The Global Internet of Things in Warehouse Management Market size is expected to reach $9.9 Billion by 2029, rising at a market growth of 14.5% CAGR during the forecast period.
In the logistics industry, a new trend is the application of Internet of Things (IoT) to warehouse management. Businesses rely heavily on smart technologies to simplify automated operations and inventory management. Also, it increases productivity inside the firm and lowers operating costs. Supply chain effectiveness and on-time delivery of promises are two aspects that greatly influence the customer experience. Using IoT lowers labor expenses and speeds up shipping, improving customer satisfaction.
In essence, warehouses store goods and other items that must be delivered to clients. The fundamental goal of storage is to keep the goods secure and deliver them when needed. In order to streamline corporate processes, sensors, and IoT devices are connected to warehouses. The addition of IoT in warehouse management systems readily assist in cutting down on damages, spoilage, as well as partial or incomplete shipments thereby aiding the enterprises as all these damages usually lead to major financial losses.
The potential of this cutting-edge technology has been effectively proved by e-commerce behemoths like Flipkart, Amazon, and Alibaba, who deploy autonomous robots as well as IoT devices in their warehouses. Smart shelves are installed in warehouses, which keep track of inventory and alert warehouse managers to low supply, moved goods, inappropriate temperatures, burglary, and other situations. In addition, wearables powered by IoT technology can monitor the warehouse's personnel. As a result, the market is expanding due to the growing adoption of IoT technologies in warehouse management.
The major strategies followed by the market participants are Partnership. Based on the Analysis presented in the Cardinal matrix; HCL Technologies Ltd. and IBM Corporation are the forerunners in the Internet of Things in Warehouse Management Market. Companies such as Zebra Technologies Corporation, EUROTECH S.p. A. and Infor, Inc. are some of the key innovators in Internet of Things in Warehouse Management Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, EUROTECH S.p. A., HCL Technologies Ltd. (HCL Enterprises), Argos Software (Constellation Software), Software AG, Tecsys, Inc., Zebra Technologies Corporation, Infor, Inc. (Koch Industries), Omnitracs, LLC (Solera Holdings, Inc.), and PCS Software, Inc. (UltraShipTMS).
In the logistics industry, a new trend is the application of Internet of Things (IoT) to warehouse management. Businesses rely heavily on smart technologies to simplify automated operations and inventory management. Also, it increases productivity inside the firm and lowers operating costs. Supply chain effectiveness and on-time delivery of promises are two aspects that greatly influence the customer experience. Using IoT lowers labor expenses and speeds up shipping, improving customer satisfaction.
In essence, warehouses store goods and other items that must be delivered to clients. The fundamental goal of storage is to keep the goods secure and deliver them when needed. In order to streamline corporate processes, sensors, and IoT devices are connected to warehouses. The addition of IoT in warehouse management systems readily assist in cutting down on damages, spoilage, as well as partial or incomplete shipments thereby aiding the enterprises as all these damages usually lead to major financial losses.
The potential of this cutting-edge technology has been effectively proved by e-commerce behemoths like Flipkart, Amazon, and Alibaba, who deploy autonomous robots as well as IoT devices in their warehouses. Smart shelves are installed in warehouses, which keep track of inventory and alert warehouse managers to low supply, moved goods, inappropriate temperatures, burglary, and other situations. In addition, wearables powered by IoT technology can monitor the warehouse's personnel. As a result, the market is expanding due to the growing adoption of IoT technologies in warehouse management.
