Global IoT in Warehouse Market

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

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

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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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