LONDON, April 03, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s warehouse automation global market report 2024, the warehouse automation market has experienced rapid growth in recent years, with the warehouse automation market size projected to increase from $19.27 billion in 2023 to $21.9 billion in 2024, at a compound annual growth rate (CAGR) of 13.6%.
Anticipated Surge in Market Size
The warehouse automation market is expected to witness continued rapid growth, reaching $36.48 billion by 2028, with a CAGR of 13.6%. The adoption of robotics in warehouses is poised to drive this growth, revolutionizing operational efficiency. Robotics, leveraging technologies such as artificial intelligence, machine learning, and computer vision, are increasingly being integrated into warehouse operations to address labor shortages, enhance productivity, and optimize operational capabilities.
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Role of Robotics in Warehouse Automation
Robots play a pivotal role in warehouse automation market, streamlining processes and enabling focus on value-added tasks. Equipped with advanced technologies, robots enhance productivity and accuracy while minimizing labor costs. According to AmyGB.ai, warehouse productivity increased by 27% in 2022 through robotics adoption, and automation is expected to reduce the average order fulfillment time from 4 hours to just 30 minutes by 2028. This underscores the transformative impact of robotics on warehouse operations and overall efficiency.
Innovations Driving Market Growth
Warehouse automation companies are developing advanced robotics systems tailored for warehouse work. For instance, Amazon launched Sparrow, an intelligent robotic system designed for handling and sorting products at its warehouses. Sparrow features advanced computer vision and AI technology, enabling precise identification and handling of items, thus expediting picking and packing operations. Such innovations are expected to significantly enhance warehouse productivity and operational capabilities.
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Market Segmentation
The warehouse automation market is segmented by type (conveyor/sortation systems, automated storage and retrieval systems (AS/RS), mobile robots, warehouse management systems (WMS), automatic identification and data capture (AIDC)), component (hardware, software), function (inbound, picking, outbound), and end user (general merchandise, healthcare, FMCG/non-durable goods, other end users).
In conclusion, the warehouse automation market is poised for rapid growth driven by the adoption of robotics and technological advancements. With innovations such as Sparrow by Amazon leading the way, warehouse operations are undergoing transformational changes, paving the path for enhanced efficiency and productivity.
Warehouse Automation Global Market Report 2024 by The Business Research Company provides insights on the warehouse automation market size, warehouse automation market segments, warehouse automation market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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