NEWARK, Del, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The global pick to light market recorded sales of US$ 473.2 million in 2022. The market is poised to hold a revenue of US$ 506.3 million in 2023. In the forecast period 2023 to 2033, revenue is set to propel at 6.6% CAGR. It is expected to result in a sum of US$ 957.4 million by the end of 2033.
The rise of online shopping has increased the demand for pick to light systems in warehouses and distribution centers. This trend is expected to continue as e-commerce continues to propel and more retailers adopt omnichannel strategies.
With increasing competition and rising labor costs, businesses are looking for ways to improve their efficiency and productivity. Pick to light technology enables faster and more accurate order fulfilment, reducing the need for manual labor and improving overall efficiency.
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Innovations such as machine learning and artificial intelligence are making pick to light systems even more efficient and effective. For instance, smart pick to light systems can learn from past picking patterns to optimize future picks.
Pick to light technology is increasingly being used in healthcare and pharmaceuticals for efficient and accurate management of medications, supplies, and other materials. The pick to light demand is growing significantly in emerging markets such as the Asia-Pacific. It is driven by rising demand for e-commerce and increasing investments in logistics infrastructure.
Pick to light technology provides real-time visibility into inventory levels, enabling businesses to better manage their inventory and reduce the risk of stockouts. Despite the diverse benefits of pick to light technology, there are also several challenges and limitations to be aware of.
For instance, pick to light systems can be costly to implement, especially for small businesses. They also require regular maintenance and updates to ensure optimal performance. Businesses might require more complex systems, such as voice-picking or RFID technology, depending on their specific needs.
Despite these challenges, there are also emerging innovations and advancements in pick to light technology. For instance, few systems are incorporating augmented reality technology to provide workers with more intuitive picking instructions. Others are using predictive analytics to identify potential bottlenecks or inefficiencies in the picking process.
Key Takeaways from the Pick to Light Market Report:
- The global pick to light industry propelled at 7.4% CAGR during the historical period from 2018 to 2022.
- Demand from the retail sector is expected to achieve a CAGR of 6.4% in the assessment period.
- Modern system is expected to surpass at 6.5% CAGR over the forecast period 2023 to 2033.
- Pick up light industry in the United Kingdom is expected to showcase a 6.5% CAGR and attain a market size of US$ 33.9 million in the review period.
- China is expected to exhibit a CAGR of 6.5% and reach a value of US$ 193.8 million through 2033.
"Growing trends of online shopping will likely provide opportunities in the pick to light industry during the forecast period. Key manufacturers are offering customizable solutions to meet unique requirements of different sectors and consumers based on budgets, scale and frequency of operations.”– says a lead analyst at Future Market Insights (FMI).
| Attribute | Details | |
| Estimated Market Size (2023) | US$ 506.3 million | |
| Projected Market Valuation (2033) | US$ 957.4 million | |
| Value-based CAGR (2023 to 2033) | 6.6% | |
| Forecast Period | 2023 to 2033 | |
| Historical Data Available for | 2018 to 2022 | |
| Market Analysis | Value (US$ Million) and Volume (MT) | |
| Key Regions Covered | Latin America, North America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa | |
| Key Countries Covered | United States, Mexico, Brazil, Chile, Peru, Argentina, Germany, France, Italy, Spain, Canada, United Kingdom, Belgium, Nordic, Poland, Russia, Japan, South Korea, China, Netherlands, India, Thailand, Malaysia, Indonesia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Central Africa, and others | |
| Key Market Segments Covered | Type, Industry Vertical, and Region | |
| Key Companies Profiled |
| |
| Report Coverage | Forecast, Company Share Analysis, Competition Intelligence, Market Dynamics and Challenges, and Strategic Growth Initiatives | |
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Who is Winning?
Key competitors are also emphasizing integration with internet of things (IoT) technologies and automation system to create more interconnected systems. They aim to integrate pick to light system with other sector 4.0 technology such as IoT, Artificial Intelligence (AI), and data analytics. These technologies help in providing real time insights for better decision-making.
For instance,
- In May 2021, SVT robots, an important inventor in warehouse picking automation, today introduced a new SOFTBOT Platform adapter for Voodoo Robotics, whose software greatly speeds the implementation of industrial robots.
- In September 2018, to deliver cutting-edge technology to the typical warehouse at a reasonable price, Voodoo Robotics & Sphere WMS are thrilled to be launching a new cooperation.
Get More Valuable Insights into Pick to Light Market Study
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global pick to light market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the pick to light industry based on types (modern system and traditional system) and industry vertical (retail, pharmaceuticals, cosmetics, food & beverages, and manufacturing) across various regions.
Pick to Light Market Segmentation:
By Type:
- Modern System
- Traditional System
By Industry Vertical:
- Retail
- Pharmaceutical
- Cosmetics
- Food & Beverages
- Manufacturing
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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