Smart Warehousing Market Trends

Growth Drivers

• The growth in demand for mobile devices as a means to manage operations swiftly and effectively- As a result of the widespread use of mobile devices such as smartphones and tablets, warehouse workers and logistics partners now have access to many tools and materials. In 2023, there will be 6.8 billion users of smartphones in the world. The scanning of inventory with barcode applications, viewing the precise location of cargo on a map, gathering detailed shipping information and reporting in less than an hour is some of the features that would be advantageous for warehouse managers to manage effectively their entire warehousing process which drives the smart warehousing market growth.
• Increasing focus on warehouse 4.0 for a more efficient and safer warehouse- The Warehouse 4.0 programme is aimed to produce more consistent, interlinked experiences in order to shorten the time that is spent training new employees, warehouses are moving to a voice plus touchscreen-based process for selecting and restocking inventory. Moreover, the integration of low-cost sensors such as computer vision AI robots and high-level computers can be integrated to create a solid warehouse automation system, Internet of Things (IoT), Big Data & Data Scientists, Wearables, Augmented Reality, Low Cost Sensors, Computer Vision Artificial Intelligence or High-Level Computers. In today's age, 50 percent of the workforce can be controlled.
• Rising focus on green initiatives and sustainability to minimize waste- The market's adoption of smart warehousing solutions is being driven by the increasing emphasis on green initiatives and sustainability, which are intended to reduce waste through reducing numbers of human workers errors and have a positive impact on the environment.         
• Rising cybercrimes around the globe- Growth in the market is also driven by an increasing threat to cybersecurity and complexity as well as increased ability to detect and react to security incidents that are occurring at regular intervals.

Challenges

• Lesser penetration of smart warehousing across small-scale businesses- In view of the fact that these organizations stock smaller quantities than large organizations, a number of small businesses do not have their own warehouses. Multiple organizations cannot afford to invest in smart warehousing solutions due to limited income from small and medium-sized enterprises. Lack of enthusiasm in upgrading existing systems as well as limited growth plans makes smaller entrepreneurs unable to understand the benefits of smart warehousing solutions.
• The adoption of Smart Warehouse Solutions by different SMEs is also an obstacle to significant investment and high initial costs associated with the implementation of such systems.
• Security and privacy issues are also a concern for enterprises that have chosen to adopt Smart Warehouse solutions. They are in possession of confidential data which must be protected in order to avoid data breaches and theft, as it may affect the reputation of the company.