PUBLISHER: The Business Research Company | PRODUCT CODE: 1350939
PUBLISHER: The Business Research Company | PRODUCT CODE: 1350939
“Micro Fulfillment Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on micro fulfillment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for micro fulfillment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The micro fulfillment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the micro-fulfillment market are: LG CNS Co. Ltd, Dematic, Fortna Inc., Instacart, TGW Logistic Group, Opex Corporation, Exotec Solutions, KPI Integrated Solutions, The Kroger Company, Hormann LLC, Huboo Technologies Ltd., Berkshire Grey Inc., Pack & Send Holdings Pty. Ltd., Swisslog Holding AG, Alert Innovation Inc., StrongPoint ASA, DCL Logistics, Honeywell International Inc., Tompkins Robotics, Armstrong Ltd, PeakLogix., Get Fabric Inc., Diamond Logistics Ltd, Via.Delivery Corporation, Pacline Overhead Conveyors, Takeoff Technologies Inc, and Davinci Micro Fulfillment Inc.
The global micro fulfillment market is expected to grow from $3.09 billion in 2022 to $4.50 billion in 2023 at a compound annual growth rate (CAGR) of 45.86%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The micro-fulfillment market is expected to reach $20.04 billion in 2027 at a CAGR of 45.26%.
The micro fulfillment market includes revenues earned by entities by providing warehouse automation, e-grocery micro fulfillment solutions, and e-commerce fulfillment services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Micro fulfillment refers to a method that deploys small-scale warehousing facilities closer to the consumer in highly populated urban areas to enhance delivery times. A micro fulfillment center (or MFC) is a small-scale storage facility that e-commerce retailers use to store inventory closer to the end consumer to cut costs and transit times. These fulfillment centers are frequently highly automated, which aids in operational efficiency.
North America was the largest region in the micro fulfillment market in 2022. Asia-pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the micro fulfillment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of micro fulfillment are autostore, shuttle-based, and others. AutoStore refers to a middle-tier application used in the corporate environment to capture, handle, and route paper and electronic documents. AutoStore is a low-cost investment that provides the productivity boost the need to stay competitive. Its robotic technology, modular components, smart software, and easy-to-use controls enable it to stay on top of the supply chain and keep consumers happy. The technologies of micro-fulfillment include traditional WMS, mobile AMR, and piece-picking robots that are suitable for small-size and large-size warehouses. These are used for grocery, general merchandise, and others by e-commerce, industries, and general stores.
The growing demand for the e-commerce sector is expected to propel the growth of the micro fulfillment market going forward. The e-commerce industry refers to the online purchase and sale of goods and services. It includes a wide range of information, processes, and tools for online consumers and sellers, such as smartphone shopping and online payment encryption. E-commerce fulfillment manages the logistics of delivering an online order to a customer's door, eliminating the requirement for an individual to envelope, address, and ship each order individually. The increasing demand for the e-commerce sector will contribute to the growth of the micro fulfillment market. For instance, in February 2023, according to an article published in Forbes, an American business magazine, electronic commerce sales increased from $5.21 trillion in 2021 to over $5.72 trillion in 2023, and by 2026, the e-commerce market is expected to reach over $8.1 trillion. Therefore, the growing demand for the e-commerce sector drives the micro fulfillment market.
Technological advancements in the micro fulfillment market are gaining popularity in the micro fulfillment market. Major companies operating in the micro fulfillment market are focused on innovating new technologies to sustain their position in the market. For instance, in September 2021, Honeywell, an American publicly traded multinational conglomerate corporation, introduced innovative robotic technology with the launch of smart de-palletizing robots for micro-fulfillment. This product is expected to boost automation in warehouses and distribution centers. Smart Flexible De-palletizer reduces the requirement for physical labor in roles that are at risk of harm or have a high turnover rate. The solution uses the most advanced machine learning and grasping technologies to assist in the unloading of pallets without the need for pre-programming or user intervention.
In September 2022, Walmart, an American multinational retail corporation, acquired Alert Innovation for an undisclosed amount. This acquisition is expected to spread technology across its operations and build the next generation of fulfillment centers. This acquisition would bring the best of Alert's technology and expertise in-house, which will allow it to reach more customers faster by deploying at a faster pace, offering an unrivaled shopping experience as well as a competitive advantage in omnichannel fulfillment. Alert Innovation is a US-based company that develops e-grocery technology for e-grocery fulfillment automation.
The countries covered in the micro fulfillment market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The micro-fulfillment market research report is one of a series of new reports from The Business Research Company that provides micro-fulfillment market statistics, including the micro-fulfillment industry's global market size, regional shares, competitors with a micro-fulfillment market share, detailed micro-fulfillment market segments, market trends, and opportunities, and any further data you may need to thrive in the micro-fulfillment industry. This micro-fulfillment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.