IoT in Warehouse Management Market Outlook
The IoT in warehouse management market is expected to reach US$ 15.0 Bn by 2031 and is anticipated to grow steadily CAGR of 15%, during the forecast period 2021-2031. This includes types of IoT hardware, software and services that are largely used for efficient warehousing management and operations, across various industries.
IoT plays an important role in providing visibility into the warehouse supply chains. It enables to track the products in real-time and also provides accuracy of its location, due to which their demand is expected to increase in the coming period.
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What is Driving Demand for IoT in Warehouse Management?
Due to increasing efficient warehousing solutions, the adoption of IoT is largely increased and owing to this the growth can be seen in inventory management, workforce management, electronic data interchange, and others, which in turn, is increasing IoT in warehouse management solution demand. In addition, no human interference in daily warehouse operations and employing a combination of efficient automation technologies to control operational logistics costs are major factors driving the market.
The rising application of fleet management by various transport operators is anticipated to drive the demand of IoT in warehouse management. The features of IoT such as protocol translation, device connectivity, security, updating, and data filtering are some of the major factors that are expected to propel the growth of such solutions.
IoT gateways offer secured channels for data transmission. They act as platforms for applications that process data, which is likely to drive the demand for IoT solutions, globally. Furthermore, the global rise in applications of technology and productivity of the warehouse is expected to propel the IoT in warehouse management market.
Improvement in Asset Management to Proliferate IoT in Warehouse Management Demand
The Internet of Things is increasing a manager’s alertness of every single item stored in the warehouse. With the help of connected sensors and data storage platforms, enterprises can track the location of all goods, get low-stock alerts, be notified if a product is misplaced, and more.
Further, enterprise can take the advantages of smart technologies to monitor storage conditions and autonomously adjust them. Store managers will be alerted right away, if any product is lost. It can increase the odds of product retrieval and determine the person responsible for the occurrence. Such features and capabilities are expected to create more opportunities in the warehouse industry.
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Asia Pacific Demand Outlook for IoT in Warehouse Management
The demand for IoT in warehouse management is anticipated to grow at a significant rate in Asia Pacific region owing to increasing efficient warehousing solutions like inventory management, workforce management, electronic data interchange, and others.
In addition, most of the key players have presence in this region, thus it is another significant factor driving adoption of IoT in warehouse management in this region. However, during the pandemic outbreak, most of the warehouses were closed down during the lockdowns imposed by government in various countries. Thus a decrease in production was seen during the pandemic outbreak, moreover the supply chain was also impacted during the COVID-19 outbreak. However, post COVID the market is gaining back the traction and anticipated to grow at a steady growth rate.
Moreover, the up-gradation of warehousing and logistics infrastructure in emerging regions such as India, Malaysia, Singapore, Australia, Indonesia and others, is also expected to lead to the higher demand for IoT in warehouse management in these regions.
Who are the Key Vendors of IoT in Warehouse Management?
Some of the leading vendors of IoT in warehouse management include
- Omnitracs LLC. IBM Corporation
- Software AG
- Cisco Systems Inc.
- TECSYS Inc.
- HCL Technologies Limited
- Intel Corporation
- PTC Incorporation
- Eurotech SpA
- Oracle Corporation
- Zebra Technologies
- many others.
Key players in the market are focusing on expanding and deploying new lineup of warehousing solutions to meet rising demands from various end-user industries. For instance, IBM is a leading provider of warehousing solutions. The company’s products are largely used in applications such as electronic data interchange, inventory monitoring and warehouse operations. The company largely focuses on strategic acquisitions to broaden its product offerings.
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- Inventory Management
- Workforce Management
- Electronic Data Interchange
- IoT Sensing Devices
- IoT Connectivity Gateways
By End-use Industry
- Retail & Logistics
- Food & Beverages
- Electrical & Electronics
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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