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With reach US$ 121,343.3 Million, Logistics Automation Market shares overview with 14.3% CAGR by 2028 - Exclusive Research by The Insight Partners
Logistics Automation Market
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Growing advancement in technology has encouraged the increasing adoption of robots for various industries. Logistics automation is becoming essential for retailers owing to growing retail & e-commerce sectors worldwide. Market players are trying to achieve omnichannel and online strategies. Thus, logistics automation is necessary for retailers. The logistics automation ensures the management of the inventory, tracking, reporting and forecasting, packaging, transportation of goods, and warehouse management. The constant growth in the retail & e-commerce sector is expected to create new opportunities for the global logistics automation market during the forecasted period.
Logistics automation is replacing traditional logistics processes as it helps in enhancing the overall efficiency of the industry by streamlining and automating the whole process, involving various tasks such as processing freight operations, tracking, and documentation. The most common advantages of implementing logistic automation are reduced human errors as it shows clear visibility of freight rates, enhanced customer services, and improved scalability. Logistic automation became a significant part of the supply chain process for small and large businesses. These businesses provide services such as warehousing, transportation, inventory management, order fulfillment, distribution, and freight consolidation. With the help of logistic software and services, manufacturing companies are able to focus on product development, sales, and other core operations. The escalating demand for shipping cost reduction and timely delivery management, focus on core business, recordkeeping of stock is among the factors projected to drive the market for logistics automation during the forecast period. Moreover, the factors such as growth in the adoption and development of e-commerce in the retail sector are expected to generate remarkable growth opportunities for the industry players.
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Growing Adoption of Industrial 4.0 across Manufacturing Industry
The manufacturing sector is increasing globally; as per the China Federation of Logistics and Purchasing (CFLP), the global manufacturing purchasing managers' index (PMI) accounted for approximately 50% in August 2019, which was down from 51.3 in August 2018. This signifies a robust recovery of the manufacturing sector across the developed countries, growing industrial advancement in the developing economies as well as the escalation of commodities prices on the global market. Thus, the expansion of the manufacturing industry due to the adoption of technologically advanced solutions, results in the enhancement of the plant productivity, gaining competitive advantage, and maintaining the edge with the customers. The manufacturers of various products face huge competition with other market players on account of quality, costs, service, and time taken for the overall process.
Logistics Automation Market: Competitive Landscape and Key Developments
The major companies offering logistics automation market include Beumer Group, Daifuku Co., Ltd., Dematic (KION Group), Honeywell Intelligrated, KNAPP AG, Mecalux, S.A., Murata Machinery, Ltd., Swisslog Holding AG, TGW Logistics Group, and VITRONIC among others. Several other companies are also offering these logistics automation for various manufacturers, which is facilitating the market to propel over the years.
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Product development is the commonly adopted strategy by companies to expand their product portfolio. Beumer Group, Daifuku Co., Ltd., Dematic (KION Group), Honeywell Intelligrated, KNAPP AG, among others are the key players implementing strategies to enlarge the customer base and gain significant share in the global Logistics Automation market, which in turn permits them to maintain their brand name. A few of the recent key developments are:
• In 2019, Honeywell announced the creation of Honeywell Robotics to help shape the warehouse and distribution center of the future, particularly for companies looking for automated solutions, software and robotics to deliver increased speed, accuracy and throughput in complex material handling environments.
• In 2019, Daifuku Co., Ltd. announced acquisition of India-based Vega Conveyors & Automation Private Limited. Vega offers consulting, design, manufacture, installation and after-sales service of conveyors and other material handling equipment within its domestic Indian market.
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Contact Person: Sameer Joshi
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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.
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