17 Mar, 2021, 11:00 ET
CHICAGO, March 17, 2021 /PRNewswire/ -- According to the new market research report "Logistics Automation Market by Component, Function (Warehouse and Storage Management, Transportation Management), Organization Size (SMES, Large Enterprises), Vertical (3PL, Retail and Ecommerce, FMCG, Manufacturing), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the market size is projected to grow from USD 48.4 billion in 2020 to USD 88.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period. The Logistics Automation Market is gaining traction due digital transformation in the logistics industry, emergence of IoT, exponential growth in the eCommerce industry, advancements in robotics, and growing need to ensure workforce safety.
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Hardware-integrated systems segment to account for largest market share during the forecast period
Hardware-integrated systems account for largest market share during the forecast period and these systems include Automated Storage and Retrieval System (ASRS), conveyors and sortation systems, robotic handling systems, Autonomous Mobile Robots (AMRs), and Automated Guided Vehicles (AGVs). The rising trend of smart warehosues and transportation will boost the adoption of these systems. Robots are increasingly being deployed across all segments of the supply chain, and their usage is expected to witness a significant surge in the near future as the growth of eCommerce fulfillment continues to rise.
Retail and eCommerce segment is expected to grow at the highest CAGR during the forecast period
Retail and eCommerce is expected to exhibit a higher CAGR during the forecast period. The adoption of logistics automation solutions has helped online and multichannel retailers track and monitor the movement of light goods vehicles, thereby ensuring the timely delivery of products. The growth of the eCommerce industry can be attributed to the increasing trend of electronic fund transfer, internet marketing, online transaction processing, and electronic data interchange. Rapidly changing customer demands, rise in online shopping, increasing demand for shorter delivery times, and fierce competition among online retailing companies have boosted the demand for automated fulfillment centers, which, in turn, has increased the demand for adaptable and dedicated logistics automation solutions in the eCommerce industry.
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North America region holds the largest market share in the Logistics Automation Market in 2020
North America is expected to hold the largest market share during the forecast period. North America is a global hub of innovation with regards to breakthrough technologies in the logistics automation industry. Companies in North America focus on reducing operational costs and modernizing factories, warehouses, and distribution centers, and hence, adopting logistics automation solutions to improve supply chain operations, including the manufacturing, assembly, and transportation of goods. The transportation and logistics industry in the US involves a highly integrated supply chain network that links producers and consumers through multiple transportation modes, including air, rail, maritime, and road. Multinational companies are increasing investments in the transportation and logistics industry in the US to facilitate the flow of goods throughout the world. Equipment, vehicles, and infrastructure facilities are synchronized with the help of network connectivity to improve performance using IoT solutions.
Key and innovative vendors in the Logistics Automation Market include 6 River Systems (US), ABB (Switzerland), BEUMER Group (Germany), Blue Yonder (US), Daifuku (Japan), Dematic (US), E&K Automation (Germany), Eyesee (Hardis Group) (France), Falcon Autotech (India), GreyOrange (US), HighJump (Korber) (US), Honeywell Intelligrated (US), Jungheinrich (Germany), Knapp (Austria), Locus Robotics (US), Manhattan Associates (US), Murata Machinery (Japan), Oracle (US), SAP (Germany), SBS Toshiba Logistics (Japan), Seegrid (US), SSI Schaefer (Germany), Swisslog (Switzerland), System Logistics (Italy), TGW Logistics Group (Austria), and Zebra Technologies (US).
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