Smart Warehousing Market Size, Share, Growth Analysis, By component (Hardware, Solution and services), By Deployment (Cloud, On-premises), By Technology (IoT, Robotics and Automation), By Application (Transport Management, Inventory & Order Management), By Region - Industry Forecast 2024-2031

Smart Warehousing Market Drivers

Its Importance in Supply Chain to Bolster its Demand during Forecast Period

• For the entire supply chain sector, the warehouse is crucial. The total efficiency of a warehouse can be affected by labor-intensive processes for key operations like order picking, inventory control, and asset tracking. Hence, simplifying the entire warehouse procedure with mobile-based technologies and applications can increase operational effectiveness and financial outcomes. Warehouse employees and logistics partners have access to a multitude of tools and services because mobile devices like smartphones and tablets are so widely used. Features like barcode scanning apps for inventory, the ability to see a shipment's exact location on a map, access to comprehensive shipping and receiving information, and quick report generation would all assist warehouse managers run their operations more effectively.

Smart Warehousing Market Restraints

Lack of Large Scale Adoption to Hinder its Growth

• A significant barrier to the widespread implementation of smart warehousing is the absence of governance. Because of the industry's extreme fragmentation, an IoT standard for logistics is required. In order to sustain revenue and viability, international transportation and logistics companies are concentrating on improving supply chain efficiency. Because having one authority for each field would be confusing, governance must be as uniform as feasible. On the other hand, high performance will lead to complete advances in connected devices and integrated systems.

• Data exchange between many businesses and domains is facilitated by interoperability standards such as MTConnect, EtherCAT, and Master Control System-Distributed Control System (MCS-DCS) Interface Standardization. Every service provider would be able to offer the majority of solutions in one package thanks to a standardised logistics and supply chain infrastructure. Due to strict governmental restrictions and regulations, Asian nations like China and Korea have less widespread logistical standardisation than those in North America and Europe. End users find it challenging to fully automate supply chain and logistics activities due to the absence of common governance standards, which restrains the growth of the smart warehousing market.