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Micro Fulfillment Market Trends and Innovations 2024
Micro Fulfillment Market Trends
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According to The Business Research Company's, The micro fulfillment market size has grown exponentially in recent years. It will grow from $4.5 billion in 2023 to $6.55 billion in 2024 at a compound annual growth rate (CAGR) of 45.4%. The growth in the historic period can be attributed to growth in e-commerce, urbanization and population density, supply chain optimization, shift in consumer expectations, rise of grocery delivery services..
The micro fulfillment market size is expected to see exponential growth in the next few years. It will grow to $29.51 billion in 2028 at a compound annual growth rate (CAGR) of 45.7%. The growth in the forecast period can be attributed to rapid urbanization trends, growing online grocery segment, expansion of same-day delivery expectations, enhanced software integration, rising demand for sustainable solutions, market competition and cost optimization.. Major trends in the forecast period include customer-centric solutions, partnerships and 3pl collaboration, rise of robotic handling, real-time analytics and ai, specialized solutions for verticals..
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Market Drivers and Trends:
The growing demand for the e-commerce sector is expected to propel the growth of the micro fulfillment market going forward. The e-commerce industry refers to the online purchase and sale of goods and services. It includes a wide range of information, processes, and tools for online consumers and sellers, such as smartphone shopping and online payment encryption. E-commerce fulfillment manages the logistics of delivering an online order to a customer's door, eliminating the requirement for an individual to envelope, address, and ship each order individually. The increasing demand for the e-commerce sector will contribute to the growth of the micro fulfillment market. For instance, in February 2023, according to an article published in Forbes, an American business magazine, electronic commerce sales increased from $5.21 trillion in 2021 to over $5.72 trillion in 2023, and by 2026, the e-commerce market is expected to reach over $8.1 trillion. Therefore, the growing demand for the e-commerce sector drives the micro fulfillment market.
Technological advancements in the micro fulfillment market are gaining popularity in the micro fulfillment market. Major companies operating in the micro fulfillment market are focused on innovating new technologies to sustain their position in the market. For instance, in September 2021, Honeywell, an American publicly traded multinational conglomerate corporation, introduced innovative robotic technology with the launch of smart de-palletizing robots for micro-fulfillment. This product is expected to boost automation in warehouses and distribution centers. Smart Flexible De-palletizer reduces the requirement for physical labor in roles that are at risk of harm or have a high turnover rate. The solution uses the most advanced machine learning and grasping technologies to assist in the unloading of pallets without the need for pre-programming or user intervention.
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Major Key Players of the Market:
LG CNS Co. Ltd, Dematic, Fortna Inc., Instacart, TGW Logistic Group, Opex Corporation, Exotec Solutions, KPI Integrated Solutions, The Kroger Company, Hörmann LLC, Huboo Technologies Ltd., Berkshire Grey Inc., Pack & Send Holdings Pty. Ltd., Swisslog Holding AG, Alert Innovation Inc., StrongPoint ASA, DCL Logistics, Honeywell International Inc., Tompkins Robotics, Armstrong Ltd, PeakLogix., Get Fabric Inc., Diamond Logistics Ltd, Via.Delivery Corporation, Pacline Overhead Conveyors, Takeoff Technologies Inc, Davinci Micro Fulfillment Inc.
Micro Fulfillment Market 2024 Key Insights:
• The micro fulfillment market size is expected to see exponential growth in the next few years. It will grow to $29.51 billion in 2028 at a compound annual growth rate (CAGR) of 45.7%.
• E-Commerce Expansion Propels Micro Fulfillment Market Growth
• Spearheading Technological Advancements In Warehouse Automation
• North America was the largest region in the micro fulfillment market in 2023
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