-Pacific region is expected to experience the fastest growth in the smart warehousing market, driven by the increasing adoption of IoT, AI, and robotics in countries like China, India, and Japan. The growth of e-commerce and manufacturing sectors in the region is creating opportunities for smart warehousing solutions to thrive.
Swisslog and Zebra Technologies have recently launched innovative solutions to enhance warehouse efficiency by reducing labor requirements and providing real-time data analytics. These advancements are expected to improve operational performance and reduce costs for businesses utilizing smart warehousing solutions.
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Read more at GlobeNewswire: Smart Warehousing Market to Reach USD 75.7 Billion by 2032