What is the global market size of the Smart Warehousing Market?

Global Smart Warehousing Market size was valued at USD 14.8 billion in 2021 and it is expected to reach USD 31.71 billion by 2030, at a CAGR of 11.5% over a forecast period (2023-2030).

Global Smart Warehousing Market Size, Share, Growth Analysis, By component(Hardware, Solution and services), By application(Transport Management, Inventory & Order Management), By Technology(IoT and Analytics, AI in warehouse), By Size(Large, small & medium enterprises (SMEs)) - Industry Forecast 2024-2031

Report ID: SQMIG45D2053 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 122 | Figures: 71

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Smart Warehousing Market size was valued at USD 14.8 billion in 2019 and it is expected to reach USD 31.71 billion by 2031, at a CAGR of 11.5% over a forecast period (2024-2031).

The market for smart warehousing is very competitive and a little dispersed. The leading players in the sector are always putting different growth strategies into practice to keep a competitive edge. These players use innovations, mergers & acquisitions, collaborations, and partnerships to succeed in the cutthroat market. The leading market participants are always concentrating on R&D to provide industry with the most effective and economical solutions. Some smart warehousing market leaders are focusing on local expansion. Oracle's announcement from October 2021 serves as a nice illustration. The company stated plans to broaden its geographic reach to include 14 more cloud regions in the Asia Pacific, Europe, Latin America, and the Middle East. 'Oracle', 'SAP', 'Manhattan Associates', 'IBM', 'Infor', 'Vinculum', 'Epicor', 'Softeon', 'EasyEcom', 'Unicommerce', 'and IAM Robotics', 'Locus Robotics', 'ShipHero', 'Orderhive'

For the entire supply chain sector, the warehouse is crucial. The total efficiency of a warehouse can be affected by labor-intensive processes for key operations like order picking, inventory control, and asset tracking. Hence, simplifying the entire warehouse procedure with mobile-based technologies and applications can increase operational effectiveness and financial outcomes. Warehouse employees and logistics partners have access to a multitude of tools and services because mobile devices like smartphones and tablets are so widely used. Features like barcode scanning apps for inventory, the ability to see a shipment's exact location on a map, access to comprehensive shipping and receiving information, and quick report generation would all assist warehouse managers run their operations more effectively.

By the integration of digital and physical systems, known as "Warehouse 4.0," the entire warehouse process—from product design and planning through supply chain and production—will be impacted. To cut down on the time required for new hire training, warehouses are switching to an inventory picking and replenishment procedure that is voice-based and screen-directed. Organizations are implementing multi-modal picking, which combines picking with screen-directed picking via mobile devices. A strong warehouse automation system can be produced by combining IoT, big data and data science, augmented reality, wearables, computer vision AI, low-cost sensors, robotics, and high-level computers.

Predicted to hold the biggest global market share is North America. Throughout the region, demand for smart warehousing is increasing quickly in order to deliver goods on schedule and with the fewest possible mistakes. Vendor adoption of smart warehousing is growing as a result of this factor, which is anticipated to fuel demand for the smart warehousing market in this area. Smart storage providers in the region should anticipate prosperous chances because North America is a powerhouse for innovation. The region's revenue is generated in part by major market participants like Oracle Corporation, Manhattan Associates, Infor, and IBM Corporation.

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