By GlobeNewswire – Press Releases
Westford, June 28, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Logistics Automation Market will attain a value of USD 66.95 billion by 2031, with a CAGR of 9.35% during the forecast period (2024-2031). Logistics Automation has become an indispensable facet for many sectors today, allowing companies to improve their efficiency, lower the costs, and focus on customer satisfaction. With its aid, logistics firms can manage a large number of data, simply processes, improve routing, leading to fast deliveries and minimum errors. Moreover, the adoption of technologies, such as Machine Learning, Artificial Intelligence, Robotic Process Management, and Warehouse Systems Management have further made significant progresses in the industry.
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Browse in-depth TOC on the “Logistics Automation Market”
Pages – 197
Tables – 92
Figures – 76
Logistics Automation Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 32.75 billion |
| Estimated Value by 2031 | $ 66.95 billion |
| Growth Rate | Poised to grow at a CAGR of 9.35% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Function, Logistics Type, Organization size, Software Application, and Vertical |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Focus on sustainability packaging and technologies like Big Data, E-commerce, Digitalization, Green Initiatives, and more |
| Key Market Opportunities | Advancements in Robotics and increasing use of Drones |
| Key Market Drivers | Expanding E-Commerce to satisfy larger consumer base |
Better Functionalities offered by Transportation Management Systems (TMS) to Drive Market Growth
In the previous years, Warehouse Management Systems held majority share of the market since they are crucial in improving and simplifying the warehouse processes. The demand for WMS has witnessed substantial growth in the past years owing to the growth of E-commerce and need for continuous inventory management to fulfil broader range of orders. The Transportation Management Systems is projected to be highly progressing segment in the coming years since they offer multiple benefits to the logistics firms. Also, TMS incorporates with most other systems like LCS and WMS for widespread logistics management.
Growing Demand for Competent Supply Chain Management to Propel Market
Among other, the Manufacturing is the leading segment due to surged demand for improved supply chain management in the digital shopping world. Hence, e-commerce followed by retail segment stand strong owing to great expansion of online shopping platforms and employment of automation technologies by bigger retail businesses.
Heavy Investments along with Speedy Industrialization to Support Asia-Pacific Lead the Market
North America, essentially the United States dominated the Logistics Automation Market in the past years owing to sophisticated logistics sector and sturdy infrastructure, leading to the centre of improved automation solutions. Another reason for the region to hold dominance is the increased adoption of modern technologies like AI, robotics, WMS, and more. For the fastest growing regions, Asia Pacific is leading due to significant growth of e-commerce, need for competent supply chain management, and speedy industrialization. Several economies are spending in logistics automation for strengthening their presence in the market. China tops in adopting the warehouse automation owing to its large e-commerce and manufacturing industries. Also, South Korea and Japan are investing significantly to stay competitive in the market.
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Logistics Automation Market Insight
Drivers:
- Improvements in Robotics
- Digital Transformation in the Logistics sector
- Speedy Increase in the E-commerce Industry
Restraints:
- Lack of Governance Standards for the Industry
- Lack of Skills to Work on Modern Automated Systems
- High Initial Investments for the Advanced Automated Solutions
Prominent Players in Logistics Automation Market
The following are the Top Logistics Automation Companies
- Murata Machinery Ltd.
- ABB Ltd.
- Mecalux S.A.
- Beumer Group GmbH & Co. KG
- Oracle Corporation
- SSI Schaefer Group
- TGW Logistics Group GmbH
- Jungheinrich AG
- Honeywell International Inc.
- Swisslog Holding AG (KUKA AG)
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Key Questions Answered in Global Logistics Automation Market Report
- What is the current market value of Logistics Automation according to SkyQuest?
- Which is the leading segment in the global Logistics Automation Market?
- Which region is expected to dominate the Logistics Automation Market in the near future?
This report provides the following insights:
- Analysis of key drivers (speedy transformation of logistics management and supply chains, adoption of industry 4.0 technologies, improvements in robotic technologies), restraints (shortage of skilled labors to maintain advanced systems, significant initial investment for companies with low capital, growing, lack of standardization), opportunities (growing adoption of industry 4.0, rise of Internet of Things, growing adoption of drones and autonomous vehicles), and challenges (lack of expertise among labors, small vendors unable to adopt modern technologies due to high cost investment) influencing the growth of LOGISTICS AUTOMATION market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the LOGISTICS AUTOMATION market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the LOGISTICS AUTOMATION market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Industrial Automation Market
Factory Automation Market
Industry 4.0 Market
Industry 5.0 Market
Warehouse Automation Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Source: GlobeNewswire – Press Releases