Smart Warehousing Market to Surpass USD 122 Billion by 2036
According to recent study published by Research Nester, the global smart warehousing market size is expected to cross over USD 122 billion by 2036 and is projected to expand at a CAGR of over 15% from 2024 to 2036.
Increasing Demand for E-Commerce to Promote Global Market Share of Smart Warehousing
Big data and analytics, artificial intelligence, autonomous robotics, augmented reality, and the Internet of Things are all part of the Industry 4.0 revolution, which is revolutionizing modern warehouse operations and is anticipated to drive market growth. There’s a little over 2.5 quintillion bytes of data generated every day. The value of Big Data Analytics in the healthcare sector could amount to 79.23 billion US dollars before 2028.
Moreover, with eCommerce’s popularity rising and digitalization increasing, the smart warehousing industry is on an upward trend. To reduce errors, a number of supply chain suppliers from all over the globe use cutting-edge technologies such as barcode scanner software, automatic driving aids, or radio frequency identification to improve and speed up their networks. It is important to make use of these technologies for storage so as to develop the market.
Some of the major growth factors and challenges that are associated with the growth of the global smart warehousing market are:
- Surge in demand for mobile devices as a means to manage operations swiftly and effectively
- Rising focus on warehouse 4.0 for a more efficient and safer warehouse
In view of the fact that these organizations stock smaller quantities than large organizations, a number of small businesses do not have their own warehouses. Multiple organizations cannot afford to invest in smart warehousing solutions due to limited income from small and medium-sized enterprises. Lack of enthusiasm in upgrading existing systems as well as limited growth plans makes smaller entrepreneurs unable to understand the benefits of smart warehousing solutions. The adoption of smart warehouse solutions by different SMEs is also an obstacle to significant investment and high initial costs associated with the implementation of such systems and security and privacy issues are some of the major factors anticipated to hamper the global market size of smart warehousing.
By offering, the global smart warehousing market is segmented into hardware, software, and services. The hardware segment is to garner the highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. The growing popularity of smartphones in many vertical areas, which can be quickly deployed in inventory control systems & and automated picking tools to simplify the management of inventories and lower total labor costs, has contributed to this growth. In response to the growing consumer demand for the Internet of Things, sensors, and AI technologies that will improve warehousing operations, vendors are beginning to develop smart warehouse equipment. More than 29 billion Internet of Things (IoT) devices are expected to be installed worldwide in 2030, nearly doubling the number from 15.2 billion in 2020. China is expected to have more than 8 billion consumer devices by 2030, which will be the world’s largest market for the Internet of Things.
By region, the Europe smart warehousing market is to generate the highest revenue by the end of 2036. In order to ensure that all products are safe and able to be traced, Europe has very strict regulations in the area of healthcare and pharmaceuticals. Smart warehousing systems capable of real-time monitoring, tracking, and notification are required to comply with these demanding standards in the region.
This report also provides the existing competitive scenario of some of the key players of the global smart warehousing market which includes company profiling of Oracle Corporation, SAP SE, Infor, Inc., Softeon, Korber AG, Manhattan Associates, Inc., PTC, Inc., Tecsys, Inc., Epicor Software corporation, and others.
Aashi Mishra is currently working as a content developer with the Research Nester. An electronics engineer by profession, she loves to simplify complex market aspects into comprehensive information. She has experience of 3 years in this domain where she has mastered in tech writing, editing, copywriting, etc.