Pune, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Internet of Things (IoT) in Warehouse Management Market Size Analysis:
“According to SNS Insider, the Internet Of Things (Iot) In Warehouse Management Market was valued at USD 11.96 billion in 2023 and is expected to reach USD 37.08 billion by 2032, growing at a compound annual growth rate (CAGR) of 13.4% over the forecast period of 2024-2032. This remarkable growth is driven by the increasing need for automation and efficiency in supply chain operations, alongside the rapid digital transformation across industries.”
Key Growth Drivers
One of the primary drivers propelling the IoT in warehouse management market is the growing need for real-time visibility and tracking in supply chains. Companies are increasingly adopting IoT-enabled devices and sensors to monitor inventory levels, track shipments, and manage logistics in real time. This allows businesses to make informed decisions, reduce operational costs, and enhance customer satisfaction.
Additionally, the rise in e-commerce and demand for faster delivery times has further accelerated the adoption of IoT solutions in warehouses. According to recent studies, over 80% of retailers are expected to invest in IoT technologies by 2025 to streamline their warehouse operations and improve order fulfillment processes. This shift towards automation is complemented by advancements in technologies such as artificial intelligence (AI) and machine learning (ML), enabling predictive analytics and smarter inventory management.
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Major Players Analysis Listed in this Report are:
- Amazon Web Services (AWS) (AWS IoT Core, AWS IoT Greengrass)
- Microsoft Corporation (Azure IoT Hub, Azure Digital Twins)
- IBM Corporation (IBM Maximo, IBM Watson IoT Platform)
- Siemens AG (Siemens MindSphere, SIMATIC RTLS)
- Cisco Systems, Inc. (Cisco Kinetic, Cisco Industrial IoT)
- Honeywell International Inc. (Honeywell Movilizer, Honeywell Vocollect Voice)
- Zebra Technologies (Zebra MotionWorks, Zebra SmartLens)
- Oracle Corporation (Oracle IoT Cloud, Oracle Warehouse Management Cloud)
- PTC Inc. (ThingWorx, Vuforia)
- SAP SE (SAP IoT, SAP Extended Warehouse Management)
- Intel Corporation (Intel Connected Logistics, Intel IoT Platform)
- Rockwell Automation, Inc. (FactoryTalk InnovationSuite, IoT Gateway)
- Bosch Rexroth AG (Bosch IoT Suite, Nexeed)
- Schneider Electric SE (EcoStruxure IoT, WMS Edge Control)
- Logility, Inc. (Voyager Inventory Optimization, Logility Digital Supply Chain)
- Oracle Netsuite (NetSuite Warehouse Management, NetSuite IoT for Inventory)
- SAP SE (SAP IoT Services, SAP Warehouse Insights)
- GE Digital (Predix IoT, Asset Performance Management)
- JDA Software Group, Inc. (JDA Warehouse Management, JDA IoT)
- TECSYS Inc. (TECSYS WMS, TECSYS Elite) and others.
IoT in Warehouse Management Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 11.96 Billion |
| Market Size by 2032 | US$ 37.08 Billion |
| CAGR | CAGR of 13.4% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Increase in Wearable Device Use to Drive Market Growth in Warehouse Management Operations • The growing number of machine-to-machine applications utilized across various industries, including video surveillance, transportation, smart meters, asset tracking, and health monitoring, is a significant factor projected to drive market expansion. |
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Market Segmentation Analysis
By End-use
The manufacturing segment held the largest market share 25% in 2023, reflecting a significant shift towards automation and efficiency within the industry. Manufacturers are increasingly recognizing the benefits of IoT technologies, which facilitate real-time monitoring of machinery, inventory levels, and supply chain activities. By integrating IoT solutions, manufacturers can streamline operations, enhance supply chain visibility, and reduce costs associated with production and inventory management. These technologies allow for predictive maintenance, minimizing equipment downtime, and ensuring that production processes are uninterrupted. Furthermore, IoT solutions empower manufacturers to respond swiftly to changes in demand, enabling more agile and flexible manufacturing operations. This segment is expected to continue driving growth as manufacturers seek to remain competitive in an ever-evolving market landscape.
By Application
The inventory optimization segment dominated the market, capturing the highest market share of 24% in 2023. Businesses increasingly prioritize effective inventory management to meet customer expectations while minimizing costs. IoT-enabled devices, such as RFID tags and smart sensors, provide real-time insights into stock levels, locations, and conditions of products. This data-driven approach allows companies to optimize their inventory levels, ensuring they have the right products available at the right time without incurring excess carrying costs. By leveraging IoT solutions for inventory optimization, businesses can reduce the risk of stockouts, enhance order fulfillment rates, and improve overall customer satisfaction. Moreover, this segment’s growth is bolstered by the rising demand for advanced analytics and machine learning capabilities, which further enhance decision-making processes regarding inventory management. Overall, both the manufacturing and inventory optimization segments are pivotal in shaping the future landscape of the IoT in warehouse management market, driving innovations that enhance operational efficiency and effectiveness.
IoT in Warehouse Management Market Segmentation:
By Application
- Asset Tracking
- Inventory Optimization
- Warehouse Automation
- Workforce Management
- Predictive Maintenance
- Others
By Device
- Sensing devices
- Gateways
By Enterprise Type
- Small & Medium Enterprises
- Large Enterprises
By End-user
- Retail & E-commerce
- Manufacturing
- Transportation & Logistics
- Food & Beverages
- IT & Telecommunication
- Healthcare
- Others
Regional Analysis
In 2023, the Asia Pacific region emerged as the dominant player in the Internet of Things (IoT) in warehouse management market, accounting for 36% of the global market share. This substantial share can be attributed to the region's rapid industrialization, expanding e-commerce sector, and growing adoption of advanced technologies among various industries. Countries like China and India are at the forefront, investing heavily in digital transformation and automation to enhance operational efficiency in their logistics and supply chain management processes. The increasing demand for real-time visibility and data-driven decision-making is further propelling the adoption of IoT solutions in warehouses across the Asia Pacific.
In contrast, North America maintained a significant presence in the market, securing the second position in terms of international market share. This can be attributed to the region's highly developed technological infrastructure and a strong emphasis on innovation and automation within supply chain operations. The United States, in particular, is witnessing a surge in IoT implementation across various sectors, driven by the need for improved efficiency and reduced operational costs. Moreover, the presence of major IoT technology providers and a favorable regulatory environment further bolster market growth in North America. As businesses continue to prioritize digital transformation and seek to leverage IoT technologies for enhanced warehouse management, both regions are expected to remain key players in shaping the future landscape of the IoT in warehouse management market.
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Recent Developments in the IoT in Warehouse Management Market
- September 2024: Siemens launched a new IoT-enabled platform designed for warehouse automation, allowing real-time tracking and management of inventory.
- August 2024: Zebra Technologies introduced advanced RFID technology to enhance inventory visibility and reduce stock discrepancies in warehouses.
- July 2024: Honeywell announced an upgrade to its warehouse management system, incorporating AI-driven analytics to improve operational efficiency and reduce costs.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Internet of Things (IoT) in warehouse management Market Segmentation, By Application
8. Internet of Things (IoT) in warehouse management Market Segmentation, By Device
9. Internet of Things (IoT) in warehouse management Market Segmentation, By Enterprise Type
10. Internet of Things (Large Enterprises) in warehouse management Market Segmentation, By End-user
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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