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Logistics Automation Market to Prosper with a Striking 13.2% CAGR through 2031; Growing Integration of Technologies in Supply Chain Processes to Promote Growth

07-10-2024 02:18 PM CET | Associations & Organizations

Press release from: ABNewswire

Skyquest Technology

Skyquest Technology

Logistics Automation Market Size, Share, Growth Analysis, By Component(AMRs, AGVs, AS/RS, Automated Sorting & Conveyor Systems, AIDC, Palletizing Systems, Software, Services), Function, Logistics Type, Software Application, Design, Enterprise size, End-user, and Region - Industry Forecast 2024-2031
Logistics Automation Market [] size was valued at USD 67.40 Billion in 2023 and is poised to grow from USD 76.29 Billion in 2024 to USD 181.73 Billion by 2031, at a CAGR of 13.2% during the forecast period (2024-2031).

Logistics Automation market to experience considerable growth owing to advancements, rising demand for improved efficiency and mounting need for optimizing supply chain. Moreover, constant improvements along with proven advantages of automation to make logistics and important tool of the modernized supply chain.

Increasing use of RPA (Robotics Process Automation) and AMRs (Autonomous Mobile Robots) in operations of warehouses is trending in the market. The RPA technique automates monotonous and rule-oriented jobs like inventory management, data entry, and order processing, decreases manual errors, and enhances operational efficiency. MRs are widely utilized for material management jobs like goods movement, transportation in the warehouses, picking, and more, which allow highly flexible operations. This trend is projected to force market players to focus more on automation in logistics to simplify operations of the warehouse, decrease the cost of labor, and improve productivity in a highly competitive industry. Incorporation of ML and AI technologies is yet another trend seen in the market. These technologies study wide quantities of data from different sources and anticipate demand, optimize the routes, and enhance inventory management.

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Increased Use of GPS Tracking to Aid Businesses to Drive Market

Automation technologies are remarkably impacting in-route optimization. Conventionally, manual route planning was not efficient and created multiple errors. Nonetheless, the introduction of developed route optimization solutions and the incorporation of GPS tracking has helped businesses study real-time data to identify efficient routes of delivery. These algorithms take care of factors like delivery windows, traffic patterns, and vehicle competencies to ensure that deliveries are done in a timelyandcost-efficient way. To meet the expanding order completion demands, automated guided systems and vehicles, and robotic arms are utilized. Therefore, currently, a lot of warehouses in India are embracing and benefitting from the robots, improving overall efficiency.At present, drone deliveries are also trending. They are more prominently used to accelerate the delivery speed in certain areas. Sustainability extends to the areas which are not accessible by roads. This is made possible by the (VTOL) Vertical Take-off and landing and the accuracy of the GPS technology.

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* Daifuku Co., in April 2024, commenced the renovation core production base in Japan, to enhance plant logistics andproduction volume. Recently, it held a ceremony for thenewly renovated buildings called 'Building G' and 'Building M'.
* In October 2023, Dematic announced its Dematic Sprocket (EAM) Enterprise Asset Management (EAM) software. It is the company's first offering presented on the Google Cloud Platform and sold on the Marketplace of Google Cloud. This software automates and simplifies procedures to assist with maintenance management, improve departmental efficiency, and reduce expenses of maintenance.
* Swisslog, a supplier of automated intralogistics systems renamed in March 2023, to precisely denote its positioning in the digital and dynamic future market. They updated a fresh logo atthe rebranding center.Also, the company improved the features of the present logo, which wasbeingused for thelast 25 years.
* In March 2024, Locus Robotics, a leader in AMRs for warehouse automation, announced that its recognition as the 'Fast Company's Most Innovative Companies of the Year, 2024'. The company won recognition for its pioneering 'LocusOne robotics orchestration technology'. It uses real-time data analytics and artificial intelligence (AI) to effortlessly orchestrate massive AMRs' heterogeneous fleets and changing warehouse processes.

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With the advancements in technology that overcome the considerations and challenges, one can expect more dynamic, environment-friendly, and cost-effective logistics systems. The future of logisticsautomation hasgreat potential with the introduction of novel ways to deliver consumer goods. It also holds opportunities with automation being the forerunner of the overall revolution.

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Company Name: Skyquest Technology
Contact Person: Mr. Jagraj Singh
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Address:1 Apache Way, Westford,
Country: United States

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