Innovations in IoT Technology to Drive IoT in Warehouse Market
The global IoT in warehouse market is expected to exhibit a strong 23.28% CAGR over the forecast period from 2019 to 2030, according to the latest research report from Market Research Future (MRFR). The global IoT in warehouse market is expected to exhibit steady growth over the forecast period due to the growing demand for higher efficiency and safety in warehouses across various sectors. The report provides a comprehensive overview of the global IoT in warehouse market to enlighten readers on every aspect of the market. The major drivers and restraints affecting the global IoT in warehouse market are profiled in detail in the report, giving readers a clear overview of the major factors affecting the global market. Major players in the global IoT in warehouse market are also profiled in the report in order to familiarize readers with the competitive landscape of the global market. The impact of the COVID-19 pandemic on the global IoT in warehouse market is also examined in the report.
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IoT technology has significant application in warehouses, where it is used to locate and track various assets, including personnel and items being stored in the warehouse. IoT technology can be used to track every movement of assets located in warehouses, allowing the owner complete control over the movement of the assets. The secure monitoring enabled by the use of IoT technology has driven a steady growth in demand for IoT technology in warehousing applications. The growing demand for safety in warehousing applications in likely to remain a major driver for the IoT in warehouse market over the forecast period. An increasing number of warehouse owners have started to pay significant attention to the safety of assets being held in the warehouse. Governments have also come into the picture by legislating safety-oriented legislation that forces warehouse owners to use the latest technology to attain high standards of safety. Growing government support to workplace safety protocols is likely to remain a major driver for the global IoT in warehouse market over the forecast period.
The retail sector has emerged as a major consumer of IoT in warehouse technology over the last few years. The growing ecommerce sector has been a major driver in this phenomenon. Ecommerce requires accurate monitoring and tracking of all warehouse items, as any mistake can lead to negative customer reviews that can hamper a company’s popularity. The growing demand for ecommerce from urban consumers in developed as well as developing countries is likely to remain a major driver for the global IoT in warehouse market over the forecast period. Many ecommerce giants have collaborated with tech giants to come up with efficient solutions that allow them to easily keep track of all warehouse items.
Competitive Leaderboard:
Leading players in the global IoT in warehouse market include Infor Inc., Zebra Technologies, Eurotech SpA, Oracle Corporation, PTC Inc., Intel Corporation, Cisco Systems Inc., HCL Technologies Ltd., UltraShipTMS, TECSYS Inc., Software AG, Omnitracs LLC, and IBM Corporation.
In March 2019, Omnitracs, LLC acquired Blue Dot Solutions, a provider of cloud-based workflow software platform solutions and applications for the transportation industry. This acquisition has led the company to improve its productivity and enhance its workflow.
Segmentation:
The global IoT in warehouse market is segmented on the basis of solution, device, industry, and region.
By solution, the global IoT in warehouse market is segmented into inventory management, workforce management, electronic data interchange, and others.
By device, the global IoT in warehouse market is segmented into sensing devices, networking and gateways, and others.
By industry, the global IoT in warehouse market is segmented into retail and logistics, automotive, food and beverage, healthcare, electrical and electronics, and others.
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Regional Analysis:
North America accounted for the largest share in the global IoT in warehouse market in 2018 and is expected to exhibit a strong 20.58% CAGR over the forecast period. Asia Pacific is expected to exhibit the highest growth rate over the forecast period, at 23.06%
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