Smart Warehouse System Market: Analysis By Application, Types, Region And Business Growth Drivers By 2021-2031

 

Smart Warehouse System: Introduction

• The smart warehouse system is a warehousing technology that helps businesses efficiently manage their daily warehouse operations
• The smart warehouse system continuously provides great value to businesses by making the best use of resources, reducing management and storage costs, eliminating errors with minimal human intervention, and thus improving customer experience
• Expansion of various sectors such as retail, manufacturing, and FMCG has fueled the demand for smart warehouse system, which is required for fast, secure, cost-effective, easily trackable, and free delivery
• The global smart warehouse system market is estimated to expand at a rapid pace during the forecast period, as numerous large companies such as Zappos, Amazon, Ocado, and Alibaba are implementing smart warehousing system in their warehouse operations for inventory management, channel integration, and payment processing. This has led to improvement in their business efficiency and customer experience.

Global Smart Warehouse System Market: Dynamics

Global Smart Warehouse System Market: Key Drivers

• The online retailing (ecommerce) sector is expanding at rapid pace due a rise in trend of online shopping. Hence, e-commerce companies are putting tremendous pressure on their supply chain and warehouses to provide faster services to end customers. This has led to the adoption of smart warehouse system, which is expected to boost the demand for smart warehousing system during the forecast period.
• The average cost of labor is increasing consistently, and a smart warehouse system is efficient enough to manage the extensive warehouse operations, which helps reduce human labor and optimize employee performance. Thus, a smart warehouse system reduces operational costs and increases the profitability of companies, which in turn is expected to drive the smart warehouse system market during the forecast period.
• The smart warehouse system provides companies a competitive edge by reducing errors, expediting shipping, properly utilizing warehouse space, and saving costs, which is expected to further fuel the smart warehouse system market during the forecast period
• Global companies have increased their investments in various emerging economies to establish manufacturing facilities. This development requires advanced warehouses, which is expected to boost the demand for smart warehouse system during the forecast period.
• However, a lack of awareness about the benefits of smart warehouse system in the small business segment and lower yearly income of small businesses hinders owners from integrating smart warehouse system in their operations. This is expected to hamper the market during the forecast period.

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Impact of COVID-19 on Global Smart Warehouse System Market

• Increase in cases of COVID-19 across the globe is resulting in global lockdown and labor shortages, which has been one of the biggest challenges for every industry during the lockdown. Companies struggled to manage their inventories due to labor shortage. The global pandemic has rapidly changed consumer behaviour toward online channels; therefore, companies have implemented smart warehouse system in their warehouse operations to support workers and provide speedy and hassle-free services. Therefore, COVID-19 has had a positive impact on the adoption of smart warehouse system. This is projected to indirectly boost the market in the next few years.

Europe to Hold Major Share of Global Smart Warehouse System Market

• In terms of region, the global smart warehouse system market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
• Europe dominates the global smart warehouse system market. Germany holds a prominent share of smart warehouse system in the region due to high wages of workers and shortage of skilled workers. Companies in the region are implementing smart warehouse system in their warehouses to address these issues, to support their workers, and increase productivity.
• The smart warehouse system market in Asia Pacific is estimated to expand at a rapid pace during the forecast period. In a fast growing economy such as India, where majority of warehouses are manually operated are adopting automation in warehouses to enhance operational efficiency. E-commerce companies such as 1mg, Bigbasket, Amazon, Flipkart, and Meesho have been outsourcing a large portion of their warehousing operations for the last few years in order to speed up order transit time and reduce errors.

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