Increasing Trend in E-Commerce and Warehouse Segment by several industries is anticipated to boost the Forklift IoT Solutions during the forecast period 2020-2025.Forklift IoT Solution market is expected to reach $47.6 billion by 2025 at a CAGR of 12.0% during the forecast period 2020-2025.
Forklift IoT Solution market is analyzed to witness notable growth during the forecast period 2020-2025. Owing to the advantages of storing, picking and shipping the items in the warehouse smartly and efficiently. Internet of Things technology helps streamline warehouse procedures by bringing workers and forklifts together through the facility’s enterprise resource planning, or ERP system. In addition to using warehouse space more efficiently, smart forklifts save time and money by completing routine tasks quickly, by holding down labour costs. Moreover, increased demand from the various industry verticals such as retail, ecommerce, automotive, consumer goods and many other industries for loading and unloading of components and delivery of components from manufacturing area to assembly line and positioning of loads are analysed to drive the market for forklift IoT solution
Recent advancements in Forklifts such as GPS tracking system, driver assistance system, real time monitoring and so on are set to drive the adoption of Forklift IoT solutions. Moreover, growing E-Commerce will significantly affect the usage of forklifts owing to technological advancements. Additionally, several companies in this sector are heavily investing towards efficient and economical management of their logistics operations. For instance, Amazon operates through robots in its warehouses, which helps the e-commerce giant with a flexible and smooth flow of its supply chain. The emergence of forklifts integrated with IoT and AI solutions is further driving the eCommerce industry towards the adoption of autonomous forklifts. For instance, GEEK+ INC., an advanced robotics and AI technologies provider, offers with driverless forklift along with supply chain automation solutions that is built on AI. These autonomous forklifts are being heavily adopted by the ecommerce industry, since it provides flexible, reliable and highly efficient solutions to warehouses, factories and supply chain management. Thereby contributing towards the growth of global autonomous forklifts market.
North America dominated the market by a market share of more than 39% in 2019, Early adoption of advanced technologies has been driving the forklift IoT solutions in this region. Rising adoption of smart technologies in industries such as Construction, Warehouse & logistics, manufacturing, Automotive and other has been increasing the demand for forklift IoT solutions. There are huge number companies in the region which have been manufacturing Forklifts with advanced features. For instance, Toyota Material Handling Group has collaborated with Microsoft Azure for innovating forklifts in order to help industries meet the global rise in e-commerce and move goods quickly, frequently, accurately and safely. In addition to this huge number of accidents have been happening due to manual process involved in Forklifts. According to the report given by OHSA, 85 people are killed and 34,900 are seriously injured in forklift accidents every year. In addition to this, it also said that number of accidents would drop by 70% if companies were to provide more training programmes and adopt more stringent safety measures. Moreover, investments made by several companies in the form of expansion and infrastructure replacements is driving the market. In 2019, German-based logistics giant DHL will expand its gateway into Canada with a new $100-million facility. Similarly, Ford has planned to invest $850 million by 2023 by opening a new manufacturing plant in Mexico by 2020. Additionally, the government of the country have been providing several funding's and initiatives for the expansion and development of the manufacturing facilities in these regions. Hence these expansions accelerate the usage of forklift, there by accelerating the market for Forklifts IoT solutions in the forecast period 2020-2025.
Forklift IoT Solutions Market Growth Drivers:
- Advancement in technologies
The Internet of Things (IoT) is being increasingly adopted to help improve the efficiency of manufacturing processes and equipment across a variety of industries. Adding to this, Several industries such as Automotive, manufacturing, Aerospace, Food manufacturers and other are also increasingly seeking areas for improvement within their operations and are turning to technology to boost efficiencies and reduce costs, For instance, Tetra Pak, a food processing and packaging solutions company has launched a new plant management service that uses cutting-edge technology like Forklift IoT solutions to audit all the equipment and systems across a customer’s value chain and identify opportunities for improvements. Increasing adoption of Iot solutions in these trucks is helping industries reduce downtown time and improve productivity over long distance barriers. With the expansion of warehouse spaces, usage of electric forklifts that can transfer heavy goods and reduce mishandling is increasing. These vehicles are being majorly used in warehouses to speed up processes, such as order picking, transporting, and loading products, driving market growth.
- Rising safety issues related to forklift
A forklift is utilized in a wide range of organizations from warehouses, Ship dockyards or ports, transport, cargo and many more big industries require heavy load lifting. These Forklifts are generally excellent ventures for large organizations with wide benefits. Although there are numerous benefits with forklifts, there are difficulties in owning and working of the forklift. According to the report given by OSHA there are roughly 85 forklift fatalities and 34,900 serious injuries each year and 42% of the forklift fatalities from the operator’s being crushed by a tipping vehicle with implementing forklift IoT solutions one can prevent this mishap to a great extent by implementing is a quick and long-term safety measure. Hence these advantages are analysed to drive the market in the forecast period.
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Microsoft and Toyota to collaborate for enhanced solutions range from connected forklift and field service systems to AI-powered concepts that pave the way for intelligent automation and logistics simulation – all designed with Toyota’s standards for optimizing efficiency, operation assistance and kaizen, or continuous improvement.
In 2018, Software AG is continuing its Internet of Things innovation drive with the launch of an extended Cumulocity IoT technology portfolio for cloud-based IoT platform services enablement.
The Major Players in this Market Include
The major companies in the Forklift IoT Solutions market include Software AG, SAP, PTC, Cisco, Huawei, Bosch, Cognizant, Zebra Technologies, Sierra Wireless, Microsoft among others. In 2019, Zebra Technologies Acquired Cortexica Vision Systems to align computer vision AI solutions with Zebra’s enterprise asset intelligence vision.
Over the years, several companies have mainly focused on worker safety and have been investing in developing various technologies to provide solutions for preventing the accidents. Forklift IoT Solutions automates, facilitates, and improves driving assistance systems to assist drivers for a safe and better handling of forklifts. The continuous developments in the Forklifts such as Virtual reality, real time monitor, and so on are the major factors set to boost the market during 2019-2025.
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