REDDING, Calif., May 6, 2024 /PRNewswire/ -- According to a new market research report titled, 'Logistics Automation Market by Offering (Hardware, Software, Services), Type (Inbound, Outbound), Automation Mode, Application (Inventory Management, Others), End User (Retail & E-commerce, Automotive, Others) & Geography-Global Forecasts to 2031', the logistics automation market is projected to reach $65.14 billion by 2031, at a CAGR of 10.0% from 2024 to 2031.
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Logistics automation refers to the use of technology involving machinery and logistics software to minimize human intervention and ease the workflow of logistical processes from procurement to production, inventory management, distribution, customer service, and recovery. Besides reducing costs, logistics automation systems help improve the overall efficiency of supply chains. Logistics automation helps save businesses a massive number of repetitive workloads such as manual picking or data entry.
Some of the factors driving the growth of this market are the rapid growth in e-commerce and the increasing incorporation of robots in logistics. However, high capital investment requirements and the lack of standardization in the logistics sector restrain the growth of this market.
The global logistics automation market is segmented by offering (hardware (automated vehicle systems, automated storage & retrieval systems, automated sorting & conveyer systems, de-palletizing/palletizing systems, automatic identification & data capture systems, automated container handling equipment, packaging systems/machines, and other hardware), software (cloud-based, and on-premise), and services(consulting services, deployment & integration services, support & maintenance services)), type (inbound logistics, and outbound logistics), automation mode (semi-automatic systems, and fully automatic systems), application (inventory management, packaging, order management, cargo management, transportation management and other applications) and end user (retail & e-commerce, manufacturing, healthcare & pharmaceuticals, food & beverage, automotive, aerospace & defense, fashion & apparel, courier, express, and parcel, ports & warehouses, and other end users). The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on offering, the logistics automation market is broadly segmented into hardware, software, and services. In 2024, the hardware segment is expected to account for the largest share of 60% of the logistics automation market. However, the software segment is expected to register the highest CAGR during the forecast period. Factors such as the increasing use of advanced technologies in logistics software, market players' increasing focus on developing and enhancing logistics software, and the easy integration of logistics automation software with other supply chain management software are expected to drive the growth of this segment.
Furthermore, the growing focus of market players on product development and enhancement to optimize logistics operations, enhance supply chain visibility, and help companies make informed decisions is expected to drive the segment's growth. For instance, in November 2022, Amazon Web Services, Inc. (U.S.) launched the AWS Supply Chain. This new application helps businesses increase supply chain visibility to make faster, more informed decisions that mitigate risks, lower costs, and improve customer experiences.
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Based on type, the logistics automation market is segmented into inbound logistics and outbound logistics. In 2024, the inbound logistics segment is expected to account for the larger share of the global logistics automation market. However, the outbound logistics segment is expected to record the highest CAGR more than 11% during the forecast period. The growth of this segment is attributed to the increasing focus of key players on developing automated solutions for optimizing packaging and the growing need to optimize order fulfillment, delivery, and shipment processes to increase the effectiveness of outbound logistics operations.
Based on automation mode, the logistics automation market is segmented into fully automatic systems and semi-automatic systems. In 2024, the semi-automatic systems segment is expected to account for the larger share of the global logistics automation market. However, the fully automatic systems segment is expected to record the highest CAGR during the forecast period. The growth of this segment is attributed to enterprises' increasing emphasis on fully automating their logistics operations from partially automated systems. Additionally, fully automatic systems are capable of performing tasks more quickly and with greater precision, contributing to their rising adoption.
Based on application, the logistics automation market is segmented into inventory management, packaging, order management, cargo management, transportation management, and other applications. In 2024, the inventory management segment is expected to account for the largest share of 36% of the logistics automation market. Moreover, the inventory management segment is expected to record the highest CAGR during the forecast period. The growth of this segment is attributed to the growing use of automated storage & retrieval systems for inventory storage and the increasing adoption of RFID and barcodes for tracking inventory levels across fulfillment centers and warehouses.
