The global Logistics Automation Market is estimated to be valued at US$ 64.12 Bn in 2023 and is expected to exhibit a CAGR of 10. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The logistics automation market consists of software and hardware tools adopted by logistics companies to optimize and automate their workflows. Automated systems help in streamlining and speeding up operations while minimizing human errors and costs. Key areas of automation include warehouse management, transportation management, order management, and inventory management.
Market key trends:
Digitalization of logistics operations is one of the key trends driving market growth. Technologies like Wi-Fi, Bluetooth, RFID, and sensors are being incorporated into logistics equipment and vehicles to enable real-time tracking and monitoring of assets and shipments. This helps improve visibility, optimize resource utilization, and ensure on-time deliveries. Data analytics tools are being leveraged to gain insights from digital footprints for monitoring trends, predicting demand patterns, and enhancing customer experiences. Automated storage and retrieval systems along with conveyor belts, cobots, and automated trucks are reducing dependency on human labor and letting companies handle higher volumes more efficiently.
Segment Analysis
The logistics automation market is segmented by component, function, industry, and geography. Based on component, the hardware segment dominated the market in 2022 and is expected to remain dominant over the forecast period due to advantages such as cost-effectiveness and efficiency offered by hardware components like conveyors, automated guided vehicles, automated storage & retrieval systems, robotics, and industrial barcode printers.
Key Takeaways
The Global Logistics Automation Market Size is expected to witness high growth, exhibiting a CAGR of 11.41%over the forecast period, due to increasing labor costs and need for efficiency in logistics operations.
Regional analysis - North America dominated the logistics automation market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to growing e-commerce sector, presence of major players, and rapid technological adoption in the region. Asia Pacific is expected to grow at the fastest rate due to rising labor costs and growing demand for automation from thriving industries such as automotive and food & beverage in developing nations like China and India.
Key players operating in the logistics automation market are ABB, BEUMER GROUP, Blue Yonder Group, Inc, Daifuku Co., Ltd., E&K AUTOMATION LIMITED, Falcon Autotech Private Limited, GreyOrange, HighJump, Infor, Locus Robotics, Manhattan Associates, One Network Enterprises, Oracle, SwanLeap Inc, and Toshiba Logistics. The market players are focusing on new product launches and partnerships with technology providers to strengthen their global presence. For instance, in November 2022, Blue Yonder announced a partnership with Anthropic to integrate the latter’s artificial intelligence capabilities into Blue Yonder’s transportation management system solutions.
Read more: https://www.marketwebjournal.com/logistics-automation-market-size-analysis/
Logistics automation is the application of computer software and/or automated machinery to improve the efficiency of logistics operations.
It refers to operations within a warehouse or distribution center, with broader tasks undertaken by supply chain management systems and enterprise resource planning systems.
A logistics automation system compliments the facilities provided by higher level computer systems.
Changes due to economic development, enhancement of disposal income, affordability, and buying a pattern of customers has led to the growth of the logistics automation market.
The increasing affordability is, thereby, raising expectations for better services, in terms of product portfolio, delivery time, and cost, which in turn is increasing the demand for logistics automation as it can increase the efficiency of warehousing and transportation.Request to sample for this resaerch report @ http://www.arcognizance.com/enquiry-sample/233925 Global Logistics Automation market is accounted for $42.80 billion in 2017 and is expected to reach $126.53 billion by 2026 growing at a CAGR of 12.8% during the forecast period.
Some of the key factors propelling the market growth are Exponential Growth of the E-Commerce Industry, Advancements in Robotics and Emergence of IoT.Some of the key players in Logisttics Automation market include: Daifuku, Beumer Group, Dematic, Falcon Autotechl, Honeywell Intelligrated, Jungheinrich AG, Knapp AG, Mecalux, S.A., Murata Machinery, SSI Schaefer, Swisslog, System Logistics SPA, TGW Logistics Group GmbH, Toshiba Logistics, Vitronic and Wisetech GlobalBased on End User, Retail & Ecommerce segment is projected to be the growing segment.
