Internet of Things in Warehouse Management Market to be Driven by Rising Preference for Goods-to-Person (GTP) Technology Across Warehouses Till 2025 | Million Insights
27 May, 2020, 10:10 BST
FELTON, California, May 27, 2020 /PRNewswire/ -- The global Internet of Things in Warehouse Management Market size is projected to touch USD 19.06 billion by the end of 2025, as per the report released by Million Insights. Factors such as increasing preference for Goods-to Person (GTP) technology across warehouses and growing automation of warehouse operations are predicted to bode well for the market growth over the forecast duration.
Telematics plays a crucial role in developing advanced solutions for the floor level workforce. The rising application of fleet management by various transport operators is anticipated to drive the demand for telematics in the upcoming years. The penetration of telematics systems is projected to support companies in lowering their empty runs and fuel cost.
IoT gateways offer secured channels for data transmission. They act as platforms for applications that process data. IoT also performs several other functions such as data filtering, device connectivity, protocol translation, updating, and security. The shifting preference for cloud-based platforms is projected to augment the product demand from 2016 to 2025.
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The EDI solution is anticipated to showcase steady growth in the upcoming years, owing to the rising need for data accuracy and consistency from the customers. The incorporation of the EDI is predicted to lower human errors and offer real-time information to consumers. The increasing penetration of smartphones equipped with sensors is projected to further drive the product demand over the estimated period. On the other hand, the use of a workforce management solution is expected to reduce the overall labor cost. The functions of workforce management solutions are workforce forecast and picking optimization.
North America occupied a noticeable market share of more than 43.71% in 2015 and is further predicted to maintain its dominance over the forecast period. Factors such as increasing automation and high cost of labor are predicted to drive the market from 2016 to 2025. Also, the growing penetration of connected trucks is projected to bode well for the market growth over the forecast duration.
Further key findings from the report suggest:
- The increasing applications of technologies, such as Automatic Identification and Data Capturing (AIDC) and RFID, are predicted to accelerate the market growth from 2016 to 2025.
- Inventory management division occupied the major revenue share, in 2015.
- The growing penetration of pallet level tagging is projected to boost the demand for smart inventory management systems.
- The EDI is projected to ascend with a CAGR of 27.3% from, 2016 to 2025.
- Sensing devices are predicted to lead the internet of things (IoT) in warehouse management market in revenue over the next few years, due to increasing preference for sensors across various industries.
- The Asia Pacific is anticipated to showcase the highest growth from, 2016 to 2025.
- Singapore and Germany occupied the top position in logistics performance index (LPI) countries.
- Leading players of the market areEurotech S.P.A., Argos Software, UltraShip TMS, Software AG, IBM Corporation, SecureRFCorporation, GT Nexus, Tecsys, Inc., Zebra Technologies, and Tecsys, Inc.
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Million Insights has segmented the IoT in warehouse management market based on solution, device, service, and region:
- IoT In Warehouse Management Solution Outlook (Revenue, USD Million; 2014 - 2025)
- Warehouse automation
- Workforce management
- Inventory management
- Electronic data interchange (EDI)
- Tracking
- IoT In Warehouse Management Device Outlook (Revenue, USD Million; 2014 - 2025)
- Sensing devices
- Gateways
- IoT in Warehouse Management Service Outlook (Revenue, USD Million; 2014 - 2025)
- 3PL
- Usage-based insurance
- IoT in Warehouse Management Regional Outlook (Revenue, USD Million; 2014 - 2025)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Asia Pacific
- China
- India
- Japan
- Singapore
- South America
- Brazil
- The Middle East & Africa (MEA)
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