BANGALORE, India, Oct. 23, 2020 /PRNewswire/ -- According to the Latest Market Research Report "Logistics Automation Market Based on Component (Transportation Management and Warehouse & Storage Management. Transportation Management further studied across Services and Software. The Warehouse & Storage Management further studied across Hardware, Services, and Software), Based on Verticals (Aerospace & Defense, Automotive, Chemicals, Food & Beverage, Logistics & Transportation, Manufacturing, Oil, Gas, & Energy, Pharmaceuticals & Healthcare, and Retail & E-Commerce) and Region – Global Forecast to 2025", published on Valuates Reports
The Global Logistics Automation Market size is expected to grow from USD 44,545.71 Million in 2019 to USD 79,887.05 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 10.22%.
Major factors driving the growth of Logistics automation market size are the exponential growth of the e-commerce sector, developments in robotics and the emergence of the IoT, the introduction of driverless cars and drones in logistics, the growing acceptance of Industry 4.0, and the need to ensure the safety of the workforce.
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TRENDS INFLUENCING THE LOGISTICS AUTOMATION MARKET SIZE
The rise of the e-commerce industry drives growth in the logistics automation market size. With the increase in internet penetration across the globe, allowing individuals to access online transactions, the e-commerce industry is expected to expand rapidly. It will, therefore, contribute to the demand for logistics automation.
Increasing demand for IoT and other connected devices is expected to increase the logistics automation market size during the forecast period. To improve communication and automation, IoT plays a vital role in organizations to enable warehouses to be more productive and cost-efficient. Furthermore, to prevent losses and mitigate risks involved in the transport of goods, the introduction of IoT technology for logistics management has helped businesses track material deliveries and control sensitive goods.
The necessity of high capital investments to implement logistics automation solutions is a key restraining factor affecting the logistics automation market size. Installing automation equipment, software, and solutions that incur high costs requires the setting up large-scale automated warehouse facilities.
LOGISTICS MARKET SHARE ANALYSIS
The retail & e-commerce segment is expected to hold the largest logistics automation market share based on vertical during the forecast period. The retail & e-commerce segment's growth can be attributed to retail and e-commerce companies' growing adoption of logistics automation solutions and the need for automated manufacturing and versatile logistics systems.
Based on the component, the warehouse & storage management segment held the largest logistics automation market share in 2018. The growth of the warehouse & storage management segment is attributed to smart technology, such as IoT and robotics, to boost warehouse operations.
Based on the region, North America held the largest logistics automation market share in 2018. Logistics automation technologies are being implemented by businesses in the North American region to optimize supply chain processes, including manufacturing, packaging, and transporting goods. In the North American region, the US, Canada, and Mexico are the main countries considered for market analytics. These countries' economic growth has led to increased investments in logistics automation.
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LOGISTICS AUTOMATION MARKET SEGMENTATION & COVERAGE:
This research report categorizes the Logistics Automation to forecast the revenues and analyze the trends in each of the following sub-markets:
Based on Component, the Logistics Automation Market studied across Transportation Management and Warehouse & Storage Management. Transportation Management further studied across Services and Software. The Warehouse & Storage Management further studied across Hardware, Services, and Software.
Based on Verticals, the Logistics Automation Market studied across Aerospace & Defense, Automotive, Chemicals, Food & Beverage, Logistics & Transportation, Manufacturing, Oil, Gas, & Energy, Pharmaceuticals & Healthcare, and Retail & E-Commerce.
Based on Geography, the Logistics Automation Market studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas region surveyed across Argentina, Brazil, Canada, Mexico, and the United States. The Asia-Pacific region surveyed across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, South Korea, and Thailand. The Europe, Middle East & Africa region surveyed across France, Germany, Italy, Netherlands, Qatar, Russia, Saudi Arabia, South Africa, Spain, United Arab Emirates, and the United Kingdom.
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SIMILAR REPORTS :
- Warehouse Management System Market
- Warehouse Automation Market
- Logistics Automation System Integration Market
- Logistics Automation and Control Market
- Automated Conveyor Sorting Systems Market
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