The warehousing and storage market is expected to reach a value of nearly $646.77 billion by 2022, significantly growing at a CAGR of 10.7 per cent during the forecast period, according to the recently published Warehousing And Storage Global Market Report 2020.
It said the growth in the warehousing and storage market is due to rise in trade activity in emerging economies such as China, India, Malaysia, South Africa, Brazil, and Russia, rise in consumption of processed food products and increasing demand for consumer durable goods.
However, it said the market for warehousing and storage is expected to face “certain restraints from several factors such as labour issues changing trends in warehousing and storage”.
It added that with increase in the warehousing and storage market there is an increase in the demand for smart warehouses. These use internet of things (IOT) to track a product in the warehouse and also helps in increasing efficiency and speed across supply chain. A variety of devices (which include, wearables, sensors and radio frequency identification tags) are used to locate the products in the warehouse. This reduces the time to deliver the product to the customer and increases accuracy resulting in the rapid growth of warehousing and storage market.
Among the potential opportunities available it said this market was driven by increasing demand for consumer goods and mature ecommerce industry in developed countries and increasing retail penetration in emerging countries such as China, India and Brazil.
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