The automated guided vehicle (AGV) software market is expected to grow by USD 441.46 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Automated Guided Vehicle (AGV) Software Market 2020-2024 (Graphic: Business Wire)
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Some of the largest markets for e-commerce including the UK, Germany, France, China, India, Japan, and the US are witnessing significant 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 AGVs in warehouses and distribution centers as they are used to transport cartons, products, and pallets within these warehouses and distribution centers. AGV software helps users track, guide, and control operational activities of AGVs. 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 software market during the forecast period.
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The global outbreak of coronavirus is expected to have a positive impact on the growth of the AGV software market during the forecast period. The extension of lockdown and containment efforts will further result in higher demand leading to higher revenue potential for the market players. Moreover, the increasing demand and lower production due to shutdowns will elevate prices in the short term, resulting in improved market growth.
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.
“Factors such as the advent of integrated Industry 4.0 with IoT and the increasing demand for data integration and visual analytics will have a significant impact on the growth of the automated guided vehicle market value 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 geography (APAC, Europe, MEA, North America, and South America).
The European region accounted for the highest automated guided vehicle (AGV) software market share in 2019, followed by North America, APAC, South America, and MEA respectively. During the forecast period, the European 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:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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