Europe Internet of Things in Warehouse Management Market Size, Share & Industry Trends Analysis Report By Device (Sensing Devices and Gateways), By Service (3PL and Usage-based Insurance), By Solution, By Country and Growth Forecast, 2023 - 2029
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Market Report Description
The Europe Internet of Things in Warehouse Management Market would witness market growth of 14.3% CAGR during the forecast period (2023-2029).
The Internet of Things as well as artificial intelligence, are crucial components of Industry 4.0 or smart industry. Some other key technologies powering several applications in industries and warehouses include cloud infrastructure and big data analytics. Presently, IoT is being identified as the most important and influential technology in the premises or company. IoT applications are also favored as they can monitor the quality of produced goods at every stage. In addition, the IoT sensors' contributions to safety improvement enable real-time event assessment in factories. Another commercial use for IoT sensors is pinpoint inventories, which enable quicker, more convenient, and effective inventory management.
With real-time insight into inventory levels, shipment tracking, and product condition monitoring, IoT can support warehouse management. For example, IoT sensors can be employed to track the whereabouts of products inside a warehouse and to monitor humidity and temperature levels to ensure that things are kept in the best possible conditions for storage. IoT may be used to automate tasks like order fulfillment and inventory replenishment, saving labor costs. IoT can also be used to track the effectiveness of warehouse equipment and spot possible flaws before they become expensive problems.
Digital technology adoption in the retail and manufacturing sectors will have a favorable effect on the European market. In addition, the growth of smart warehouses in the region may accelerate the demand for AI and IoT. After the pandemic, warehouse automation increased in Europe. This is the outcome of two interrelated trends: an unstoppable e-commerce boom and a continuous labor shortage that is driving up labor costs. The increase in the number of warehouses, higher costs associated with warehouse automation, the availability of scalable technology solutions, and rising labor costs have all contributed to the growth of the warehouse automation demand in Europe.
The Germany market dominated the Europe Internet of Things in Warehouse Management Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $683.6 Million by 2029. The UK market is anticipated to grow at a CAGR of 13.4% during (2023 - 2029). Additionally, The France market would exhibit a CAGR of 15.1% during (2023 - 2029).
Based on Device, the market is segmented into Sensing Devices and Gateways. Based on Service, the market is segmented into 3PL and Usage-based Insurance. Based on Solution, the market is segmented into Inventory Management, Warehouse Automation, Workforce Management, Electronic data Interchange (EDI), and Tracking. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Internet of Things in Warehouse Management Market is Projected to reach USD 9.9 Billion by 2029, at a CAGR of 14.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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).
Scope of the Study
Market Segments Covered in the Report:
- Sensing Devices
- Usage-based Insurance
- Inventory Management
- Warehouse Automation
- Workforce Management
- Electronic data Interchange (EDI)
- Rest of Europe
Key Market Players
List of Companies Profiled in the Report:
- 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.)
- PCS Software, Inc. (UltraShipTMS)
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