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

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.