Global Smart Warehousing Market is Expected to Grow at a CAGR of 13.9% over the Forecast Period (2024 – 2034)

/EIN News/ -- Wilmington, Delaware, July 24, 2024 (GLOBE NEWSWIRE) -- Smart warehousing refers to the integration of advanced technologies and automation systems within warehouse operations to enhance efficiency, accuracy, and overall productivity. This evolving sector is driven by the increasing demand for optimized supply chain management solutions across various industries. The global smart warehousing market is experiencing robust growth, driven primarily by advancements in technology such as IoT (Internet of Things), AI (Artificial Intelligence), robotics, and automation. These technologies enable warehouses to operate with greater precision, speed, and cost-effectiveness compared to traditional methods. As businesses seek to streamline their logistics and inventory management processes, the adoption of smart warehousing market solutions has become imperative.

Global Smart Warehousing Market: Key Datapoints

Market Value in 2023	US$ 22.7 Bn
Market Value Forecast by 2034	US$ 94.8 Bn
Growth Rate	13.9%
Historical Data	2016 – 2022
Base Year	2023
Forecast Data	2024 - 2034

The deployment of autonomous robots for tasks like picking, packing, and sorting is a significant trend in smart warehousing. These robots improve operational efficiency by reducing human error and optimizing throughput. IoT sensors and devices facilitate real-time monitoring of inventory and assets inside warehouses. This capability ensures precise data collection for inventory management, thereby minimizing losses and enhancing operational efficiency. Leveraging AI and machine learning algorithms to analyze historical data helps in predicting demand patterns and optimizing inventory levels, thereby reducing storage costs and enhancing order fulfillment. Adoption of cloud-based warehouse management systems (WMS) allows for scalability, flexibility, and remote accessibility, supporting global supply chain operations. There is a growing emphasis on eco-friendly practices within warehousing, including energy-efficient systems and sustainable packaging solutions.

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The surge in online shopping has necessitated efficient warehousing solutions to manage increasing volumes of orders and rapid delivery expectations. Businesses are focusing on reducing operational costs and enhancing productivity through smart technologies, driving the adoption of automated warehousing solutions. Businesses are extending their global presence, necessitating advanced warehouse capabilities to effectively handle diverse product ranges and fulfill regional demands.

The Russia-Ukraine conflict and geopolitical tensions have disrupted global supply chains, leading to increased focus on risk management and supply chain resilience. Uncertainties in logistics and procurement have prompted companies to invest in agile and adaptable smart warehousing solutions to mitigate disruptions and ensure continuity.

Smart warehousing market is poised for substantial growth driven by technological advancements, operational efficiencies, and the imperative to navigate global disruptions effectively. Companies that invest in these innovative solutions are well-positioned to enhance their competitiveness in the evolving landscape of supply chain management.

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Global Smart Warehousing Market: Key Insights

• Solution segment in the smart warehousing market is expected to grow at a CAGR of 8.8% due to the increasing demand for integrated and comprehensive warehouse management solutions. These solutions encompass advanced technologies like IoT, AI, and robotics, which enhance operational efficiency, inventory accuracy, and real-time data analytics. Businesses are increasingly adopting these solutions to streamline their logistics, reduce costs, and improve overall supply chain management, driving significant growth in this segment over the forecast period.
• Small & medium enterprises (SMEs) segment by organization size has dominated the smart warehousing market with a significant revenue share of 60.5% due to increasing adoption of cost-effective and scalable smart warehousing solutions. SMEs are leveraging advanced technologies such as cloud-based warehouse management systems (WMS), IoT devices, and automation to enhance operational efficiency, optimize inventory management, and meet customer demands effectively. These solutions enable SMEs to compete with larger enterprises by improving productivity, reducing manual errors, and achieving better resource utilization, thereby driving their dominance in the smart warehousing market.
• Inventory and order management segment by application has become a prominent segment in the smart warehousing market, capturing 14.1% market share due to increasing focus on efficient inventory control and order fulfillment. Advanced warehouse management systems (WMS) and automation technologies enable real-time tracking, accurate inventory forecasting, and streamlined order processing. Businesses prioritize these capabilities to minimize stockouts, optimize storage space, and enhance overall operational efficiency. As e-commerce and consumer expectations for faster delivery grow, the demand for robust inventory and order management solutions continues to drive the growth of this segment.
• Robotics and automation segment by technology dominated the market due to its ability to significantly enhance operational efficiency and reduce labor costs. Automated guided vehicles (AGVs), autonomous mobile robots (AMRs), and robotic arms streamline tasks such as picking, packing, and sorting, thereby increasing throughput and accuracy in warehouse operations. These technologies also enable warehouses to operate 24/7, improving overall productivity and responsiveness to customer demands. As businesses seek to optimize resource utilization and adapt to dynamic market demands, the adoption of robotics and automation continues to drive its dominance in the smart warehousing sector.
• Retail and e-commerce segment in the smart warehousing market is expected to grow rapidly over the forecast period due to the burgeoning consumer demand for seamless online shopping experiences and faster delivery options. Smart warehousing solutions, equipped with advanced technologies like IoT, AI, and automation, enable retailers and e-commerce businesses to efficiently manage inventory, optimize order fulfillment processes, and meet customer expectations for prompt delivery. This segment's growth is further propelled by the expansion of online retail platforms and the need for agile supply chain solutions to support the rapid pace of digital commerce.
• In 2023, Asia Pacific strengthened its position as the second-leading region in the global smart warehousing market due to rapid industrialization, urbanization, and the exponential growth of e-commerce across the region. Countries such as China, India, and Japan are experiencing strong uptake of smart warehousing technologies. These advancements aim to boost logistics efficiency, streamline supply chain operations, and meet increasing consumer expectations for swift and dependable delivery services. The increasing investments in infrastructure development and technological advancements further support Asia Pacific's pivotal role in driving the smart warehousing market forward.

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Global Smart Warehousing Market Participants:

• ABB Ltd.
• Cognex Corporation
• Honeywell International Inc.
• IBM Corporation
• KION Group AG
• Manhattan Associates
• Oracle Corporation
• PSI Logistics
• Reply
• SAP SE
• Siemens
• Tecsys, Inc.
• Zebra Technologies Corporation
• Other Industry Participants

Global Smart Warehousing Market

By Offering

• Hardware
  • Sensors
  • RFID Tags
  • Automated Picking Tools
  • Automated Guided Vehicles (AGVs)
  • Others
• Solution
• Services
  • Consulting
  • Implementation and Integration
  • Maintenance and Support
  • Others

By Organization Size

• Large Enterprises 
• Small & Medium Enterprises (SMEs)

By Application

• Inventory and Order Management
• Warehouse Management
• Labor Management
• Supply Chain Management
• Storage Optimization
• Shipping and Logistics Management
• Yard and Dock Management
• Predictive Maintenance
• Others

By Technologies

• Internet of Things (IoT)
• Artificial Intelligence (AI)
• Machine Learning
• Robotics and Automation
• Cloud Computing
• Big Data Analytics
• Blockchain
• Others

By Industry Vertical

• Retail and E-commerce
• Manufacturing
• Food and Beverage
• Healthcare and Pharmaceuticals
• Automotive
• Logistics and Transportation
• Consumer Goods
• Electronics
• Agriculture
• Others

By Region

• North America (U.S., Canada, Mexico, Rest of North America)
• Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
• Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
• Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
• Latin America (Brazil, Argentina, Rest of Latin America)  

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