Revolution of Industry Due to Digitalisation is Anticipated to Boost the Digital Warehouse Solution Market During The Forecast Period 2020-2026. Digital Warehouse Solution Market size is forecast to reach $56.6 billion by 2026, growing at a CAGR of 21.7% during the forecast period 2021-2026.
The Digital Warehouse is anticipated grow with a healthy CAGR of 21.7 % during the forecast period (2019-2026). As the technological innovation and development progress, various major players in the market are tapping into the power of digital warehouse management solutions in order to close the supply chain gaps that exists in the backyard. The growing number of shippers across the globe have led to the widespread adoption of digital warehouse solutions in order to optimize assets, reduce the driver detention time, along with continuously adjusting priorities throughout the day according to receiving and shipping volumes. The digital warehouse solutions help the shippers to alleviate the long wait time while reducing unproductive personnel numbers and improves dock planning. These factors tend to drive the market share of digital warehouse solutions. The penetration of machine learning and advanced data analytics into dock and yard management system as the use of data analytics allows the warehouse to fulfil last-minute orders along with determining the availability of products within the warehouse. Moreover, the growing traction of Internet of Things (IoT) in the management system owing to various benefits associated with the IoT such as it helps in tracking product status, analyzing the machinery health and efficiency along with collection and processing of data in order to manage the inflow and outflow of products without staying for an extended period of time. For Instance: As per the Technology Advice in March 2020, manufacturing companies who use warehouse management solutions report reduced downtime due to inventory discrepancies, increased customer satisfaction and higher order fill rates. Also, digital warehouse solutions will make manufacturing processes run smoother, keep the company from wasting inventory and labor and reduce overhead costs thereby, driving the market during the forecast period.
Further, the expanding supply chain, logistics and transportation industries have led to the increasing demand for real-time solutions to provide faster and timely execution of business processes. The transportation and logistics industries are dependent on speed, timing, efficiency and optimization of goods and services which can be achieved with the implementation of digital technologies. The digital technologies include the use of mobile devices along with bar code and, possibly, RFID scanning/sensing to form the transactional foundation of a digital warehouse solution. Various shippers and e-commerce providers are adopting digitalised software solutions to reduce the labour cost along with reducing the wait time. Ongoing efforts made by private players would also create lucrative growth prospects for the market. For instance, in April 2019, Locix, next-generation innovator in the scalable collection and analysis of unique and actionable data for autonomous buildings, has launched its SmartDock solution that digitizes the warehouse dock through visual and sensor data and advanced analytics. The product was launched with an aim to increase efficiency, reduce truck dwell time, increase worker productivity and asset utilization, to dramatically improve warehouse and logistics operations. Thus, growth adoption of digital technologies is contributing towards the growth of the market.
North America held the largest share of the Digital Warehouse solutions Market in 2020. The dominance of the region is attributed owing to the rising ecommerce sales along with the growing number of warehouses. The increase in the e-commerce sales in the US demands a strong supply chain management and warehousing capacity. As with the increasing consumer convenience, the complexity of warehouses and distribution centers increases strengthens the demand for advanced digital warehouse solutions. These systems fulfill consumer demand keeping delivery costs in check. Hence, the growing ecommerce sales in the region supports the market growth.
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Digital Warehouse Solutions Market Growth Drivers:
Increase in demand for digital warehouse solutions in the various end use industries:
The warehouse management breathes new life into manufacturing by giving shippers and carriers the ability to schedule shipments and get real-time visibility into trailer location and monitor load status. Also, the outbound shipments can be automatically matched to the appropriate trailer type and business rules direct empties to available dock doors. Presently, for the modern manufacturing, the warehouse has become a critical component to achieving manufacturing excellence. The manufacturing sector is learning to synchronize material movements between production, warehouse and other operations such as quality and regulatory compliance processes. These solutions offer a manufacturer’s warehouse management application to synchronize manufacturing operations across the entire production process. Also, it allows manufacturers to achieve real-time visibility and control to reduce costs and inventory and collaborate effectively and meet quality and compliance initiatives. Also, digital warehouse solutions will make manufacturing processes run smoother, keep the company from wasting inventory and labor and reduce overhead costs. The growth of the segment is attributed owing to the surging initiatives from the central governments to support smart manufacturing is also promoting the growth market. For instance, National Robotics Initiative started by U.S. government. This initiative aims to accelerate the development and use of robots that work beside or cooperatively with people in the U.S. Similarly, National Network for Manufacturing Innovation (NNMI) is an initiative started by President Obama, which would quicken the adoption and development of cutting-edge manufacturing technologies for making new competitive products. Through this, the U.S. government aims to promote the implementation of IoT across the transportation & logistics sector. As a result, the adoption of digital warehouse solutions in manufacturing enterprises would increase thereby, promoting the growth of the market.
The Major Players in this Market Include:
The major companies in the Digital Warehouse Solution Market include IBM, Oracle, SAP, AT&T, Intel, Infosys Limited, Honeywell, Eurotech S.P.A, Hcl Technologies And Orbcomm Inc. In January 2020, Infosys agreed on a partnership agreement with GEFCO, with an aim to support and promote its digital transformation journey.
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