Global IoT in Warehouse Market

IoT in Warehouse Market Size, Share, Growth Analysis, By Solution(Warehouse Automation, Workforce Management, Inventory Management, Electronic Data Interchange and Tracking), By Device(Sensing Device and Gateways), By Service(3PL and Usages Based Insurance), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45B2109 | Region: Global | Published Date: April, 2024
Pages: 194 |Tables: 87 |Figures: 71

IoT in Warehouse Market Insights

Global IoT in Warehouse Market size was valued at USD 10.86 billion in 2022, USD 12.13 million in 2023 and is projected to grow USD 28.79 billion by 2031, growing at a CAGR of 13.1% in the forecast period (2024-2031).

Advanced insights into warehouse operations can be obtained by users using connected devices that are embedded with sensors and software. The Internet of Things (IoT) technology in a warehouse is used to send data across the network without requiring human contact. The warehouse's efficiency is greatly increased by the real-time data exchange it facilitates for tracking, monitoring, and sustaining a variety of warehouse management tasks. Compared to other business verticals, the manufacturing sector has benefited greatly from loT in the past few years when it comes to automating major storage operations. It has resulted in a significant increase in loT investments to enhance warehouse management procedures in the manufacturing sector.

Growing IoT adoption in warehouse management can help optimize space, enable better product allocation, and significantly increase the accuracy of warehouse management processes. By automating the inventory and asset tracking procedures, the increasing usage of IoT in warehouse management operations has the potential to upgrade conventional warehouses into smart ones. Numerous industries' supply chains were significantly impacted by the COVID-19 crisis, which led to abrupt shifts in consumer demand, labor and material shortages, and interruptions in logistics. During this time, retail and e-commerce enterprises experienced rapid growth, which increased demand for the adoption of cutting-edge technology like IoT, RFID, and beacons to automate warehouse management processes. This led a number of businesses to implement digitalization in their warehouses. For example, a well-known business on the international scene, Zebra Technologies, promoted the digitization of warehouse operations.

Market Snapshot - 2024-2031

Global Market Size

USD 10.86 billion

Largest Segment

Inventory management

Fastest Growth

Warehouse automation

Growth Rate

13.1% CAGR

Global IoT in Warehouse Market ($ Bn)
Country Share by Asia Pacific (%)

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IoT in Warehouse Market Segmental Analysis

The global IoT in warehouse market is segmented based on solution, device, service and regional type. In terms of solution, the market is grouped into warehouse automation, workforce management, inventory management, electronic data interchange and tracking. Based on device, the market is bifurcated into sensing device and gateways. Based on service, the market is bifurcated into 3PL and usages-based insurance. Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. Numerous activities have been greatly enhanced, and the warehouse's workforce area has been optimized, thanks to the integration of loT solutions.

Analysis by Solution

The market is divided into categories based on solution, including workforce management, inventory management, warehouse automation, electronic data interchange, and tracking. Out of all of them, inventory management took home the most chunk and still rules the industry. The worldwide IoT warehouse industry is witnessing a significant surge in innovation and adoption of inventory management. IoT technology is being used by warehouses to create real-time inventory tracking and monitoring systems, which enable accurate inventory control and optimise supply chain operations. Automated processes with IoT support increase the responsiveness, accuracy, and efficiency of inventory management, which reduces expenses and boosts customer satisfaction. This trend is driving the market towards more sophisticated IoT solutions made especially for warehouse needs.

Due to their revolutionary effects on operational efficiency, warehouse automation, labor management, electronic data interchange (EDI), and tracking are expected to develop at the quickest rates in the global IoT in warehouse market. Processes are streamlined by automation technologies like robotics and AI, while labor utilization is optimized by workforce management programmes. Electronic data interchange improves coordination by enabling smooth communication between supply chain participants. Additionally, cutting-edge tracking systems guarantee real-time view of the items, cutting down on mistakes and delays. As a result of these technologies' convergence, the IoT industry is seeing significant adoption and growth as they address important warehouse management concerns.

Analysis by Device

Sensing devices are becoming increasingly innovative and widely used in the global IoT in warehouse market. These gadgets use Internet of Things (IoT) technology to record data in real-time on a variety of warehouse characteristics, including humidity, temperature, and stock levels. Sensing sensors offer proactive management of warehouse environments, maintaining ideal storage conditions and preventing inventory deterioration or damage by continuously monitoring and sending out alarms. This invention lowers expenses, increases operational effectiveness, and promotes general warehouse management procedures.

Due to their critical function in enabling smooth connectivity and communication between various IoT devices and networks, gateways are positioned to be the fastest-growing sector in the global IoT in warehouse market. Gateways serve as middlemen, combining information from sensors and other devices in the warehouse and sending it to centralized systems for evaluation and decision-making. Gateways are vital to the interoperability, scalability, and security of IoT deployments in warehouses, which is why their market adoption and growth have accelerated due to their rising complexity and scale.

