Westford, USA,, April 24, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Smart Warehousing Market will attain a value of USD 31.71 billion by 2030, with a CAGR of 11.5% over the forecast (2022-2030). Warehouse 4.0 integrates the digital with physical systems to produce better-connected experiences that impact all aspects of the warehouse operation from supply chain and production to product creation and planning. Warehouses are switching to an inventory picking and restocking process that is voice-based and screen-directed. Businesses are implementing multi-modal picking, which mixes picking with screen-directed selection via mobile devices. IoT, big data & data science, wearables, augmented reality, inexpensive sensors, computer vision AI, robotics and powerful computers can also be connected to create a powerful warehouse automation system.
According to the SkyQuest, modern warehouse operations are transformed by artificial intelligence, big data analytics, autonomous robotics, augmented reality, and the Internet of things. The global market is also expanding as e-commerce is becoming more popular with consumers. Worldwide, several vendors are implementing cutting-edge technologies, including barcode scanning apps, automated guided vehicles, radio frequency identification technology and more to enhance and speed up the supply chain network while reducing errors. However, these technologies are getting adopted driving the warehouse industry growth.
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Browse in-depth TOC on "Smart Warehousing Market"
- Pages - 242
- Tables - 122
- Figures – 71
A smart warehouse is a big building for storing produced items and raw materials. Smart warehouse technology uses computers and other devices to automate the manual tasks. Artificial intelligence, the Internet of Things, and automated guided trucks are just a few of the automated and networked technologies constituting a smart warehouse system. Together, these technologies increase warehouse productivity and efficiency. The number of human workers and operational errors are both decreased through the usage of intelligent warehousing strategies. To meet consumer needs for on-time product delivery in the mobile environment, the end uses for smart warehouse facilities has dramatically expanded.
Prominent Players in Smart Warehousing Market
- Oracle
- SAP
- Manhattan Associates
- IBM
- Infor
- Vinculum
- Epicor
- Softeon
- EasyEcom
- Unicommerce
- and IAM Robotics
- Locus Robotics
- ShipHero
- Orderhive
Hardware Segment in the Smart Warehousing Market Is Expected to Grow Due to Smartphone Adoption
The hardware segment is projected to dominate the market in terms of revenue share. This increase may be attributed to the widespread adoption of smartphones in several sectors, which makes it simple to deploy automated picking tools and inventory management systems to manage inventory and lower overall workforce costs. The desire for IoT, sensors, and AI technologies to improve warehouse operations is driving the vendors to develop smart warehousing hardware.
North America is anticipated to account for the largest market share in the global market. The regional demand is majorly influenced owing to the scheduling and transportation of the end-user products. The use of smart warehousing is growing among the vendors as a result of this factor, which is anticipated to increase the demand in this region. The U.S. vendors can benefit greatly from this trend for being the center of innovation. In addition, the region's economy benefits due to the presence of significant market companies including IBM Corporation, Infor, Manhattan Associates and Oracle Corporation.
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Inventory and Order Management Segment is Expected to Witness Significant Growth Due to Increasing Demand for Quick and Accurate Order Fulfillment
In terms of revenue share for smart warehousing in 2021, the Inventory and Order Management segment contributed significantly. Order management is the ability to efficiently handle each customer's order from receipt to fulfilment. The goal of efficient order processing is to guarantee that customers receive the correct products they bought in respectable condition. To enable efficient order fulfilment and a better customer experience, warehouses must manage orders well, whether they are delivered offline or online. Warehouse managers monitor the status of orders using physical ledgers, manual logbooks, or order management software.
Asia-Pacific dominated the smart warehousing market in 2021. The regional market is growing due to a sharp increase in technology usage across all industries to enhance customer experience and productivity. The demand for hardware, solutions, and services is also rising throughout the region. These are automated warehouse procedures that increase productivity, efficiency, and accuracy.
A comprehensive analysis of the major players in the Smart Warehousing market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Smart Warehousing Market
- In February 2022, distribution centres and warehouses were created, and these facilities were crucial to the integrate with the supply chain industry. By improving the inventory management and delivery processes, warehouse 4.0 technology saves organizations' operational costs. Numerous warehouse 4.0 research and commercial initiatives are underway, proving that warehousing is changing and opening up new prospects for the sector.
- In January 2022, Epicor acquired JMO Business Systems, a prominent supplier of enterprise mobility solutions, warehouse management systems (WMS), and related services for automotive aftermarket distributors and original equipment (OE) parts. With this acquisition, Epicor has access to almost all functional areas of the automotive parts and services sector, expanding its market-leading offering of business growth solutions. Additionally, Epicor offers a variety of solutions & services for companies that produce and distribute aftermarket parts as well as programme groups, jobbers, retailers, OE dealership groups, and different kinds of auto service centres, including service chains, tyre shops, fleet maintenance centres, oil & lube companies, and independent repair facilities.
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Key Questions Answered in Smart Warehousing Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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