Logistics Automation Market To Reach USD 92.2 Billion By 2032, Says DataHorizzon Research
A Comprehensive Analysis of Logistics Automation Market Report.
Fort Collins, Colorado, Oct. 27, 2023 (GLOBE NEWSWIRE) — According to DataHorizzon Research, the Logistics Automation Market size was valued at USD 37.3 Billion in 2022 and is expected to grow at a rate of CAGR 9.6% and reach USD 92.2 Billion by 2032.
Logistics automation refers to businesses managing their supply chain process, from ordering raw materials to production and delivery to the end-user through automated systems. It uses different software and machinery to implement these modern technologies throughout the supply chain process.
The rising adoption of automation is due to the trend of same-day and fast deliveries, especially in the e-commerce and retail sectors. Also, e-commerce companies have started focusing on small towns and cities to increase their presence and customer base, resulting in an increased need for a fast delivery system. With the growing number of people preferring online services, many small and medium-sized shops are also moving online to attract customers. To fulfill the requirements, there is a need for a strong supply chain and logistics system in place.
The implementation of logistics automation is growing in other sectors like manufacturing, healthcare, and other sectors due to the just-in-time system many companies follow to reduce their inventory load and procure the material as needed. This creates the need for a strong system to deliver raw materials in a timely so their production process is not affected due to late deliveries.
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The global logistics automation market has been segmented into component, type, function, end-user, and region. Warehouse Management system held a major share in 2022. Warehouse Automation refers to the process under which every activity, right from the receiving of goods to storing and delivering them as per the orders, is taken care. North America holds a major market share in logistics automation, with the United States dominating the market due to its high trading activities globally. Rising exports to Asian countries, increasing cross-border trade, and e-commerce activities are the reasons for strengthening logistics.
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Logistics Automation Market Report Highlights:
- The global logistics automation market growth is anticipated at a CAGR of 9.6% by 2032.
- Sales logistics hold a major share in this segment and are also expected to grow tremendously during the forecast period.
- Hardware dominates the component segment, and the automated storage and retrieval system (ASRS) is the preferred hardware type. ASRS helps handle, store, and retrieve the goods in the warehouse.
- Some prominent players in the logistics automation market report include ABB Ltd., Jungheinrich AG, Manhattan Associates, Kardex Group, Basler, JBT, Datalogic, Cognex Corporation, Toshiba Tec Corporation, Fives, and others.
Industry Trends and Insights:
- In 2023, FlexSwift was designed for mass-scale order fulfillment under the collaboration of LogiMAT, the leader in warehouse automation solutions in the Southeast Asian market, and Syrius.
- In 2023, TGW logistics plans to invest USD 148 million in its Marchtrenk HQ.
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Logistics Automation Market Segmentation:
- By Component: Hardware, software, services.
- By Type: Procurement logistics, production logistics, sales logistics, recovery logistics, 2PL, 3PL, recycling logistics.
- By Function: Transport logistics automation, warehouse management automation.
- By End-user: Fast-moving consumer goods, e-commerce and retail, manufacturing, healthcare, pharmaceutical.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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