The global voice-directed warehousing solutions market was valued at approximately US$ 1,211 Mn in 2017, and is expected to witness a high growth rate during the forecast period owing to the increase in demand for security and real-time business intelligence. The voice-directed warehousing solutions market is projected to expand at a CAGR of approximately 11% during the forecast period (2018-2026).
Voice-directed warehousing solutions enable warehouse holders to manage their distribution centers with the help of voice-directed systems. These systems support two processes, namely speech recognition and speech synthesis. Advancements in warehousing technology, such as speech recognition and speech synthesis, are significantly driving the voice-directed warehousing solutions market
North America and Europe are the largest regional markets for voice-directed warehousing solutions in 2018. The presence of key players and the early adoption of advanced technologies are expected to generate substantial demand for voice-directed warehousing solutions. East Asia holds high growth potential for the voice-directed warehousing solutions market.
Rapid digitalization, the growth of the retail industry, increasing sales of e-commerce, and growth of smart devices are among the major factors contributing to the growth of the voice-directed warehousing solutions market in East Asia. Moreover, high investments in business infrastructure by the countries of East Asia are also projected to drive the voice-directed warehousing solutions market during the forecast period.
Retail is the most attractive industry for voice-directed warehousing solutions. The rapid adoption of voice-directed warehousing solutions in the retail industry to reduce training time, increase customer satisfaction, and offer high return on investment are among factors supporting the high growth witnessed by the retail industry.
- Increased security and real-time business intelligence will drive demand for voice-directed warehousing solutions
Voice-directed warehousing solutions help warehouse holders to increase the security of staff and handling of orders to enable accurate deliveries. Moreover, the increasing adoption of voice-directed warehousing solutions to provide real-time communication to experts in case of any problems faced in understanding the system and real-time visibility to throughput is also fueling the growth of voice-directed warehousing solutions market.
- Digital transformation and growth in E-commerce sales are favoring growth of voice-directed warehousing solutions market
Digital transformation is reforming some of the business activities that are likely to transform business processes and provide new revenue models for the voice-directed warehousing solutions market with the help of digital technologies. The rising traction of digital transformation in various industries, such as electrical & electronics, food & beverages, retail, and transportation & logistics, are creating potential opportunities for the voice-directed warehousing solutions market. Moreover, a continuous increase in e-commerce sales in various countries around the globe is also playing an important role in driving the voice-directed warehousing solutions market.
- The integration of new technologies within the existing infrastructure is a major challenge for the growth of the voice-directed warehousing solutions market
The integration of new technologies within the existing infrastructure is a major concern for players in the voice-directed warehousing solutions market. Existing infrastructure is not likely to support new technologies such as sensors, barcode scanners, voice synthesis, recognition, and artificial intelligence, which has created the need for the replacement of old infrastructure with new infrastructure.
This is boosting investments in voice-directed warehousing solutions. Furthermore, new and innovative technologies involve high-risk investments and unsecured ROI, which is likely to hamper the growth of the voice-directed warehousing solutions market.
Find Out More about the Report Coverage
- Dometic Corporation
- Lucas Systems
- Speech Interface Design
- ThickStat CoverSight.ai
- Zebra Technology Corp
- Business Computer Projects Ltd.
- Blue Horseshoe
- BEC (Systems Integration) Ltd.
- Proteus Software
- Ehrhardt + Partner Solutions DWC-LLC
The global voice-directed warehousing solutions market represents a moderately consolidated competition landscape, wherein Tier 1 companies hold a revenue share of approximately 45%. Some of the top companies in the voice-directed warehousing solutions market include Honeywell International, Zebra Technologies, Voiteq Ltd., and Zetes Industries.
While most of the key voice-directed warehousing solutions providers maintain a strategic focus on the North America, Europe, and East Asia markets, the report underscores that technology assessment will be an important developmental strategy for companies.
Leading players in the voice-directed warehousing solutions market are also concentrating on entering into partnerships and collaborations with augmented reality and virtual reality solution providers, and this will remain a strong differentiation strategy in the voice-directed warehousing solutions market. The number of vendors offering consulting services along with voice-directed warehousing solutions is increasing at a rapid pace.
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