Healthcare & Life Sciences Lead the Charge: Fastest-Growing Segment in the Smart Warehousing Market

DUBLIN, Oct. 24, 2023 /PRNewswire/ -- The "Global Smart Warehousing Market by Offering (Hardware, Software, Services), Technology (AI & Analytics, Robotics & Automation), Application (Inventory Management, Predictive Analytics), Warehouse Size, Vertical and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global smart warehousing market is expected to experience remarkable growth, with projections indicating an increase from USD 20.4 billion in 2023 to a substantial USD 40.5 billion by 2028. This growth is anticipated to occur at a robust compound annual growth rate (CAGR) of 14.6% during the forecast period.

The smart warehousing market's expansion is driven by several key factors, including the emergence of multi-channel distribution networks and a growing emphasis on green initiatives and sustainability to minimize waste in logistics operations.

Key Market Insights:

• The Hardware segment, encompassing technologies such as RFID systems, sensor networks, real-time location systems, automated guided vehicles, autonomous mobile robots, and conveyor systems, is expected to register the largest market size during the forecast period. These technologies are in high demand due to the growing adoption of IoT, sensors, and AI for optimizing warehouse operations.
• The Healthcare & Life Sciences segment is anticipated to witness the fastest-growing CAGR during the forecast period. Smart warehousing solutions play a crucial role in this sector, ensuring visibility and efficient management of medicines and medical devices, tracking expiration dates, and maintaining controlled environmental conditions.
• Large warehouses are set to experience the largest market size during the forecast period, driven by the increasing demand for automation and scalability in managing extensive inventories, particularly in distribution centers for major retailers and e-commerce giants.

Market Dynamics:

Drivers:

1. Rising Focus on Green Initiatives and Sustainability to Minimize Waste.
2. Proliferation of Smartphones for Faster and Efficient Management of Goods.
3. Emergence of Multi-Channel Distribution Networks.
4. Dynamic Nature and Globalization of Supply Chain Networks.

Restraints:

1. Lack of Uniform Governance Standards in a Fragmented Logistics Industry.
2. Data Security and Privacy Concerns.

Opportunities:

1. Adoption of AR and VR Technologies to Streamline Warehouse Operations.
2. Rising Focus on Warehouse 4.0 to Reduce Operating Costs.
3. Advancements in Self-Driving Vehicles and Robotics.

Challenges:

1. Lack of Awareness Among Small-Scale Industries.
2. High Implementation and Maintenance Costs for SMEs.

Case Study Analysis:

Transportation & Logistics:

1. Americold Deploys Blue Yonder WMS to Modernize Warehouse Environment.
2. Automated Warehouse Solutions from Korber Help Pharmalog Deal with High Order Volume.
3. Locus Assists Bigbasket to Achieve 99.5% On-Time Delivery for 10 Million Customers.
4. FM Logistic Russia Chooses Generix SaaS-Based WMS to Improve Operational Efficiency.

Healthcare & Life Sciences:

1. Sanford Health Improves Patient Care and Safety with Tecsys Software.
2. Tecsys WMS Solution Helps NMHS Achieve Annual Savings of USD 8 Million.
3. Drogaria Araujo Opts for Korber's WMS to Increase Stock Traceability.

Manufacturing:

1. Etilux Group Implements Korber's WMS to Streamline Inventory.
2. Epicor Kinetic Helps Finnish Manufacturer Focus on International Growth.
3. Solochain Streamlines Marucci Sports' Warehouse Process.

Food & Beverages:

1. Generix WMS Enables Lactalis Spain to Pilot Different Types of Warehouses.
2. Dutch Food Company Relies on ABB Robots to Optimize Delivery Process.
3. EasyEcom Helps Paper Boat Improve Order Processing.

Retail & Ecommerce:

1. Korber WMS Helps Adore Beauty Keep Up with Growing Sales.
2. Eventyrsport Deploys Tecsys' Omni WMS to Manage Growing Inventory.
3. Conforama Uses Generix WMS to Increase Warehouse Production Capacity.

Energy & Utilities:

1. Korber WMS Helps GRTgaz Configure Personalized Strategies.
2. Puget Sound Energy Successfully Implements SAP Extended Warehouse Management Application.

Automotive:

1. Mitsubishi Deploys Korber WMS to Address Challenges of Manual Warehouse Operations.
2. Click Reply Solution Allows Dana Italia to Speed Up Warehouse Processes.

Agriculture:

1. Thai Agro Exchange Co. Opts for Korber Solutions to Serve Wholesale Clients Better.

Companies Mentioned

• Abb
• Blue Yonder
• Cin7 Orderhive
• E2Open
• Easyecom
• Epicor
• Foysonis
• Generix Group
• Iam Robotics
• Ibm
• Increff
• Infor
• Korber
• Locus Robotics
• Logiwa
• Made4Net
• Manhattan Associates
• Mantis
• Mecalux
• Microlistics
• Microsoft
• Oracle
• Psi Logistics
• Ptc
• Reply
• Sap
• Shiphero
• Softeon
• Ssi Schaefer
• Synergy Logistics
• Tecsys
• Unicommerce
• Vinculum
• Wareiq

For more information about this report visit https://www.researchandmarkets.com/r/mi5cwj

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