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

About Technavio

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Contacts

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