With 13.1% CAGR, IoT in Warehouse Management Market Size Worth USD 28.79 Billion by 2030
Fortune Business Insights
Updated 7 min read
According to Fortune Business Insights, the global IoT in warehouse management market size is projected to reach USD 28.79 billion in 2030, at a CAGR of 13.1% during the forecast period, 2023-2030
Pune, India, March 31, 2023 (GLOBE NEWSWIRE) -- The global IoT in warehouse management market size was valued at USD 10.86 billion in 2022. The market is projected to grow from USD 12.13 billion in 2023 to USD 28.79 billion by 2030, recording a CAGR of 13.1% during the forecast timeframe of 2023-2030. Adoption of Digital Twin Technology to Build 3D Warehouses Models to Enhance Market Expansion.
Fortune Business Insights displays this information in a report titled, "Global IoT in Warehouse Management Market Forecast, 2023-2030."
Key Industry Development:
December 2022 – Tecsys Inc. teamed up with SVT Robotics Inc., an enterprise software provider, to create an out-of-the-box integrated connection between the company’s Elite supply chain platform and SVT's SOFTBOT Platform and enable warehouse automation and rapid robotics integration.
Application, Enterprise Type, End-user and Geography
The global market is predicted to grow at a notable pace as connected devices embedded with sensors and software can give users deep insights into their warehouse operations. A warehouse’s IoT system transmits data over the network without the need for human intervention. Growing penetration of IoT in warehouse management can greatly improve the accuracy of warehouse management operations, facilitate space optimization, and enable better allocation of goods. These characteristics will fuel the adoption of IoT in warehouse management solutions.
Key Takeaways:
IoT in Warehouse Management Market size in Asia Pacific was USD 2.47 billion in 2022
Major driving factors include adoption of digital twin technology to build 3D warehouses models
The manufacturing segment has the largest share in the global market.
Global demand is driven by growing use of wearable technology.
Drivers and Restraints:
Surge in Wearable Device Adoption in Warehouse Management Processes to Propel Market Expansion
Wearable devices offer real-time and accurate information on various assets and provide instant notifications to improve process efficiency and remove the risk of non-compliance. Integrating IoT techniques with warehouses can also enhance the accuracy of tracking inventory and boost the performance of human operators. The growing deployment of wearable technology increases the productivity of warehouses, which significantly enhances process transparency.
Lack of Skilled Workforce for Operating Smart Warehouses to Hinder Market Development
Lack of skilled labor force can slow logistical activities, which ultimately has a negative influence on an organization’s revenue margins. Lack of in-depth knowledge about data science and connectivity skills to develop, deploy, and successfully manage IoT projects in manufacturing and logistics sectors can negatively impact an organization’s revenue margins. These factors may hinder the market development.
High Need for Inventory Optimization Solutions to Boost Adoption of IoT in Warehouse Management Systems
In terms of application, the market is segmented into asset tracking, inventory optimization, warehouse automation, workforce management, predictive maintenance, and others. Inventory optimization holds the largest market share and is expected to grow at the highest CAGR during the forecast timeframe.
The combination of IoT with inventory optimization techniques can considerably enhance these operations and make optimize use of the warehouse space.
SMEs Hold Dominant Market Share with Rising Investments in E-commerce
By enterprise, the market has been bifurcated into Small & Medium Enterprises (SMEs) and large enterprises. Many SMEs are increasing their technological investments in e-commerce and manufacturing sectors to bring automation in warehouse operations and improve their efficiency.
Incorporating IoT technologies also reduce operational and labor costs incurred by warehouses as they can automate storage solutions. This not only leads to better delivery of supply chain services to customers but also decreases budget constraints.
Manufacturing to Record High Revenue with Robust Demand for IoT in Warehouses
In terms of end-user, the market is divided into manufacturing, retail & e-commerce, food & beverages, transportation & logistics, healthcare, IT & telecommunication, and others. Manufacturing sector is expected to capture the largest market share during the analysis timeframe. Using IoT in manufacturing warehouses can improve the reliability and accuracy of packing & picking processes and reduce inventory errors. This will improve a company’s overall performance.
Rising Penetration of Manufacturing and E-commerce Sectors to Boost the Asia Pacific Market Growth
Asia Pacific accounted for the highest market share in 2022. The increasing penetration of manufacturing and e-commerce industries in countries, such as India and China, has increased the usage of advanced analytical tools. This has further enhanced the adoption of IoT solutions to effectively manage warehouses across the region.
North America is expected to capture the second largest market share due to the rising number of e-commerce and retail businesses in the U.S. and Canada, innovations in warehouse management technologies, and growing presence of smart warehouse vendors.
Competitive Landscape:
Major Industry Players Focus on Using IoT in Warehouse Management to Strengthen their Market Position
Reputed organizations in the IoT in warehouse management market share are developing advanced technologies to boost their market share. Expansion of product portfolios, mergers & acquisitions, and research & development activities are some of the key strategies adopted by these service providers.
LIST OF LEADING ORGANIZATIONS PROFILED IN THE REPORT
PTC, Inc. (U.S.)
Tecsys, Inc. (U.S.)
HCL Technologies Limited (India)
IBM Corporation (U.S.)
Software AG (Germany)
Oracle Corporation (U.S.)
Zebra Technologies Corp. (U.S.)
Zyter, Inc. (U.S.)
Suntist Labs Pvt. Ltd. (India)
Argos Software (U.S.)
Quick Buy - IoT in Warehouse Management Market Research Report:
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