The global Smart Warehousing Market size to grow from USD 14.8 billion in 2021 to USD 25.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.5% during the forecast period. Various factors such as the proliferation of smartphones for faster goods management, the rising advancement in the eCommerce industry due to the onset of the COVID-19 pandemic, the emergence of multi-channel distribution networks, and the dynamic nature and globalization of supply chain networks are expected are driving the adoption of the smart warehousing market across the globe.
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The COVID-19 pandemic disrupted global supply chains has overtaken and impacted both supply and demand at a higher pace. But the impact of COVID on the warehouse is going to have long and lasting effects. As the virus spreads throughout the world, there is an outbreak or transportation delay in one part of the world that would have a devastating impact across the globe, causing shutdowns due to warehouse closures or missing or delayed supplies. At the warehouse, some organizations were left with excess inventory they could not ship sitting in inventory and few other firms were at a standstill as they waited to receive inventory at their depleted warehouse. Some industries witnessed unprecedented demand while other industries saw the demand fall, leading to a negative impact on the overall smart warehousing market. Post COVID-19, warehouse and supply chain sectors have adopted and implemented automation technologies, such as Assisted Guided Vehicles (AGV), forklift automation, robotics, and smart sorting to enable businesses to thrive amid today’s changing conditions.
The services segment to hold higher CAGR during the forecast period
Based on components, the smart warehousing market is segmented into hardware, solutions and services. The services segment has been further divided into professional and managed services. These services are essential for the successful operation of the warehouse and logistics process. The overall cost of the smart warehousing technology installation depends on the complexity of the application and the type of technology used. It comprises hardware, software, and middleware, and services cost. The services play an important part in the overall smart warehousing implementation process, especially for asset tracking and navigation.
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According to SAP, a smart warehousing is a system that manages high-volume warehouse operations and integrates complex supply chain logistics with the warehouse and distribution processes, delivering the ultimate visibility and control and optimizing inventory tracking, cross-docking, and distribution operations. The smart warehouse system focus on offering businesses real-time visibility, enabling the optimization of logistic processes and making instantaneous changes to improve operational speed. Henceforth, the vital benefits of a smart warehouse are its ability to save the time of the enterprise and money, increase profits, and improve customer satisfaction and experience.
Some of the key players operating in the smart warehousing market include Oracle ( US), SAP (Germany), Manhattan (US), PSI Logistics (Germany), PTC (US), Tecsys (Canada), Reply (Italy), IBM (US), Infor (US), Korber (Germany), Generic (France), Microlistics (Australia), Blue Yonder (US), Vinculum (India), Epicor (US), Softeon (US), 3PL Central (US), Synergy Logistics (US), BlueJay Solutions (US), Mantis (US), WareIQ (India), Foysonis (US), Logiwa (US), Increff (India), Locus Robotics (US), ShipHero (US), Orderhive US), EasyEcom (India), Unicommerce (India), and IAM Robotics (US).
Oracle (US) cloud SaaS and IaaS offerings provide a comprehensive and integrated stack of applications and infrastructure services delivered via the cloud-based deployment model. Oracle’s smart connected warehouse provides 360-degree operations to predict maintenance and quality issues efficiently, reduce downtime, improve inventory, product traceability, and optimize space. Oracle warehouse management solution supports the complex fulfillment operations and provides inventory visibility from the distribution center to the store shelf. It can improve labor and space utilization, reduce fulfillment costs, and improve inventory and delivery accuracy. Oracle’s WMS software solutions offer highly advanced and sophisticated functionalities, including inventory control, replenishment management, task management, dock and yard management, put away optimization, reporting and analytics.
SAP (Germany) service-oriented architecture has been incorporated into the SAP ERP system and other products defined within the SAP enterprise service architecture. Its strategy is to help every business run as an intelligent enterprise. It is the market leader in enterprise application software that helps companies of all size run at their best. SAP offers smart warehousing solutions through its applications, technology, and services segment. The SAP Extended WMS helps in integrating complex supply chain logistics with warehouse and distribution processes, delivering high visibility and control. Some of the key functionalities of SAP Extended WMS include inventory tracking, cross-docking, distribution operations, and multichannel fulfillment.
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