LONDON--(BUSINESS WIRE)--The global automated guided vehicle (AGV) software market is expected to grow by USD 441.46 million during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Some of the largest markets for e-commerce including the UK, Germany, France, China, India, Japan, and the US are witnessing growth. As a result, vendors are focusing on expanding their order processing capacities for the processing of goods purchased online. This is leading to a rapid increase in the number of warehouses and distribution centers. For instance, Amazon.com doubled the number of its fulfillment centers in 2018 when compared with that in 2000. This is propelling the demand for AGV software in warehouses and distribution centers as they are extensively used to maintain accuracy in order processing and to minimize product returns. In addition, they are also used to offer services at lower costs and increase vendor capacity to deliver items in the shortest possible time. Thus, the growth in the e-commerce industry will boost the growth of the AGV market during the forecast period.
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As per Technavio, the digital transformation will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automated Guided Vehicle (AGV) Software Market: Digital transformation
The adoption of AGV software is gaining traction across industries such as manufacturing, retail, hospitality, transportation and logistics, and healthcare because they offer numerous advanced features and improve the efficiency of operations. AGV software helps in time and performance management and helps save on labor costs in warehouses of food and beverages, e-commerce, and other industries. It also provides useful insights using workbench planning and enterprise dashboards. This is encouraging end-user sectors to transform industrial processes by integrating AGV software with augmented reality, Big Data and analytics, IoT, and cloud computing. Thus, the digital transformation is expected to showcase a positive outlook for the market during the forecast period.
“Advent of integrated Industry 4.0 with IoT and increasing demand for data integration and visual analytics are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Automated Guided Vehicle (AGV) Software Market: Segmentation Analysis
This market research report segments the automated guided vehicle (AGV) software market by type (in-built vehicle software and integrated software), end-user (distribution and logistics , automotive , manufacturing , retail, and others), and geographic segmentation (APAC, Europe, MEA, North America, and South America).
The Europe region led the automated guided vehicle (AGV) software market in 2019, followed by North America, APAC, South America and MEA. During the forecast period, the Europe region is expected to register the highest incremental growth due to factors such as growth of the e-commerce sector and new safety regulations.
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Some of the key topics covered in the report include:
- In-built vehicle software
- Integrated software
- Distribution and logistics
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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