In addition, key players operating in this market are focusing on product development and enhancement to accelerate the adoption of robots to boost productivity and minimize inventory handling times. For instance, in March 2022, Vanderlande Industries B.V. (Netherlands) launched a new automated piece-picking robot as an addition to its Smart Item Robotics (SIR) portfolio of technologies, which fits with Vanderlande's strategy of accelerating the use of robotics for warehousing.
Based on end user, the logistics automation market is segmented into retail & e-commerce, manufacturing, healthcare & pharmaceuticals, food & beverage, automotive, aerospace & defense, fashion & apparel, courier, express, and parcel, ports & warehouses, and other end users. In 2024, the retail & e-commerce segment is expected to account for the largest share of 22% of the logistics automation market. The large market share of this segment is attributed to changing customer expectations, retailers' focus on increasing their omni-channel presence, and the growing deployment of logistics automation solutions among retail & e-commerce companies to improve effectiveness and profitability.
However, the automotive segment is expected to record the highest CAGR during the forecast period. The growth of this segment is attributed to the adoption of intralogistics equipment and automation technologies by automotive players, the growing focus on the efficient tracking of automotive parts across the automotive industry supply chain, and increased activity in the automotive sector due to the rising adoption of electric vehicles. In addition, the growing focus of automotive businesses on investing in digitalization is contributing to the segment's growth. For instance, in July 2021, Jaguar Land Rover Automotive plc (JLR) (U.K.), an automotive manufacturer, initiated the second phase of its new logistics operations center in collaboration with Dematic (U.S.), an intralogistics innovator, in the West Midlands, England, wherein Dematic began the installation of its intralogistics equipment and automation technologies at the center.
Based on geography, the logistics automation market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 42% of the logistics automation market. The Asia-Pacific logistics automation market is estimated to be worth USD 14.1 billion in 2024. Moreover, Asia-Pacific is also expected to record the highest CAGR during the forecast period. Factors such as the growing focus of companies on enhancing their omnichannel presence to stay ahead of the competition and increasing logistics automation across the region are expected to drive the growth of this regional market in the coming years.
Furthermore, the growing focus of companies on the development of automation solutions to use in warehouses to achieve faster and more flexible movement of goods is contributing to segment growth. For instance, in December 2021, the Rhenus Group Hong Kong warehouse collaborated with Geekplus Technology Co., Ltd. (China) to co-develop smart logistics solutions through the automation of warehousing operations with autonomous mobile robots (AMRs).
Key Players:
Some of the key players operating in the logistics automation market are Dematic (U.S.), Daifuku Co., Ltd. (Japan), Honeywell International Inc. (U.S.), and Vanderlande Industries B.V. (Netherlands), KNAPP AG (Austria), SSI SCHAEFER Group (Germany), BEUMER Group GmbH & Co. KG (Germany), Konecranes Plc (Finland), FORTNA Inc. (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), TGW Logistics Group GmbH (Austria), Swisslog Holding AG (Switzerland), Slip Robotics (U.S.), and Locus Robotics (U.S.).
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Scope of the report:
Logistics Automation Market Assessment-by Offering
- Hardware
- Automated Vehicle Systems
- Automated Storage & Retrieval Systems
- Automated Sorting & Conveyer Systems
- De-palletizing/Palletizing Systems
- Automatic Identification & Data Capture Systems
- Automated Container Handling Equipment
- Packaging Systems/Machines
- Other Hardware
- Software
- Cloud-based
- On-premise
- Services
- Consulting Services
- Deployment & Integration Services
- Support & Maintenance Services
Logistics Automation Market Assessment-by Type
- Inbound Logistics
- Outbound Logistics
Logistics Automation Market Assessment-by Automation Mode
- Fully Automatic Systems
- Semi-automatic Systems
Logistics Automation Market Assessment-by Application
- Inventory Management
- Packaging
- Order Management
- Cargo Management
- Transportation Management
- Other Applications
Logistics Automation Market Assessment-by End User
- Retail & E-commerce
- Manufacturing
- Healthcare & Pharmaceuticals
- Food & Beverage
- Automotive
- Aerospace & Defense
- Fashion & Apparel
- Courier, Express, and Parcel
- Ports & Warehouses
- Other End Users
Logistics Automation Market Assessment-by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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