Global Forklift IoT Solutions Market (2020 to 2025) - Featuring Software AG, SAP & Cisco Among Others - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Forklift IoT Solutions Market - Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.

Forklift IoT Solution market is expected to reach $47.6 billion by 2025 at a CAGR of 12.0% during the forecast period 2020-2025.

Owing to the advantages of storing, picking and shipping the items in the warehouse smartly and efficiently. Internet of Things technology helps streamline warehouse procedures by bringing workers and forklifts together through the facility's enterprise resource planning, or ERP system.

In addition to using warehouse space more efficiently, smart forklifts save time and money by completing routine tasks quickly, by holding down labour costs. Moreover, increased demand from the various industry verticals such as retail, ecommerce, automotive, consumer goods and many other industries for loading and unloading of components and delivery of components from manufacturing area to assembly line and positioning of loads are analysed to drive the market for forklift IoT solution in the forecast period 2020-2025.

Key Takeaways

• Pharmaceutical companies are increasingly seeking areas for improvement within their operations and are turning to technology to boost efficiencies and reduce costs and this has led to deployment of IoT solutions such as embedded sensor packs on forklifts to track their location and utilization as well.
• The global market for Forklift IoT Solutions are likely to benefit enormously from the rapidly growing e-commerce industry around the world with technological advances and economic levels.
• Rising adoption of smart technologies in industries such as Construction, Warehouse & logistics, manufacturing, Automotive and other has been increasing the demand for forklift IoT solutions in North America
• Forklift IoT Solutions top 10 companies include Software AG, SAP, PTC, Cisco, Huawei, Bosch, Cognizant, Zebra Technologies, Sierra Wireless, Microsoft among others.

By Technology- Segment Analysis

Driver assistance is growing at a highest CAGR of 15.7% in the forecast period. Driver assistance systems and collision awareness systems immediately detects the risk if the vehicle comes close to personnel, infrastructure or other vehicles and also helps the drivers to carry out difficult and monotonous tasks effectively and efficiently. Fork-lift truck manufacturers have developed driver assistance systems (DAS) that are intended to reduce substantially the risk of the truck tipping over to the side. Industrial trucks and forklifts particularly rely on driver assistance systems that increase convenience at work while minimizing the risk of accidents. These systems for forklifts are a sensible retrofitting option to create more protection on location.

Especially where there are several drivers with forklifts on the road at the same time, as well as other people who are in the halls or zones. With the rapid advancements in IoT, several companies have been developing driving assistance system with advanced features. For instance, SICK sensor intelligence have developed advanced Driver assistance systems and collision awareness systems to support drivers in critical situations and immediately detects the risk if the vehicle comes close to personnel, infrastructure or other vehicles. Similarly, STILL has developed driver assistance systems to support the driver in certain situations by elevating the degree of automation by assuming individual tasks freeing the operator respectively.

By Industry Vertical - Segment Analysis

Pharmaceutical sector is growing at a CAGR of 15.4% in the forecast period. As IoT applications for supply chain management have become popular investment areas the pharmaceutical industry. Moreover inventory tracking and maintenance, along with forklift utilization tracking is the major application that is set to drive ioT in the pharmaceutical sector. Pharmaceutical companies are increasingly seeking areas for improvement within their operations and are turning to technology to boost efficiencies and reduce costs. This has led to deployment of IoT solutions such as embedded sensor packs on forklifts to track their location and utilization as well as other applications across the pharmaceutical and healthcare sector.

By Geography - Segment Analysis

North America dominated the market by a market share of more than 39% in 2019, Early adoption of advanced technologies has been driving the forklift IoT solutions in this region. Rising adoption of smart technologies in industries such as Construction, Warehouse & logistics, manufacturing, Automotive and other has been increasing the demand for forklift IoT solutions. There are huge number companies in the region which have been manufacturing Forklifts with advanced features. For instance, Toyota Material Handling Group has collaborated with Microsoft Azure for innovating forklifts in order to help industries meet the global rise in e-commerce and move goods quickly, frequently, accurately and safely. In addition to this huge number of accidents have been happening due to manual process involved in Forklifts.

Drivers - Forklift IoT Solutions Market

• Increasing Trend in E-Commerce and Warehouse Segment
• Advancement in technologies

Challenges - Forklift IoT Solutions Market

• High initial investments and maintenance cost

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