The logistics automation market is estimated to be valued at US$ 64.12 Bn or in 2023 and is expected to exhibit a CAGR of 11.41%over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Logistics automation involves implementing automated technologies and solutions into logistic networks and supply chains to improve efficiency and reduce costs. Some key applications of logistics automation include warehouse management, transportation management, and package sorting. With logistics automation, various tasks such as sorting packages, moving materials, order picking etc. can be carried out automatically with the help of robots, conveyor belts, automated storage and retrieval systems etc. Market Dynamics: Increased adoption of advanced technologies such as Internet of Things (IoT), robotics and artificial intelligence (AI) is driving the growth of logistics automation market. IoT enables real-time tracking of inventory and shipments while AI helps improve forecasting and demand planning. Further, growing labor costs and labor shortages are prompting companies to automate their logistics operations for improved productivity and profitability. In addition, the recent COVID-19 pandemic disrupted traditional supply chains and highlighted the need for automated and contactless logistics operations. This has further fueled the demand for logistics automation solutions globally. While high initial costs remain a key challenge, growing investments by industry players in innovation is expected to make logistics automation more affordable over the forecast period. SWOT Analysis Strength: Logistics automation offers enhanced operational efficiency and reduced costs which is a major strength. Automated solutions enable 24/7 operations and improve productivity. Advanced robotics and automation technologies ensure smooth operations. Weakness: High initial investment requirements for implementing logistics automation solutions is a key weakness. Lack of skilled workforce for operating advanced automated systems is another weakness. Opportunity: Growing e-commerce sector fuels the need for logistics automation to handle increased volumes. Advancements in technologies like artificial intelligence, IoT, cloud computing present opportunities. Threats: Strict regulations regarding industrial safety and data privacy pose threats. Changing consumer demand patterns also threaten existing automated supply chains. Key Takeaways: The Global Logistics Automation Market Size is expected to witness high growth, exhibiting a CAGR of 11.41%over the forecast period, due to increasing e-commerce sales and rising demand for streamlining logistics operations. E-commerce has surged drastically worldwide during the pandemic which drives demand for logistics automation solutions to handle larger volumes efficiently. Regional analysis: North America dominates the logistics automation market currently. However, Asia Pacific region is expected to grow at the fastest pace due to rapid growth of e-commerce sector and manufacturing activities in China, India, and other developing nations. Countries like Japan and South Korea are also investing heavily in logistics automation. Key players analysis: Key players operating in the Logistics Automation Market are ABB, BEUMER GROUP, Blue Yonder Group, Inc, Daifuku Co., Ltd., E&K AUTOMATION LIMITED, Falcon Autotech Private Limited, GreyOrange, HighJump, Infor, Locus Robotics, Manhattan Associates, One Network Enterprises, Oracle, SwanLeap Inc, and Toshiba Logistics. Read more: https://www.rapidwebwire.com/logistics-automation-market-demand-forecast/
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