Warehouse Order Picking Market Is Likely To Witness A Healthy CAGR Of 10.2%, Due To High Demand For Automation In Warehouses To Reduce Operational Time Till 2025 | Million Insights
The global warehouse order picking market size is projected to reach USD 11.16 billion by 2025 and expected to grow with CAGR of 10.2% over the forecast period, from 2019 to 2025, according to Million Insights. The increasing demand for automation in warehouses to reduce operational time and to increase order fulfilment productivity is a key factor to drive the market growth over the forecast period. In addition, the rapid growth of the e-commerce sector has increased the demand for warehouses worldwide, thereby, expected to propel the demand for order picking systems.
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Order picking accounts for around 50-55% cost of the total warehouse operating cost. Hence, the warehouse industry is industry is witnessing shift towards the adoption of new technologies wherein convectional processes are replacing with semi-automated and automated solutions. Convectional method includes paper-based picking in which labours have provided batch numbers to pick up specific orders. This method has been replaced with augmented reality as well as voice-based solutions. These factors are expected to reduce the operational cost, thereby improving efficiency and reduce response time.
Globalization has increased the complexity in supply chain networks due to which market players are outsourcing their storage and manufacturing operations from a third party. Furthermore, growing demand for management of supply chain operations has enforced the companies to upgrade their product as well as service offerings which will help them to gain a maximum customer base.
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Further key findings from the report suggest:
• In 2018, barcode scanning/RFID based solutions held the warehouse order picking market share of more than 25% of the global revenue.
• On the basis of deployment, cloud segment is projected to have substantial growth during the forecast period. This growth is attributed to its benefits such as reduced error margins, track logistics in real-time which is expected to improve efficiency and productivity.
• In 2018, North America held the largest market share in terms of revenue and projected to continue its dominance throughout the forecast period. KNAPP AG, Sanderson, Bastian Solutions, Inc., AB & R, QC Software, LLC, and Barcodes, Inc., are key players operating in this market.
Million Insights has segmented the global warehouse order picking market based solutions, deployment, application, and region:
Warehouse Order Picking Solutions Outlook (Revenue, USD Million, 2014 – 2025)
• Paper-based
• Barcode scanning/RFID picking
• Others
Warehouse Order Picking Deployment Outlook (Revenue, USD Million, 2014 – 2025)
• On-premise
• Cloud
Warehouse Order Picking Application Outlook (Revenue, USD Million, 2014 – 2025)
• Construction
• Manufacturing
• Retail
• E-commerce
• Healthcare, Pharma, and Cosmetics
• Transportation & Logistics
• Others
Warehouse Order Picking Regional Outlook (Revenue, USD Million, 2014 – 2025)
• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• Asia Pacific
• China
• Japan
• India
• Latin America
• Brazil
• Mexico
• Middle East & Africa
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