Logistics Automation Market size to grow by USD 20.27 billion from 2023 to 2028- Technavio

NEW YORK, Jan. 10, 2024 /PRNewswire/ -- The logistics automation market is expected to grow by USD 20.27 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of 9.41% during the forecast period. The market is segmented by component (hardware, software, and services), end-user (retail and e-commerce, automotive, healthcare, aerospace, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

The rising adoption of big data in automated logistics technologies is the key factor driving market growth. This adoption, encompassing Warehouse Management Systems (WMS), Supply Chain Management (SCM), and Transportation Management Systems (TMS), serves as a significant growth driver. The synergy of autonomous vehicles, Inventory Management, Fleet Management, Automated Guided Vehicles (AGVs), 3PL (Third-Party Logistics), and Collaborative Robots (Cobots) within this framework further boost market expansion.

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Major Trend

High penetration of robotics in warehouse management is a major trend in the market. This trend intertwines Robotics, Artificial Intelligence (AI), Internet of Things (IoT), Machine Learning, RFID Technology, Smart Packaging, Augmented Reality (AR), Data Analytics, Real-time Tracking, E-commerce Logistics, Smart Sensors, and Warehouse Automation. The high penetration of robotics reshapes operational efficiency, paving the way for advanced logistics solutions and redefining the landscape of the industry.

Significant Challenge

The requirement of high initial capital investment is a significant challenge restricting market growth. This challenge reverberates across Predictive Analytics, Order Fulfillment, Blockchain, Drones, Cloud Computing, Last-Mile Delivery, Predictive Maintenance, Route Optimization, Reverse Logistics, and Smart Contracts. The demand for significant financial resources poses a hurdle, hindering the seamless adoption of cutting-edge technologies and impeding the market's overall progression.

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Key Highlights:

• The report recognizes the following as some of the key players in the logistics automation market: ABB Ltd., Applied Materials Inc., Auto Control Systems Pty Ltd., DENSO Corp., Emerson Electric Co., FANUC Corp., Festo SE and Co. KG, Honeywell International Inc., Kawasaki Heavy Industries Ltd., MIDEA Group Co. Ltd., Mitsubishi Electric Corp., OMRON Corp., Rockwell Automation Inc., Schneider Electric SE, Aurotek Corp., Yaskawa Electric Corp., Yokogawa Electric Corp., and Siemens AG
• Logistics Automation Market is fragmented in nature.
• Market to observe 8.88% YOY growth in 2024.

Keg Segments:

• The hardware segment is estimated to witness significant growth during the forecast period. Technology and machinery are used in logistics automation to consolidate and optimize a range of processes within the supply chain, e.g. inventory control, warehouse operations, transport, and order fulfillment. Automated guided vehicles are one of the main hardware components in logistics automation. Automated Guided Vehicles are unmanned robotic vehicles that are programmed for the transportation and transport of goods in warehouses or distribution centers.

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The dry bulk shipping market size is estimated to grow at a CAGR of 4.09% between 2023 and 2028. The market size is forecast to increase by USD 3.64 billion. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Component

Market Segmentation by End-user 

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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