According to a new report, published by KBV research, The Global Internet of Things in Warehouse Management Market size is expected to reach $9.9 billion by 2029, rising at a market growth of 14.5% CAGR during the forecast period.
The Gateways segment is showcasing a CAGR of 15.6% during (2023 - 2029) The rising use of gateways is advancing the growth of the segment. A gateway can communicate between the many communication protocols that IoT devices commonly utilize to facilitate communication between various categories of devices. It can gather data from various IoT devices and combine it into a single channel for simpler management and analysis. Gateways can be a safe access point for IoT devices, adding more security against online dangers.
The 3PL segment acquired maximum revenue share in the Global Internet of Things in Warehouse Management Market by Service in 2022 thereby, achieving a market value of $6.1 billion by 2029. By introducing new services to draw clients, IoT helps businesses to target underserved market niches. The demand for 3PL services is anticipated to be driven by the rising trend of businesses toward service-oriented models. Small-scale merchants, manufacturers, and owners of online stores can benefit greatly from 3PL warehouse management solutions.
The Workforce Management segment has shown the growth rate of 15% during (2023 - 2029). The cost of the entire storage operation is increased by the inadequacies of picking and putting away objects. It is projected that workforce management software will lower labor costs. Workforce forecast and picking optimization are two tasks associated with workforce management. The IoT-based workforce management solution provides employees who help with more actions per day with fast, on-demand support. Wearables let employees move about the warehouse, find the right things, and prioritize jobs.
The North America market dominated the Global Internet of Things in Warehouse Management Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $3.4 billion by 2029. The Asia Pacific market is experiencing a CAGR of 15.1% during (2023 - 2029). Additionally, The Europe market would display a CAGR of 14.3% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/internet-of-things-in-warehouse-management-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of IBM Corporation, EUROTECH S.p.A., HCL Technologies Ltd. (HCL Enterprises), Argos Software (Constellation Software), Software AG, Tecsys, Inc., Zebra Technologies Corporation, Infor, Inc. (Koch Industries), Omnitracs, LLC (Solera Holdings, Inc.), and PCS Software, Inc. (UltraShipTMS).
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