IoT in Warehouse Market Size, Share, Growth Analysis, By Solution(Warehouse Automation, Workforce Management, Inventory Management, Electronic Data Interchange and Tracking), By Device(Sensing Device and Gateways), By Service(3PL and Usages Based Insurance), By Region - Industry Forecast 2024-2031

In 2022, the region with the largest market share was Asia Pacific. Advanced analytical tools are becoming more and more popular as the manufacturing and e-commerce sectors expand into nations like China and India. The region's manufacturing and retail sectors can undergo a digital revolution thanks to the increasing adoption of warehouse management systems brought about by the growing integration of industrial software and hardware with e-commerce businesses in China and India.

Due to the growing number of retail and e-commerce companies in the United States and Canada, advancements in warehouse management technology, and the prevalence of smart warehouse vendors, North America is anticipated to take the second-largest market share.

Over the next several years, the Latin American market will also experience impressive expansion as of the growing influence of industrial sectors in nations like Brazil and Argentina. Due to this situation, both large and small businesses now need warehouse automation, which will enhance lot usage in warehouse management. Digital technology use in the manufacturing and retail sectors will benefit the European market. For instance, Honeywell established a new warehouse automation hub in Eastern Europe by opening smart facilities in November 2021. The development of smart warehouses in Europe could accelerate the growth of the local market between 2023 and 2030.