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(IT-NEWSWIRE.COM, April 19, 2024 ) According to the latest analysis by Virtue Market Research in 2023, the Global Integrated Material Handling System Market was valued at $ 25.64 Billion, and is projected to reach a market size of $ 46.87 Billion by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 9%.
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The global IoT cloud platform market is witnessing rapid growth, driven by various factors that are reshaping the industry. One long-term market driver is the increasing adoption of IoT devices across industries. IoT devices are revolutionizing how businesses operate by enabling them to collect and analyze data in real-time, leading to improved efficiency and productivity. However, the market has faced challenges due to the COVID-19 pandemic, which has disrupted supply chains and slowed economic activity. Despite these challenges, the market is expected to recover as businesses increasingly invest in digital transformation.
In the short term, one key driver for the IoT cloud platform market is the growing demand for real-time data analytics. IoT cloud platforms enable businesses to collect, store, and analyze data from IoT devices in real-time, allowing them to make informed decisions quickly. This demand for real-time data analytics is driving the growth of the IoT cloud platform market.
An opportunity in the IoT cloud platform market lies in the healthcare sector, where IoT devices and cloud platforms are being used for remote patient monitoring and telemedicine. These applications enable healthcare providers to monitor patients' health remotely, leading to improved patient outcomes and reduced healthcare costs. This opportunity is driving the adoption of IoT cloud platforms in the healthcare sector.
A trend observed in the IoT cloud platform industry is the increasing focus on security and privacy. With the growing number of IoT devices connected to the internet, security and privacy have become major concerns. IoT cloud platform providers are investing in advanced security measures to protect data from cyber threats and ensure privacy compliance. This trend is expected to drive market growth as businesses prioritize security and privacy in their IoT deployments.
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Segmentation Analysis:
The global Market segmentation includes:
By Product Type: Hardware, Software & Services.
The software & services segment is currently dominating the market based on the product type of integrated material handling systems market. This is driven by the increasing demand for software and services in the manufacturing and industrial sector.
The hardware segment is also experiencing growth due to the growing need for material handling robots and machinery in warehouses and the transport & logistics sector.
By Application: Assembly, Distribution, Transportation, Packaging, Others.
The distribution sub-segment has a significant share due to the rise of the e-commerce business, which requires timely distribution and transportation to meet delivery objectives. Automated material handling equipment such as AGVs and automated storage and retrieval systems are used to efficiently transport materials and goods.
The packaging sub-segment is predicted to rise gradually throughout the forecast period, driven by rising demand from the food & beverage, pharmaceutical, and e-commerce industries for effective packaging to protect items from internal and external elements.
By End User and Geography: Aerospace, Automotive, Chemicals, Construction, Consumer goods, E-Commerce, Government, Healthcare.
The e-commerce sub-segment is predicted to grow considerably throughout the projection period due to increased penetration of online shopping trends, the existence of large online suppliers, developing logistics infrastructure, and other factors.
The food and beverage, aviation, semiconductors, and automotive sub-segments are predicted to increase gradually due to rising demand for durable and non-durable items, emerging trends in precise packaging, transportation of semiconductors and their components, and other factors.
Regional Analysis:
Asia Pacific is divided into countries and is experiencing increased market share due to rising awareness of warehouse automation, increased emphasis on robots and automation by major nations like China and Japan, and the rising e-commerce industry.
North America and Europe are expected to rise significantly during the projection period, owing to an increase in e-commerce sales and demand for durable and non-durable items, which would force manufacturers to invest in large assembly lines and material handling equipment.
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Latest Industry Developments:
1. Focus on Automation and Robotics: Companies in the integrated material handling system market are increasingly focusing on automation and robotics to enhance their market share. This trend is driven by the need for more efficient and cost-effective material handling solutions. Recent developments in this area include the integration of advanced robotics and artificial intelligence (AI) technologies into material handling systems, allowing for greater flexibility and productivity.
2. Expansion of Service Offerings: Another trend in the market is the expansion of service offerings by companies to provide more comprehensive solutions to their customers. This includes offering consulting, implementation, and support services to help customers optimize their material handling processes. Recent collaborations and partnerships in this area include alliances with software companies to integrate advanced analytics and predictive maintenance capabilities into service offerings.
3. Emphasis on Sustainability: Companies are also placing a greater emphasis on sustainability in their material handling solutions. This includes the use of eco-friendly materials, energy-efficient technologies, and waste reduction strategies. Recent developments in this area include partnerships with sustainability organizations and the development of innovative recycling and reuse programs for material handling equipment.
About Us:
Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.
Virtue Market Research
Megha
+1-917 436 1025
megha@virtuemarketresearch.com
Source: EmailWire.Com 
Source: EmailWire.com
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