Rise in e-commerce, advancements in robotics technologies, adoption of industry 4.0 technologies, and improved efficiency and workforce safety have boosted the growth of the global logistics automation market size.
However, high initial investment hinders the market growth. On the contrary, adoption of autonomous vehicles & drones and greater demand for warehouse automation from developing countries are expected to open new opportunities in the future.
By product, the software segment is estimated to portray the highest CAGR of 12.9% during the forecast period, due to benefits such as shorter processes, increased speed, and high-quality performance.
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However, the hardware segment held the largest share in 2020, accounting for nearly two-thirds of the global logistics automation market, owing to adoption of efficient automation technologies to control operational logistics costs.
By application, the warehouse and storage management segment held the largest share in 2020, contributing to more than two-thirds of the global logistics automation market, owing to adoption of stacker cranes, automated guided vehicles, and pallet conveyor systems.
However, the transportation management segment is projected to manifest the highest CAGR of 13.2% during the forecast period, as it assists in decreasing freight costs, tracking deliveries in real-time, and improving customer service.
By region, the global logistics automation market across North America held the largest share in 2020, accounting for more than one-third of the market. This is due to high adoption of automated systems for warehouse & distribution centers and technological advancements.
However, the market across Asia-Pacific is expected to register the highest CAGR of 13.4% during the forecast period, owing to rise in e-commerce, surge in adoption of automation solutions such as robotics technology, autonomous mobile robots, and greater need for fast last-mile delivery services.
Covid-19 scenario:
- The Covid-19 pandemic resulted in workforce changes, restriction on movement of goods, and adoption of automation solution to meet customer demands.
- The prolonged lockdown resulted in disruption in supply chain but online shopping increased significantly during the lockdown.
- With the removal of lockdown restriction, several companies invested in industry 4.0 technologies to deal with labor shortage issue.
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