PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1362376
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1362376
The smart warehousing market 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. The market is anticipated to grow due to the emergence of multi-channel distribution networks, and the rising focus on green initiatives and sustainability to minimize waste.
Scope of the Report | |
---|---|
Years Considered for the Study | 2017-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | USD |
Segments | offering, Technology, Application, Warehouse Size, Vertical, Region |
Regions covered | North America, Europe, APAC, LATAM, MEA |
By offering hardware segment to register for largest market size during forecast period
The hardware segment includes radio frequency identification systems, sensor networks, real-time location systems, automated guided vehicles, autonomous mobile robots, conveyor systems, and other hardware (routers, switches, access points). A rise in the demand for IoT, sensors, and AI technologies among users to optimize warehouse operations has influenced vendors to develop smart warehousing hardware. A smart warehouse solution helps warehouse managers to monitor and track goods in real time based on their types and usage.
By vertical, healthcare & life sciences segment to register fastest growing CAGR during the forecast period
In the healthcare distribution ecosystem, continuous sharing of information and visibility of every process are the determinants for efficient warehouse management. Smart warehousing enables clear visibility of logistic activities in the healthcare industry, enabling proper tracking of medicines and medical devices. Further, small batch sizes, the short shelf life of medicines, and the need for clean storage and controlled environmental conditions are the key factors driving the growth of automated warehouses in the healthcare industry. Leading healthcare and life sciences companies are using smart warehousing solutions to carry out their critical warehousing operations, such as quality control, safety precautions, and tracking of expiration dates of drugs.
Large warehouses to witness the largest market size during the forecast period
The smart warehousing market for large warehouses is experiencing significant growth, driven by several compelling factors. Large warehouses, often serving as distribution centers for major retailers and e-commerce giants, require sophisticated software solutions to manage vast inventories and streamline complex logistics operations. One of the primary growth drivers is the increasing emphasis on automation and scalability to meet the ever-growing demand for fast and accurate order fulfillment.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the smart warehousing market.
The report includes the study of key players offering smart warehousing solutions. It profiles major vendors in the smart warehousing market. The 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).
Research coverage
The smart warehousing market research study involved extensive secondary sources, directories, journals, and paid databases. Primary sources were mainly industry experts from the core and related industries, preferred smart warehousing providers, third-party service providers, consulting service providers, end users, and other commercial enterprises. In-depth interviews were conducted with various primary respondents, including key industry participants and subject matter experts, to obtain and verify critical qualitative and quantitative information, and assess the market's prospects.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall smart warehousing market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.