ID: MRFR/ICT/7215-CR | January 2020 | Region: Global | 140 pages
IoT in Warehouse Market Overview:
Based on the IoT in Warehouse Market Forecast, the growth of the market is estimated to be with a CAGR of 21.21% during the forecast period. The valuation of the market in 2020 was USD 6.4 billion. The growth of the IoT market is based on the demand of warehouse efficiency solutions in works such as workforce management, inventory management, electronic data interchange, and other daily operations requiring minimal or no human interference. It is expected that future warehouses will control their costs for operational logistics by utilising efficient automation technologies.
This report discusses the market overview, market dynamics, and its driving forces, possible opportunities. Additionally, it comprises of detailed analysis of the regional market, segment overview, competitive landscape and recent developments in the global market if IoT in warehouse.
IoT in Warehouse Market Covid-19 impact Analysis:
Although, covid 19 pandemic has affected industries all across the world negatively, it has helped Iot in warehouses to grow more through e-commerce. During the pandemic, the IoT in warehouses came in great help to the healthcare industry as it contributed in stocking and distributing the medical supplies and all the other healthcare products that were required to fight the pandemic. Recently, Iot in warehouse is in great demand because of the vaccine distribution required to reduce the impact of covid-19. The demand is expected to accelerate more in this period because of the brand owner's increasing usage of VDP (variable data printing) and personalised connection with their customer. In a nutshell, covid-19 has proven to be a favourable factor for the IoT in warehouse market. Moreover, it is likely to increase the demand in the market of e-commerce in the future as well.
The market is witnessing a high rate of adoption for warehouse technology solutions and an increasing amount of connected devices, which are propelling the growth in the global IoT in warehouse industry hugely. Also, the managers of the warehouses are facing difficulties to cope up with the rising customer expectation, commoditization, and supply chain. Therefore, they are cutting operational costs and reducing inventory cycles and embracing a few new IoT in warehouse market trends following-complex global supply chain, omnichannel retailing, and consignment inventory.
Additionally, some other driving forces behind the IoT in warehouse market are- low electricity bills, low operating cost, and simple design. Electricity bills are automatically lowered by the elimination of expensive battery backup and having the latest grids. Government encouraging renewable energy production and installing solar panels can also give a boost to the market. The market is likely to be favoured by the introduction of subsidies and incentives.
All the budding e-commerce industries across the world are expected to offer a huge opportunity and demand in IoT in warehouse market. Additionally, the smart label printers and electric shelf label being rapidly adopted is only about to contribute to the growth of the market.
The major challenge of the IoT in warehouse industry is the unstable pricing and key components shortage for production requirements. A huge gap in the supply chain has been created due to the shut down of manufacturing companies forced by the covid-19 pandemic.
The price of the key components depends on their availability. Therefore, unstable stocking of the key components in making the pricing always fluctuating. Therefore, the increasing and decreasing of the pricing is acting as the restraining factor against the IoT in Warehouse Market Growth.
IoT in Warehouse Market Segment Overview:
The IoT in warehouse market research is based on four segments- device, solution, industry, and region.
Based on solutions, the market of IoT in warehouse is further segmented into-
Based on device, the market is sub-segmented into-
Depending on the industry, the IoT in warehouse market is further classified into-
By region, the global market of IoT in warehouse is further segmented into-
IoT in Warehouse Market Regional Analysis:
North America is the dominant region among the global, regional market, and it is likely to maintain its place in the IoT in Warehouse Market Size, IoT in Warehouse Market Share. The region has prominent key players, robust cloud infrastructure, and skilled expertise. The presence and implementation of new strategies of players like Cisco Systems, Inc., Argos Software, Zebra Technologies are fostering the growth of the market. US is the largest market in the North American region which is likely to grow with the highest CAGR of 19.91% during the review period.
Europe holds the second-largest share of the global market of the IoT in warehouse. Factors like increasing online shopping sectors, eCommerce ventures, and infrastructure of strong and wireless networks are driving the market growth of the region.
The Asia Pacific, owing to the increasing demand and investment in energy resources and solar projects, holds the largest share in the market. Constant efforts on reducing the dependency on fossil fuel can add a great boost to the IoT in Warehouse Market Trends.
IoT in Warehouse Market Competitive Landscape:
The market has been highly competitive, and the lockdown has only contributed to enhancing it. Many well-established, strong, and prominent players being in the market makes the competition only tougher. Moreover, many new market players are trying to get hold of the market with aggressively low pricing. The objective is to undercut the already established players in the IoT in warehouse industry market. On the other hand, the old players are focusing on strategies like R&D investments, M&A activities, and product facility expansion.
IoT in Warehouse Market Dominant Key Players:
27th January, 2020- a leading provider, Link Labs announced to launch their AirFinder SuperTag Pro Evaluation kit on Amazon. AirFinder Supertag is made of using five different technologies-Wifi location lookup, GPS/GNSS, IPN (indoor positioning network) and Cell ID. This is a commercial tracking device.
25th November, 2020- Visionate Corp announced that they have sold a RFID technology application to Wanda smart technology platform in the oil and gas sector. The application is used to enhance the increasing suite of products.
27th October, 2020- a virtual event was hosted by RFID Journal. The event was called RFID and IoT for inventory and warehouse management. Organizations like NXP semiconductors and Zebra Technologies were the sponsor of the event. The event was arranged to help the industry players understanding the market better with a detailed market forecast of IoT in warehouse. In the event covered- process to benefit from RFID in technology in warehouse by coordinating a supply chain and managing inventory.
The global market of IoT in warehouse research report consists-
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Solution, By Device|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Omnitracs LLC (US), IBM Corporation (US), Software AG (Germany), Cisco Systems Inc. (US), UltraShipTMS (US), TECSYS Inc. (Canada), HCL Technologies Limited (India), Intel Corporation (US), PTC Incorporation (US), Eurotech SpA (Italy), Oracle Corporation (US), Zebra Technologies (US), Infor Inc. (US)|
|Key Market Opportunities||The use of IoT in warehouse management is predicted to grow in the recent future on the back of more businesses using them to efficiently manage their inventory.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global IoT in warehouse market is expected to record a substantial market valuation due to the growing need for fuel efficiency consequently leading to fuel cost efficiency.
The global IoT in warehouse market is projected to register a moderate 21.21% CAGR in the forecast period.
The workforce management segment is slated to expand as the fastest-growing segment.
The sensing devices segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global IoT in warehouse market are Schaeffler Technologies AG & Co. KG (Germany), BorgWarner Inc. (U.S.), Delphi Technologies, Inc. (U.K.), and Allison Transmission (U.S.), among others.
The IoT in warehouse market in North America recorded a value of 2.6 billion over the review period.
The APAC region is expected to witness the fatest growth at a 23.06% CAGR by 2025.