Logistics Automation Market Projected to Grow $80.64 Billion by 2023 at a CAGR of 11.8%

(IT-NEWSWIRE.COM, November 27, 2019 ) According to research report "Logistics Automation Market by Component (Warehouse & Storage Management, Transportation Management), Organization Size (Large Enterprises, SMEs), Vertical (Retail & E-commerce, Automotive, Manufacturing), and Region - Global Forecast to 2023", published by MarketsandMarkets, global logistics automation market estimated to be USD 46.22 Billion in 2018 and is projected to reach USD 80.64 Billion by 2023, at a CAGR of 11.8% during the forecast period. The growth of the logistics automation market can be attributed to the exponential growth of the e-commerce industry, advancements in robotics, and the emergence of IoT.

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Based on component, the transportation management segment of the logistics automation market is expected to witness high growth during the forecast period.

Based on component, the transportation management segment is projected to grow at a higher CAGR as compared to the warehouse & storage management segment during the forecast period. The need to ensure timely delivery of goods and reduce transportation costs is one of the most significant factors projected to drive the growth of the transportation management segment.

Based on vertical, the automotive segment is projected to lead the logistics automation market during the forecast period.

Based on vertical, the automotive segment is projected to lead the logistics automation market from 2018 to 2023. Increasing competition in the automotive industry has propelled the demand for automated production systems and flexible logistics systems to enhance the manufacturing and supply of vehicles. The automotive sector uses logistics & fleet management solutions to manage, track, and monitor the movement of goods and vehicle fleet.

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Asia Pacific is estimated to lead the logistics automation market in 2018.

The Asia Pacific region is estimated to lead the logistics automation market in 2018. The growth of the logistics automation market in Asia Pacific is primarily driven by the increasing demand for automated material handling solutions from manufacturing industries and warehouses in Asia Pacific. Australia, Japan, South Korea, China, and India are key countries considered for market analysis in this region. The expansion of the transportation & logistics sector in Asia Pacific is another key factor projected to drive the growth of the logistics automation market in this region.

Key players operating in the logistics automation market include Dematic Corporation (US), Daifuku Co., Ltd. (Japan), Murata Machinery, Ltd. (Japan), Honeywell Intelligrated, Inc. (US), KNAPP AG (Austria), Swisslog Holding AG (Switzerland), TGW Logistics Group GmbH (Austria), SSI Schaefer AG (Switzerland), Mecalux, S.A. (Spain), VITRONIC (Germany), BEUMER Group (Germany), Toshiba Logistics Corporation (Japan), Jungheinrich AG (Germany), WiseTech Global Limited (Australia), System Logistics Spa (Italy), Falcon Autotech (India), SI Systems, LLC (US), ULMA Handling Systems (Spain), Inspirage (US), FRAMOS (Germany), Matternet Inc. (US), Pcdata BV (Netherlands), Hinditron (India), and JBT Corporation (US).

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Logistics Automation Market Projected to Grow $80.64 Billion by 2023 at a CAGR of 11.8%