Integration of AI, Industry 4.0, and IoT with Parcel Sorting System to Provide Opportunities for Parcel Sortation System Market During Forecast Period
According to our latest market study on "Parcel Sortation System Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type and Application," the market is expected to grow from US$ 2.34 billion in 2022 to US$ 4.07 billion by 2030; it is estimated to record a CAGR of 7.1% from 2022 to 2030.
Traditional warehouses are transforming into smarter, more connected, and more efficient automated warehouses via Industry 4.0 integration. By integrating, automating, and managing the logistic movement of products within a warehouse, distribution center, or fulfillment center, the implementation of Industry 4.0-based solutions creates an operational environment with optimal output. The increasing deployment of Industry 4.0-based systems implies a shift toward automation of various supply chain tasks such as sorting, picking, and conveying, which is likely to fuel the parcel sortation system market size. In warehouse management and logistics, the integration of Internet of Things (IoT) devices with radio-frequency identification (RFID) and sensors provides various advantages, including reduced labor costs, increased shipment accuracy and speed, improved tracking, and enhanced visibility for retailers. Furthermore, incorporating Al algorithms into parcel sortation systems allows intelligent decision-making. The modular architecture of Industry 4.0 and IOT systems enables simple scaling, allowing for higher package volumes and seamless operation expansion. Thus, the integration of AI, Industry 4.0, and IoT with parcel sorting systems is expected to create enormous growth prospects for players operating in the parcel sortation system market size in the coming years.
Parcel Sortation System Market — by Geography, 2022
Parcel Sortation System Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Pop-Up Sorters, Shoe Sorters, Cross Belt Sorters, Tilt Tray Sorters, Pushtray, and Others) and Application (Logistics Industry, E-Commerce Industry, Food & Beverages Industry, Post and Parcel Services, Airports, Pharmaceutical Industry, and Others)
Parcel Sortation System Market Growth Report | 2022-2030
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Source: The Insight Partners Analysis
Bastian Solutions, LLC; Daifuku Co., Ltd.; Dematic; Honeywell International Inc.; Murata Machinery, Ltd; Interroll Group; BEUMER GROUP; Viastore Systems; Vanderlande Industries B.V.; and Siemens Logistics GmbH are among the key parcel sortation system market players profiled during the report. Several other major parcel sortation system market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The parcel sortation system market report provides detailed market insights, which helps the key parcel sortation system market players strategize their growth.
The e-commerce industry has matured immensely over the years in developed economies as well as developing nations. Customers can purchase and receive the goods at the most convenient location through e-commerce platforms. With the rise in internet penetration and facilities of online shopping, the number of products being ordered online have increased heavily. The International Telecommunication Union (ITU) predicted that over 5.3 billion people would utilize the Internet globally in 2022, representing 66% of the population and recording 6.1% increase over 2021, up from 5.1% in 2020. In addition, people are increasingly opting for online shopping, which is increasing the number of parcels in warehouses and parcel delivery centers. According to the United Nations Conference on Trade and Development (UNCTAD), the share of online e-commerce sales increased from 16% in 2019 to 19% in 2020. As of June 2022, Amazon accounted for 37.8% of the e-commerce market in the US, making it the country’s leading online retailer. Also, Walmart recorded 6.3% market share, followed by Apple (3.9%). Owing to the factors mentioned above, the parcel sortation facility centers are heavily investing in upgrading their traditional parcel sortation systems to technologically advanced sortation systems. Also, the parcel delivery management center needs to maintain the parcels during sortation, which is increasing the procurement of a number of technologically advanced parcel sortation systems. In addition, from receiving the goods to packaging and shipping, the state-of-the-art sortation systems play a vital role in the e-commerce industry. Thus, the significant rise in e-commerce business is driving the parcel sortation system market growth.
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