NEW YORK, March 17, 2021 /PRNewswire/ -- The global voice-directed warehousing solution market is anticipated to expand around 12% annually throughout the period of 2021 to 2031, as adoption of automated solutions is rising, and voice technology is capable of generating quantifiable productivity and accuracy gains. Voice-directed warehouse applications are improving distribution efficiency across different industry verticals from food & beverages and grocery distribution to apparel and pharmaceutical supply. Thus, to fulfill this increasing demand of flexible warehousing, adoption of voice-directed warehousing solutions and services is increasing at a significant rate.
As the world is becoming more digital and connected, demand for automated solutions will keep on increasing. Voice-directed warehousing solutions can typically eliminate nearly 80% of the errors caused by picking the wrong product or incorrect quantity by a human resource, thereby enhancing productivity. Owing to this, automation has become the ultimate solution for sellers to increase efficiency at warehouses, thereby optimizing the workflow process and improving the return of investments in the long-term. Overall, voice-directed warehousing happens to be the most sought-after technology in retail, e-Commerce, and CPG; these sectors are projected to account for around half of the total market share.
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Key Takeaways from Market Study
- North America was the leading market in 2020 in terms of value for voice-directed warehousing solutions. Over the coming years, East Asia is expected to be a key market for sustainable revenue, as enhanced warehousing management and enhanced productivity are boosting market growth in the region.
- Retail, e-Commerce, & CPG sectors are expected to offer high incremental opportunity during the forecast period, as demand for automated mobile tasks and improved workflows is increasing significantly.
- Many enterprises in the food & beverage industry are adopting this technology, as it provides RFID-integrated labels that have effective information about all products.
- With growing adoption of voice-directed warehousing solutions and services, countries in Western Europe and Asia Pacific such as India, China, Italy, and France are expected to witness potential growth opportunities.
- The market in the U.S. is projected to expand at a CAGR of close to 12% through 2031, while in the U.K, and Germany, a growth rate of around 11% is expected.
- China and India are expected to progress at an impressive CAGR of around 13% each, through 2031.
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"Increased productivity, reduced errors, and lesser training times, coupled with real-time business intelligence, are major factors responsible for driving demand for voice-directed warehousing solutions," says a Persistence Market Research analyst.
COVID-19 Pandemic Impact Analysis
Warehousing business have certainly cited declines in their revenues amidst the COVID-19 pandemic. Majority of players in the market have seen a significant or critical impact on their businesses, and there are several reasons for this sharp decline in demand for voice-directed warehousing solutions. While ensuring employee safety and business continuity remained paramount, companies were simultaneously challenged by a sudden decline in consumer demand, continuing supply chain disruptions, and onsite activities issues, which began in China, shortly before impacting the voice-directed warehousing solution market in Europe and North America.
However, there has been a rise in the trends of online shopping over the pandemic. This is indicative of consumers' desire to reduce the risk of exposure by eventually limiting the time spent in physical retail locations, and highlight the role that e-Commerce can play. Although there is near-term focus on cost reduction, optimization, and ensuring liquidity, some warehousing businesses are positive in their long-term outlook. Key industries are expected to remain unaffected, with markets returning to the new normal, and players are introducing upgrades and new components to offer comprehensive remote services to clients.
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Find More Valuable Insights
Persistence Market Research puts forward an unbiased analysis of the global voice-directed warehousing solution market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031. To understand the opportunities in this space, the market is segmented on the basis of component (voice-directed warehousing systems and services), enterprise size (SMEs and large enterprises), and industry (electrical & electronics, food & beverages, pharmaceuticals, retail, e-Commerce, CPG, transportation & logistics, and others), across seven major regions of the world.
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