COVID-19 Impact Analysis
The IoT demand in warehouse management grew rapidly during the pandemic because of the expanding e-commerce industry and increased healthcare requirements. In order to store and distribute medical resources and healthcare products throughout the pandemic, warehouses were crucial. For example, the government's campaign to distribute vaccines was successfully managed to owe to IoT in warehouses. Using IoT devices, the vaccination was distributed to the centers on time. Therefore, the pandemic positively impacted the Internet of Things in warehouse management market.Market Growth Factors
Advancement of asset management with the incorporation of IoT
Warehouses can always be properly stocked with the appropriate amount of items because of automated replenishment systems. IoT sensors can track stock levels and place replenishment orders when necessary. Businesses can also monitor storage conditions and make automatic changes using the advantages of smart technologies. The store administration will be notified immediately if any goods are lost. As a result, the probability of the merchandise and the offender's identity being found may increase. As a result, more companies will utilize IoT for warehouse management, which will increase the market's growth prospects.Rising use of digital twin technology to create 3D models of warehouses
Automation in warehouse management may result from the increased adoption of the digital twin solution. These solutions boost the efficiency of warehouse automation systems by utilizing IoT as well as other automation technologies, such as drone-based stock counting systems and automated guided vehicles. Because digital twin technology builds a realistic representation of warehouses using 3D technology, it can significantly boost market share opportunities. Hence, the rising use of this technology has aided in the increased utilization of IoT, thereby propelling the market's growth.Market Restraining Factors
Insufficient qualified labor to run smart warehouses
IoT technology, in general, is expensive to purchase and maintain, and data security is a difficult issue. The Internet of Things (IoT) cannot be generalized since every business has different procedures and interprets the technology differently to suit their needs. One technological advancement in the Internet of Things (IoT) may not apply to all larger firms the same way it does to all smaller companies. The size and amount of the goods also affect which IoT technology is best for the specific organization. All of these elements could have a detrimental effect on market growth.Solution Outlook
Based on solution, the Internet of Things in warehouse management market is categorized into warehouse automation, workforce management, inventory management, electronic data interchange (EDI), and tracking. The warehouse automation segment procured a considerable growth rate in the Internet of Things in warehouse management market in 2022. The warehouse automation solution is expected to increase rapidly in the coming years. Comparing automated warehousing systems to conventional forklift operations, the storage capacity is increased by approximately fourfold.
Device Outlook
On the basis of device, the Internet of Things in warehouse management market is divided into sensing devices and gateways. The sensing devices segment recorded the largest revenue share in the Internet of Things in warehouse management market in 2022. The segment is growing as sensing devices have emerged as an essential part warehouse management and IoT. Better control over the commodities entering and leaving the warehouse aids warehouse management. Managers can track things through any delivery stage and keep an eye on the humidity and temperature in the car owing to the integration of IoT sensing devices into the supply chain.Service Outlook
Based on service, the Internet of Things in warehouse management market is segmented into usage-based insurance and 3PL. The usage-based insurance segment procured a remarkable growth rate in the Internet of Things in warehouse management market in 2022. Over the projected period, usage-based insurance is expected to experience rapid expansion. The usage-based insurance service is anticipated to be driven by the expanding use of telematics solutions in vehicles and the penetration of linked trucks. With UBI, automobiles are equipped with sensors that track when, where, and how the vehicle moves while monitoring driver behavior.Regional Outlook
On the basis of region, the Internet of Things in warehouse management market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment acquired the highest revenue share in the Internet of Things in warehouse management market in 2022. The primary drivers of the North America market are the ongoing high labor costs and expanding penetration of automation. Furthermore, it is projected that the region's market demand will be driven by the growing usage of connected vehicles.The Cardinal Matrix - Internet of Things in Warehouse Management Market Competition Analysis
The major strategies followed by the market participants are Partnership. Based on the Analysis presented in the Cardinal matrix; HCL Technologies Ltd. and IBM Corporation are the forerunners in the Internet of Things in Warehouse Management Market. Companies such as Zebra Technologies Corporation, EUROTECH S.p. A. and Infor, Inc. are some of the key innovators in Internet of Things in Warehouse Management Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, EUROTECH S.p. A., HCL Technologies Ltd. (HCL Enterprises), Argos Software (Constellation Software), Software AG, Tecsys, Inc., Zebra Technologies Corporation, Infor, Inc. (Koch Industries), Omnitracs, LLC (Solera Holdings, Inc.), and PCS Software, Inc. (UltraShipTMS).
Recent Strategies Deployed in Internet of Things in Warehouse Management Market
Partnerships, Collaborations and Agreements:
- Mar-2023: Zebra Technologies Corporation announced a partnership with Ivanti Wavelink, the supply chain business unit of Ivanti. Under this partnership, both companies would combine Zebra autonomous mobile robots and Ivanti Wavelink in manufacturing and warehouse facilities. The integrated solution would enhance productivity and throughput while freeing workers to focus on high-value tasks.
- Dec-2022: Tecsys, Inc. partnered with SVT Robotics, Inc., an enterprise software for the quick deployment of industrial robotics. This partnership aims to develop and introduce an integrated connection between Tecsys's Elite supply chain platform and SVT's SOFTBOT Platform. Moreover, the combination would deliver Tecsys Elite customers faster deployment and lower complexity without the requirement for lengthy custom code development also involved in multi-system automation and robotics deployments.