Global IoT in Warehouse Market By Solution (%), 2023 (%)

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IoT in Warehouse Market Regional Insights

In 2022, the region with the largest market share was Asia Pacific. Advanced analytical tools are becoming more and more popular as the manufacturing and e-commerce sectors expand into nations like China and India. The region's manufacturing and retail sectors can undergo a digital revolution thanks to the increasing adoption of warehouse management systems brought about by the growing integration of industrial software and hardware with e-commerce businesses in China and India.

Due to the growing number of retail and e-commerce companies in the United States and Canada, advancements in warehouse management technology, and the prevalence of smart warehouse vendors, North America is anticipated to take the second-largest market share.

Over the next several years, the Latin American market will also experience impressive expansion as of the growing influence of industrial sectors in nations like Brazil and Argentina. Due to this situation, both large and small businesses now need warehouse automation, which will enhance lot usage in warehouse management. Digital technology use in the manufacturing and retail sectors will benefit the European market. For instance, Honeywell established a new warehouse automation hub in Eastern Europe by opening smart facilities in November 2021. The development of smart warehouses in Europe could accelerate the growth of the local market between 2023 and 2030.

Global IoT in Warehouse Market By Geography, 2024-2031
  • Largest
  • Fastest

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IoT in Warehouse Market Dynamics

Drivers

Driving Forces for IoT Adoption in Warehouses

  • The demand for IoT in warehouses is also being driven by factors including inexpensive electricity, low running costs, and straightforward architecture. Having the newest infrastructure and doing away with pricey battery backup instantly reduces electricity expenditures. The installation of solar panels and government support for the production of renewable energy can help stimulate the market. When subsidies and incentives are introduced, the market is likely to benefit.

IoT Revolutionizes Warehouse Industry Efficiency

  • The global IoT in the warehouse business is expanding rapidly due to the market's high adoption rate of warehouse technology solutions and growing number of connected devices. In addition to adopting a few new IoT trends in the warehouse industry, such as consignment inventory, omnichannel retailing, and complex global supply chains, they are lowering operating costs and inventory cycles.

Restraints

Security Issues

  • The growing worry about security flaws is one of the main obstacles to the global IoT in warehouse market. As linked devices proliferate, warehouses are exposed to cyberthreats such virus attacks, hacking, and data breaches. These security hazards include financial implications, disrupt operations, and jeopardise critical data. Adoption rates are sluggish as warehouse managers are reluctant to fully deploy IoT solutions unless strong security measures are in place.

Integration Difficulties

  • The difficulty of integrating IoT technologies with current systems and procedures is another barrier to the widespread use of IoT in warehouses. The operation of many warehouses with outdated software and equipment makes it difficult to integrate IoT devices seamlessly. It takes a lot of time, money, and experience to ensure that IoT devices and current systems are compatible, interoperable, and have seamless data interchange. Integration problems can hinder market expansion by raising deployment costs and delaying implementation.

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IoT in Warehouse Market Competitive Landscape

Major market participants are concentrating on growing and introducing a new range of warehousing solutions in order to satisfy growing demands from different end-user industries. IBM, for example, is a top supplier of warehousing systems. Applications like electronic data interchange, inventory tracking, and warehouse operations make extensive use of the company's products. The established players, on the other hand, are concentrating on tactics like product facility growth, M&A activity, and R&D investments.

Top Player’s Company Profiles

  • TECSYS Inc. (Canada)
  • Zebra Technologies (US)
  • Omnitracs LLC (US)
  • Cisco Systems Inc. (US)
  • IBM Corporation (US)
  • HCL Technologies Limited (India)
  • Software AG (Germany)
  • Infor Inc. (US)
  • Oracle Corporation (US)
  • Eurotech SpA (Italy)
  • UltraShipTMS (US)
  • Intel Corporation (US)
  • PTC Incorporated (US)
  • Amazon Web Services (AWS) (US)
  • Honeywell International Inc. (US)

Recent Developments

  • In October 2022, A Dutch Bitcoiner said that it replaced the natural gas-powered heating system in a warehouse with a Bitcoin miner called Solar Bazooka. In the midst of Europe's energy crisis, the warehouse is kept warm by the Bitcoin miner heater, which also benefits the environment. The warehouse's employees can take advantage of the comfortable, quiet temperature.
  • In October 2022, the first 5G innovation center in North America was launched thanks to an extension of the relationship between chip developer Qualcomm and IT services provider Cognizant. Businesses can create numerous virtual networks with the same physical gear by combining 5G and MEC, supporting thousands of linked devices. The facility will focus on supply chain management, manufacturing, and autonomous mobile robots that are integrated into warehouse management through 5G control and operation.
  • In June 2022, Surgere introduced a new RFID-enabled warehouse management system application for Hutchinson North America. Hutchinson has real-time inventory visibility thanks to this programme, which tags and tracks the OEM containers, removing the possibility of asset loss.

