Smart Warehousing Market 2023 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

Smart Warehousing Market

The global market value of the smart warehousing market was USD 20.1 Billion in the year 2022, and an anticipated CAGR of 15.1% is expected during the forecast period. Several factors are fostering this growth. To address the rising cases of phishing emails and ransomware, it is crucial to consistently follow security policies and maintain detailed audit trails. The thriving e-commerce sector, fueled by advancements in warehouse automation, stands as a pivotal driver for market expansion. The emergence of multi-channel distribution networks is also driving the growth of the market significantly. The dynamic nature and globalization of supply chain networks is also driving the growth of the market.

Impact of Covid-19

The COVID-19 disrupted the global supply chain, caused a slowdown in various sectors. Covid-19 had moderate impact on smart warehousing market. Lockdown was imposed by several countries, due to which the demand and supply in food and beverage along with retail industry was badly affected. Transportation and logistics sector was almost closed. Post covid-19 demand for online shopping had significantly increased, as people were able to select the product by sitting comfortably at home. But due to covid-19 Smart warehousing market had to face delay in transport and thus their supply-chain network was badly affected. Post covid the market had noticed a significant growth.

Growth Drivers

In this mobile driven world, the adoption of smart warehouse facility among end-users has significantly increased to meet requirement of customers for on-time product delivery. This growing demand for smart warehouse is propelling the growth of smart warehousing market. Rise in digitization and growing popularity of e-commerce is also increasing the growth of the market significantly. Many vendors across the globe are engaged in incorporation of innovative technologies such as bar-code scanning apps, automated guided vehicles, radio frequency identification technology to enhance and speed up supply chain network with minimum errors. Adoption of these technologies in warehousing is playing a vital role to fuel the growth of the market. The rising cyber security threats and complexity, and a growing ability to detect and respond to security incidents in real-time is also responsible for driving the market’s growth. The growth of e-commerce industry and advancement in technologies to automate warehouses are responsible for market growth. The escalating emphasis on green initiatives and sustainability, aimed at reducing waste and lessening environmental impact, serves as a compelling force driving the adoption of smart warehousing solutions in the market. These solutions employ advanced technology like IoT sensors and automation to optimize resource utilization, energy efficiency and waste minimization through improved inventory management. They also contribute to resource optimization, support recycling, and circular economy efforts. Smart warehousing offer ecological and economic benefits, making them a vital component of modern sustainable supply chain management.

Segmentation

By Component

·         Hardware

·         Solution

·         Services

·         Others

By Organization Size

·         Small

·         Medium

·         Large

Deployment Mode

·         On Premises

·         Cloud

Application

·         Transport Management

·         Inventory Management

·         Shipping Management

·         Order Management

·         Others

By Industry

·         Transportation and Logistics

·         Retail and E-commerce

·         Food and Beverages

·         Manufacturing

·         Healthcare

·         Others

By Region

·         North America

·         Asia Pacific

·         Europe

·         Latin America

·         Middle East and Africa

Smart Warehousing Market Application Type Segmentation

On the basis of application, the smart warehouse market is segmented into transport management, inventory management, shipping management, order management, and others. Inventory and order management is the leading segment and is expected to remain the largest segment during the forecast period. The capacity to successfully manage each customer’s order from reception to fulfillment is known as order management. To ensure that consumers receive the right product they ordered in acceptable condition is the aim of effective order processing. Warehouses must effectively manage the orders, whether they are delivered offline or online, to ensure smooth order fulfillment and a better customer experience. The importance of inventory and order management in the smart warehouse market is expected to continue to grow as businesses strive to improve customer satisfaction and reduce costs.

Smart Warehousing Market By Type Segmentation

On the basis of type, the smart warehousing market is segmented into hardware, solution, and services. Hardware is the key and leading segment and is expected to remain the largest segment during the forecast period. Solution and Services are also not far behind. The importance of hardware in the smart warehouse market is expected to continue to grow as businesses invest in new technologies to improve efficiency and productivity.

Regional Outlook

On the basis of regions, the market is segmented into five regions: Asia Pacific, North America, South America, Middle East and Africa and Europe. Among these, North America stands out as the leading segment and is projected to maintain its position throughout the forecast period. Increasing disposable income of people and technological advancements along with rising growth of e-commerce in North American region especially in Canada and U.S.A. is the reason behind the growth in the market. The robust development of infrastructure and pioneering industries has established this region as a focal point for the expansion of the smart warehousing market. The region’s strong technology ecosystem and continuous innovation is making it a key player in the development of region in this endeavor. Due to rising technological awareness of people about the e-commerce evolution and advancements is leading the market in Europe and Asia as well. Countries like India, China, Japan, Germany, France and Italy are actively participating in this advancement.

Key Players

·         SAP

·         Tecsys

·         Oracle

·         Korber

·         Synergy Logistics

·         ShipHero

·         IAM Robotics

·         Cin7

·         WarelQ

·         FoySonis

·         Locus Robotics

·         EasyEcom

·         Unicommerce

·         Epicor

·         Infor

·         Manhattan Associates

·         PTC

·         Reply

·         Others