- Dec-2022: Software AG joined hands with Ernst & Young LLP, a provider of assurance, transaction, tax, and consulting services. The collaboration between both companies would help businesses increase growth through digital transformation.
- May-2022-May HCL Technologies came into collaboration with SAP, a German multinational software company. Through this collaboration, HCL would aim to create the next generation of intelligent warehouse portfolios and services. Additionally, with this alliance companies would provide a resilient connected and sustainable supply chain to their customers.
- Feb-2022: Software AG came into partnership with Tractor Supply, the rural lifestyle retailer in the United States. Under this partnership, companies would aim to manage customer demand and enhance the shopping experience based on Tractor Supply's strong digital growth. Moreover, Software AG solutions would accelerate operational quality by connecting the supply chain from supplier to customer.
- Feb-2022: Infor came into partnership with DB Schenker, a supply chain management and logistics solutions. This partnership would let DB Schenker’s Logistics Service Provider business aligns with Infor Nexus technology to provide a complete supply chain solution to customers.
- Apr-2021: Eurotech collaborated with Microsoft, an American IT company, GlobalSign, a provider of trusted identity and security solutions, and Infineon, a semiconductor manufacturing company. Through this collaboration, companies offer assurance by broadening the secured device identity chain from the edge to the cloud. Additionally, this collaboration would simplify large-scale, secure rollouts of connected devices.
- Mar-2021: Eurotec partnered with DSI Cloud Inventory, a provider of digital warehouse management platforms. This partnership would aim to offer quickly advanced scanning abilities to broaden the functionality of NetSuite. Following this partnership, using Cloud Inventory, Eurotec would track and control scanned inventory in real time with a mobile platform.
Product Launches and Product Expansions:
- Jan-2023: Tecsys Inc. unveiled a warehouse-in-a-warehouse e-commerce fulfillment solution that allows brands and retailers to finish e-commerce fulfillment smoothly during the time of leaving existing distribution and wholesale models and legacy systems highly aligned. With this launch, the company would meet the rapidly growing requirements of customers and improve online order fulfillment processes.
- Oct-2021: Zebra Technologies Corp. announced the launch of FlexShelf, FlexShelf Guide, and RollerTop Guide, the three latest autonomous mobile robots. The launch products would help broaden its position in warehouse automation for fulfillment operations.
Acquisitions and Mergers:
- Sep-2022: Eurotech S.P.A. took over InoNet GmbH, a company operating in the sectors of Industrials PCs and embedded systems for special applications. This acquisition broadens Eurotech's presence in Germany and boosts its growth strategy in the Edge Computing market in AIoT.
- Jan-2022: HCL Technologies acquired Starschema, a global data services consultancy. With this acquisition, HCL technologies would strengthen its data engineering services and footprint across Central and Eastern Europe.
- Oct-2021: Infor took over Lighthouse Systems, a provider of manufacturing execution system software for smart manufacturing. Following this acquisition, Infor's proprietary product, Shopfloor-Online would help manufacturing companies improve and manage manufacturing operations in inventory, maintenance, quality, and production.
Scope of the Study
By Device
- Sensing Devices
- Gateways
By Service
- 3PL
- Usage-based Insurance
By Solution
- Inventory Management
- Warehouse Automation
- Workforce Management
- Electronic data Interchange (EDI)
- Tracking
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- IBM Corporation
- EUROTECH S.p. A.
- HCL Technologies Ltd. (HCL Enterprises)
- Argos Software (Constellation Software)
- Software AG
- Tecsys, Inc.
- Zebra Technologies Corporation
- Infor, Inc. (Koch Industries)
- Omnitracs, LLC (Solera Holdings, Inc.)
- PCS Software, Inc. (UltraShipTMS)
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Internet of Things in Warehouse Management Market by Device
Chapter 5. Global Internet of Things in Warehouse Management Market by Service
Chapter 6. Global Internet of Things in Warehouse Management Market by Solution
Chapter 7. Global Internet of Things in Warehouse Management Market by Region
Chapter 8. Company Profiles
Companies Mentioned
- IBM Corporation
- EUROTECH S.p.A.
- HCL Technologies Ltd. (HCL Enterprises)
- Argos Software (Constellation Software)
- Software AG
- Tecsys, Inc.
- Zebra Technologies Corporation
- Infor, Inc. (Koch Industries)
- Omnitracs, LLC (Solera Holdings, Inc.)
- PCS Software, Inc. (UltraShipTMS)
Methodology
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