Press release
Global Logistics Automation Market to Hit USD 90.2 billion by 2030
In addition, these systems consist of devices, software, and related services. These systems help in providing improved quality products to the customers as they have to comply with cost-effectiveness and timely delivery of the products. Furthermore, the emergence of IoT, growth of e-commerce industry, and advanced technology of robotics are the factor that improves the growth of logistics automation markets around the world.
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The COVID-19 outburst had a severe impact on the logistics automation market globally. Logistics and supply chain is affected severely in North America. Retail, industrial goods, and consumer goods are some of the industries that are hugely affected by the pandemic. APAC has also suffered due to the COVID-19 pandemic as the production of electronic devices has been suspended due to logistical delays and unavailability of labor. In addition, some e-commerce companies in the region have stopped supplying non-essentials. Due to the imposition of lockdowns, a reverse migratory trend is observed in the region. Companies in the logistics industry need to understand the specific demand effects of their business and create a short-term demand synchronization strategy and prepare themselves for possible shifts.
Market Segmentation
Insight by Component
Based on component, the logistics automation market is divided into transportation management and warehouse & storage management. Transportation management is further sub-divided into software and services. Furthermore, warehouse & storage management is further sub-divided into hardware, software, and services. Of these two broad segments, the transportation management segment is expected to experience a higher CAGR during the forecast period. The growth of this segment is due to the increasing demand for timely delivery of goods and services and reduced transportation cost among various business enterprises.
Insight by Organization Size
Based on organization size, the logistics automation market is categorized into large enterprises and small and medium enterprises. Of these two segments, small and medium enterprises will exhibit higher growth during the forecast period due to technological developments, intensive competition among the key players, and reduced cost of automated warehouses. These factors encourage SMEs to adopt these systems, thereby enhancing the growth of the logistics automation market globally.
Insight by Vertical
Based on vertical, the logistics automation market is segmented into manufacturing, pharmaceuticals & healthcare, retail & e-commerce, aerospace & defense, logistics & transportation, chemicals, food & beverage, oil, gas, & energy, automotive, and others. Of all the verticals, the automotive segment provides the largest revenue to the logistics automation market due to massive competition in the logistics automation industry. It has facilitated and propelled the demand for flexible logistic systems and automated production solutions in order to upscale the design, supply, and manufacturing of vehicles.
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Industry Dynamics
Trends
The growing acceptance of IoT technology helps businesses create, store, process, and share large amounts of data with other connected devices such as radio frequency identification (RFID), sensors, and gateways. In addition, the demand for connectivity technology, smart devices, and applications is increasing. These are the main trends observed in the market, on a global scale. IoT plays an important role in enhancing, automating, and connecting, thus, helping companies to develop profitable and efficient warehouses. Furthermore, the growing demand and benefits of IoT are driving the growth of the logistics automation market.
Growth Drivers
The key factors driving the growth of the logistics automation market include the extensive growth of the e-commerce industry, increasing demand to improve warehouse efficiency, reduce operational cost, and advancement of robotics. According to a recent study, it has been observed that the development in the e-commerce industry has affected the growth of the retail, manufacturing, and logistics sectors. The transition from physical stores to online stores is exerting considerable pressure on the labor, warehousing, transportation, and supply chain requirements of various business organizations.
Therefore, these problems are solved by implementing the automation of logistics in the organization to maintain and improve the smooth and efficient running of business operations. Nevertheless, economic development, a rise in disposable income, and the change in purchase patterns of consumers are other factors that will propel the global logistics automation market during the forecast period.
Challenges
There is a lack of uniformity in government standards, high capital investment, and lack of skill and expertise in operating advanced systems are the factors that hinder the growth of the logistics automation market globally. Moreover, security and safety issues related to logistics are anticipated to further hamper the growth of the global logistics automation market.
Industry Ecosystem
Globally, industry players are capitalizing on market growth through the implementation of various strategies such as new product development, partnerships, joint ventures, acquisitions, collaborations, and agreements, thus are influencing industry players to make decisions in order to sustain themselves in the market.
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Geographic Overview
Geographically, the logistics automation market in North America is contributing to the world's largest revenue and will show high growth during the forecast period. Growth in the region's logistics automation market is due to the existence of many enterprises that constantly uses logistic automation solutions to improve the supply chain method, including transport, manufacturing, and the assembly of the product.
In addition, economic growth in US, Canada, and Mexico have increased the investment avenues in the logistics automation market in North America. Also, the Asia Pacific market will have the highest CAGR during the forecast period, owing to the rise in demand for automated material hold in various warehouses and manufacturing industries. Thus, the expansion of the logistics and transportation segment in the Asia-Pacific region is another element of the growth of the logistic automation markets in this region.
Competitive Insight
The logistics automation market is fragmented. The logistics automation market industry offers significant opportunities for small manufacturers and start-ups to offer efficient solutions in the production of logistics automation products. Customer demand continues to grow, which may prompt some start-ups to launch innovative products in this market.
Key players operating in this market include Dematic Corporation, Murata Machinery, Ltd., Daifuku Co., Ltd., SSI Schaefer AG, Mecalux, S.A., VITRONIC, BEUMER Group, Toshiba Logistics Corporation, Honeywell Intelligrated, Inc., Swisslog Holding AG, KNAPP AG, TGW Logistics Group GmbH, Jungheinrich AG, WiseTech Global Limited, Falcon Autotech, System Logistics Spa, Matternet Inc., Pcdata BV, and JBT Corporation.
Honeywell collaborated with Fetch Robotics, a firm that delivers cloud-based robotic solutions. Fetch Robotics will introduce the PalletTransport1500, an autonomous mobile robot designed for contactless pallet movement between distribution centers.
Manhattan Associates introduced the Manhattan Active Warehouse Management solution. It's the first cloud-native enterprise-class Warehouse Management System (WMS) that combines all aspects of distribution and never has to be upgraded. Manhattan Active WM ushers in a new era of distribution management in terms of speed, adaptability, and ease of use.
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