Logistics Automation Market size to grow by USD 20.27 billion from 2023 to 2028- Technavio
NEW YORK, Jan. 10, 2024 /PRNewswire/ -- The logistics automation market is expected to grow by USD 20.27 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of 9.41% during the forecast period. The market is segmented by component (hardware, software, and services), end-user (retail and e-commerce, automotive, healthcare, aerospace, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
The rising adoption of big data in automated logistics technologies is the key factor driving market growth. This adoption, encompassing Warehouse Management Systems (WMS), Supply Chain Management (SCM), and Transportation Management Systems (TMS), serves as a significant growth driver. The synergy of autonomous vehicles, Inventory Management, Fleet Management, Automated Guided Vehicles (AGVs), 3PL (Third-Party Logistics), and Collaborative Robots (Cobots) within this framework further boost market expansion.
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Major Trend
High penetration of robotics in warehouse management is a major trend in the market. This trend intertwines Robotics, Artificial Intelligence (AI), Internet of Things (IoT), Machine Learning, RFID Technology, Smart Packaging, Augmented Reality (AR), Data Analytics, Real-time Tracking, E-commerce Logistics, Smart Sensors, and Warehouse Automation. The high penetration of robotics reshapes operational efficiency, paving the way for advanced logistics solutions and redefining the landscape of the industry.
Significant Challenge
The requirement of high initial capital investment is a significant challenge restricting market growth. This challenge reverberates across Predictive Analytics, Order Fulfillment, Blockchain, Drones, Cloud Computing, Last-Mile Delivery, Predictive Maintenance, Route Optimization, Reverse Logistics, and Smart Contracts. The demand for significant financial resources poses a hurdle, hindering the seamless adoption of cutting-edge technologies and impeding the market's overall progression.
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Key Highlights:
-- The report recognizes the following as some of the key players in the logistics automation market: ABB Ltd., Applied Materials Inc., Auto Control Systems Pty Ltd., DENSO Corp., Emerson Electric Co., FANUC Corp., Festo SE and Co. KG, Honeywell International Inc., Kawasaki Heavy Industries Ltd., MIDEA Group Co. Ltd., Mitsubishi Electric Corp., OMRON Corp., Rockwell Automation Inc., Schneider Electric SE, Aurotek Corp., Yaskawa Electric Corp., Yokogawa Electric Corp., and Siemens AG -- Logistics Automation Market is fragmented in nature. -- Market to observe 8.88% YOY growth in 2024.
Keg Segments:
-- The hardware segment is estimated to witness significant growth during the forecast period. Technology and machinery are used in logistics automation to consolidate and optimize a range of processes within the supply chain, e.g. inventory control, warehouse operations, transport, and order fulfillment. Automated guided vehicles are one of the main hardware components in logistics automation. Automated Guided Vehicles are unmanned robotic vehicles that are programmed for the transportation and transport of goods in warehouses or distribution centers.
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Logistics Automation Market Scope Report Coverage Details Base year 2023 Historic period 2018-2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 9.41% Market growth 2024-2028 USD 20.27 billion Market structure Fragmented YoY growth 2022-2023 (%) 8.88 Regional analysis APAC, North America, Europe, South America, and Middle East and Africa Performing market contribution APAC at 41% Key countries US, China, Japan, Germany, and France Competitive landscape Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks Key companies profiled ABB Ltd., Applied Materials Inc., Auto Control Systems Pty Ltd., DENSO Corp., Emerson Electric Co., FANUC Corp., Festo SE and Co. KG, Honeywell International Inc., Kawasaki Heavy Industries Ltd., MIDEA Group Co. Ltd., Mitsubishi Electric Corp., OMRON Corp., Rockwell Automation Inc., Schneider Electric SE, Aurotek Corp., Yaskawa Electric Corp., Yokogawa Electric Corp., and Siemens AG Market dynamics Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. Customization purview If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Component
Market Segmentation by End-user
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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