Global Logistics Automation Market, by Component (Hardware, Software, and Services), by Mode of Transportation (Airways, Railways and Roadways, and Seaways), by Vehicle Type (Passenger Vehicle, Low Commercial Vehicle, and High Commercial Vehicle), by Application (ADAS, Infotainment System, Safety and Alerting System, Lightning and Powertrain System, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2028, is expected to be valued at US$ 104.7 billion by 2028, exhibiting a CAGR of 10.3% during the forecast period (2021 - 2028), as highlighted in a report published by Coherent Market Insights.
Automaton is the process of using various types of control systems to run several systems in an organization with minimal human assistance. With advancements in technology and the launch of new systems, many end-use industries such as logistics, manufacturing, retail, and healthcare are adopting automation, to ease their business workflow.
Automation in the logistics sector reduces the overall business cost by reducing shipping delay and number of wrong deliveries. Automation also helps to increase the product handling capacity of an organization. In addition, automatic software can also schedule the shipment of a product in coordination with the freight providers, which can majorly reduce the shipment cost of a consignment.
The global logistics automation market was accounted for US$ 42.9 Bn in terms of value in 2019 and is expected to grow at a CAGR of 10.3% for the period 2021-2028.
Global Logistics Automation Market - Impact of Coronavirus (Covid-19) Pandemic
Global COVID – 19 pandemic has negatively impacted the logistics industry, as the halt in the manufacturing industry has reduced the demand for the logistics; this, further puts pressure on the pricing across warehousing, freight, and logistics department. In addition, globally many countries have imposed lockdowns, which resulted in minimal import-export movements, thus amplifying the crisis in the logistics industry.
The adoption of several emerging technologies such as 3D printing, block chain, internet of things, and autonomous transportation have increased during the COVID-19 pandemic as they help the organizations in logistics industry to remotely manage their organizational activities.
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Key Trends and Analysis of the Global Logistics Automation Market:
In addition, the retail market has undergone a major transformation in the last few years. Therefore, the growing retail industry and the increasing demand for cost-effective transportation of goods is expected to propel the demand for the logistics automation market over the forecast period. For instance, according to Invest India, India’s e-commerce retail market is expected to grow with a CAGR of 30% and is expected to reach up to US$ 200 Bn by the year 2026.
Major companies operating in the global logistics automation market include ABB, BEUMER GROUP, Blue Yonder Group, Inc, Daifuku Co., Ltd, E&K AUTOMATION LIMITED, Falcon Autotech Private Limited, GreyOrange, HighJump, Infor, Locus Robotics, Manhattan Associates, One Network Enterprises, Oracle, SwanLeap Inc., and Toshiba Logistics