Logistics Automation Market Expected to Surpass the Market Value of USD 89.72 Billion by 2024 - Report by Market Research Future (MRFR)
Market Research Future
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New York, USA, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Logistics Automation Market information by Technology, by Components,byServices by Application and Region – forecast to 2027” market size to reach USD 89.72 billion, growing at a compound annual growth rate of 4% by 2024.
Market Scope: The exponential rise of e-commerce is a primary driver of the global logistics automation market. Apart from large-scale vendors, digitalization has revolutionized the purchasing experience of users and given a new platform for small and medium-sized vendors.
Dominant Key Players on Logistics Automation Market Covered are:
Dematic Corp. (US)
Daifuku Co. Ltd (Japan)
Swisslog Holding AG (Switzerland)
Honeywell Intelligrated (US)
Murata Machinery Limited (Japan)
Knapp AG (Austria)
Jungheinrich AG (Germany)
SSI Schaefer LLC (UAE)
MecaluxSA (Spain)
VITRONIC (Germany)
Beumer Group (Germany)
Toshiba Infrastructure Systems & Solutions Corporation (Japan)
Market USP Exclusively Encompassed: Market Drivers Logistics automation enables industries to improve customer service by delivering real-time information; for example, automation has increased transportation productivity by allowing users to obtain information such as freight rates and transit modes in real-time. Furthermore, logistics automation has changed the transportation industry by minimizing errors, resulting in lower costs, as faults in the supply chain can increase shipping costs. Furthermore, technological improvements have enabled users to operate a process or a machine using smartphones like smartphones. Automation has boosted the speed and scalability of the logistics industry's operations.
Furthermore, organizations operating in the global logistics automation markets are developing new solutions, hardware, and software. In 2016, The KION Group acquired Dematic Corp., one of the leading participants in the automation supply chain in the United States. The acquisition was made to strengthen the former's market position. Toyota Industries Corporation (TICO) reached an agreement to purchase Vanderlande Industries BV in 2017 in order to strengthen customer service and provide automation solutions to industries worldwide. Companies are focused on tactics such as collaboration, acquisition, and R&D investments, which are contributing to the market's growth.
Segmentation of Market Covered in the Research: The global logistics automation market has been segmented into component, organization size, application, and end-user.
By component, the global logistics automation market has been segmented into hardware, software, and services. The hardware segment has been further divided into mobile devices, automated guided vehicles, sorting and picking systems, and others.
By organization size, the global logistics automation market has been segmented into large enterprises and SMEs.
By application, the global logistics automation market has been segmented into warehouse management and transportation management.
By end user, the global logistics automation market has been segmented into retail and e-commerce, manufacturing, oil & gas, healthcare and pharmaceuticals, automation, aerospace & defense, and others.
Regional Analysis North America to Dominate the Global Market As an early adopter of the technology, North America currently owns the highest market share. Furthermore, the presence of numerous industrial, transportation, retail, automotive, healthcare, and pharmaceutical industries, which were among the first to adopt automation software and solutions, is adding to market growth. Furthermore, the existence of important companies in the region, such as XPO Logistics, Americold Logistics, and Honeywell Intelligrated, who provide solutions, services, and software, helps to the market's growth.
Europe to Hold the Second Largest Position Europe captured the second largest market share in the global logistics automation market in 2019 due to the presence of various global players in the region, such as Jungheinrich AG, Knapp AG, and Swisslog.
APAC to Witness Fastest Growth The Asia Pacific is expected to be the fastest-growing regional market due to the rapid adoption of the technology among the manufacturing, retail, transportation, automation, and other industries.
Industry News In February 2021, Honeywell Intelligrated will collaborate with Fetch Robotics, a company that delivers cloud-driven robotic solutions. Fetch Robotics will introduce an autonomous mobile robot called PalletTransport1500 for contactless pallet transportation across distribution centers. It will use Honeywell Intelligrated's Momentum warehouse execution system software to safely and efficiently move pallets and other heavy payloads ranging up to 1136 kg.
In May 2020, Manhattan Associates will introduce the Manhattan Active Warehouse Management solution. It is the world's first cloud-native enterprise-class Warehouse Management System (WMS) that integrates all aspects of distribution and never needs to be upgraded. Manhattan Active WM ushers in a new age of distribution management speed, adaptability, and ease of use.
In March 2020, Dematic released the Dematic Multishuttle (DMS) 2 E, the latest version of the company's warehouse automation solution.
Related Reports: Digital Logistics Market Research Report – By Component (System, Services), Applications (Warehouse Management, Labor Management, Transportation Management), Verticals (Healthcare, Automotive, Manufacturing), by Regions - Forecast Till 2027
Logistics Automation Market Research Report: by Component (Hardware, Software and Services), By Application (Warehouse Management, Transportation Management), By Organization Size (SMEs and Large Enterprises), By End-User (Retail and E-Commerce, Manufacturing, Oil, Gas, & Energy, Healthcare and Pharmaceuticals, Logistics & Transportation, Automation, Aerospace & Defense and Others), By Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027
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