The global supply chain disruption has made executives realize that their logistics operations can go into a state of disorder at any time. To make their supply chains more resilient and adaptable, company leaders are leveraging the automation benefits that come with Warehouse Management Systems (WMSs). Impressively, revenue in the WMS market will increase from US$3.4 billion in 2022 to US$10.7 billion in 2030, according to ABI Research’s Warehouse Management Systems (WMS) Software research analysis report—Logistics Service Providers (LSPs), retailers, and manufacturers are investing in this technology the most.
Although the world is gradually crawling closer to a full escape from the clasp of COVID-19, some of the effects of the pandemic are still being felt in supply chain logistics. As a result of lingering issues, such as labor shortages and port holdups, suppliers are still struggling to meet satisfactory delivery windows.
In 2021, the global cold chain track and monitor telematics technologies market size was US$286 billion, according to ABI Research. By 2027, the cold chain telematics industry will be valued at over US$700 billion and growing at a Compound Annual Growth Rate (CAGR) of 16.6%. As 20% of perishable goods are wasted during shipping, cold chain logistics managers are turning to technological solutions to monitor shipped goods.
By 2025, global spending on pharmaceutical (pharma) products will reach US$1.6 trillion, according to a report from IQVIA. And that doesn’t even include the current US$220 billion spent on chemicals, raw materials, excipients, and other Active Pharmaceutical Ingredients (APIs) that are needed to produce finished medicines. This demand, in tandem with a strict regulatory environment, necessitates the need for Internet of Things (IoT) technologies that provide rich data and analytical insight into logistical operations.