IoT in Warehouse Key Market Trends

  • Real-Time Inventory Tracking Revolutionizes IoT in the Warehouse: There are notable developments in the Internet of Things (IoT) for warehouses that demonstrate how IoT technologies are revolutionizing warehouse operations. The growing use of IoT devices for real-time inventory tracking and monitoring is one noteworthy development. To give precise and current information on the location, status, and condition of commodities within the warehouse, RFID tags, sensors, and connected devices are being used. This trend improves overall operational efficiency by streamlining inventory management, cutting down on errors, and improving visibility.
  • IoT-Enabled Predictive Maintenance Solutions: The incorporation of predictive maintenance technologies offered by IoT into warehouse apparatus. Warehouses may keep an eye on the condition of their equipment in real time by installing sensors on their machinery and conveyors. Algorithms for predictive analytics examine sensor data to anticipate any malfunctions or upkeep requirements before they arise. This proactive strategy maximizes overall warehouse efficiency, reduces downtime, and prolongs the life of equipment.

IoT in Warehouse Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

As per SkyQuest analysis, reduced operating costs, simplified infrastructure, and inexpensive electricity are driving the explosion of IoT use in warehouses. Government subsidies and the incorporation of renewable energy sources, such as solar panels, contribute to the immediate electricity savings that arise from the adoption of state-of-the-art infrastructure and the removal of expensive battery backups. The global IoT in warehouse market is faced with a great deal of security challenges due to the growing number of connected devices that make them more susceptible to cyber threats like hacking and data breaches. These threats can cause operational disruptions, financial losses, and compromised data, which can slow down adoption rates. The smooth integration of IoT technologies is hampered by antiquated systems and equipment in warehouses, which raises deployment costs and delays implementation, further impeding market expansion. In a similar vein, integrating IoT-enabled predictive maintenance systems into warehouses permits real-time equipment condition monitoring, opening the door to proactive maintenance strategies based on predictive analytics and eventually increasing warehouse productivity and reducing downtime.

Report Metric Details
Market size value in 2023 USD 10.86 billion
Market size value in 2031 USD 28.79 billion
Growth Rate 13.1%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Solution
    • Warehouse Automation, Workforce Management, Inventory Management, Electronic Data Interchange and Tracking
  • Device
    • Sensing Device and Gateways
  • Service
    • 3PL and Usages Based Insurance
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • TECSYS Inc. (Canada)
  • Zebra Technologies (US)
  • Omnitracs LLC (US)
  • Cisco Systems Inc. (US)
  • IBM Corporation (US)
  • HCL Technologies Limited (India)
  • Software AG (Germany)
  • Infor Inc. (US)
  • Oracle Corporation (US)
  • Eurotech SpA (Italy)
  • UltraShipTMS (US)
  • Intel Corporation (US)
  • PTC Incorporated (US)
  • Amazon Web Services (AWS) (US)
  • Honeywell International Inc. (US)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on IoT in Warehouse Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on IoT in Warehouse Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the IoT in Warehouse Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the IoT in Warehouse Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the IoT in Warehouse Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the IoT in Warehouse Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

IoT in Warehouse Market size was valued at USD 10.86 billion in 2022, USD 12.13 million in 2023 and is projected to grow USD 28.79 billion by 2031, growing at a CAGR of 13.1% in the forecast period (2024-2031).

Major market participants are concentrating on growing and introducing a new range of warehousing solutions in order to satisfy growing demands from different end-user industries. IBM, for example, is a top supplier of warehousing systems. Applications like electronic data interchange, inventory tracking, and warehouse operations make extensive use of the company's products. The established players, on the other hand, are concentrating on tactics like product facility growth, M&A activity, and R&D investments. 'TECSYS Inc. (Canada)', 'Zebra Technologies (US)', 'Omnitracs LLC (US)', 'Cisco Systems Inc. (US)', 'IBM Corporation (US)', 'HCL Technologies Limited (India)', 'Software AG (Germany)', 'Infor Inc. (US)', 'Oracle Corporation (US)', 'Eurotech SpA (Italy)', 'UltraShipTMS (US)', 'Intel Corporation (US)', 'PTC Incorporated (US)', 'Amazon Web Services (AWS) (US)', 'Honeywell International Inc. (US)'

The demand for IoT in warehouses is also being driven by factors including inexpensive electricity, low running costs, and straightforward architecture. Having the newest infrastructure and doing away with pricey battery backup instantly reduces electricity expenditures. The installation of solar panels and government support for the production of renewable energy can help stimulate the market. When subsidies and incentives are introduced, the market is likely to benefit.

Real-Time Inventory Tracking Revolutionizes IoT in the Warehouse: There are notable developments in the Internet of Things (IoT) for warehouses that demonstrate how IoT technologies are revolutionizing warehouse operations. The growing use of IoT devices for real-time inventory tracking and monitoring is one noteworthy development. To give precise and current information on the location, status, and condition of commodities within the warehouse, RFID tags, sensors, and connected devices are being used. This trend improves overall operational efficiency by streamlining inventory management, cutting down on errors, and improving visibility.

In 2022, the region with the largest market share was Asia Pacific. Advanced analytical tools are becoming more and more popular as the manufacturing and e-commerce sectors expand into nations like China and India. The region's manufacturing and retail sectors can undergo a digital revolution thanks to the increasing adoption of warehouse management systems brought about by the growing integration of industrial software and hardware with e-commerce businesses in China and India.

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