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(Transportation-News.com, August 23, 2018 ) The logistics automation market is 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 exponential growth of the e-commerce industry, advancement in robotics, and the emergence of IoT are key factors contributing to the growth of the logistics automation market.
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Autonomous vehicles and drones play a vital role in automating logistics processes. Companies such as Google and Tesla have made significant advances in driverless vehicle technologies. The future of logistics will include large autonomous trucks that assist in the delivery of goods to distribution centers. Autonomous forklifts will be responsible for unloading of packages using a network of conveyor belts and robot arms. Tesla, a leading manufacturer of electric vehicles, is undertaking measures to introduce fully autonomous heavy-duty freight vehicles. Similarly, companies such as Amazon and UPS are investing in the development of flying drones to automate delivery processes.
The logistics automation market has been segmented on the basis of component, organization size, vertical, and region. Based on component, the market has been segmented into warehouse & storage management and transportation management. Based on organization size, the market has been segmented into large enterprises and Small & Medium-sized Enterprises (SMEs). Based on vertical, the market has been classified into retail & e-commerce, manufacturing, oil, gas & energy, pharmaceuticals & healthcare, logistics & transportation, automotive, aerospace & defense, food & beverage, chemicals, and others (BFSI, IT & telecommunication, hospitality, education, paper, printing, and textiles). Based on region, the logistics automation market has been categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Based on component, the warehouse & storage management segment is estimated to lead the logistics automation market in 2018. The growth of the warehouse & storage management segment can be attributed to the implementation of smart technologies, such as IoT and robotics, in various industries to enhance warehouse operations.
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The logistics automation market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. This growth is primarily driven by the increasing demand for automated material handling solutions from manufacturing industries and warehouses in Asia Pacific. Australia, South Korea, China, and India are key countries considered for market analysis in this region. The expansion of the transportation & logistics industry and increase in trade agreements are additional factors projected to drive the growth of the logistics automation market in the Asia Pacific region.
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Source: EmailWire.Com 
Source: EmailWire.com
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