DUBLIN--(BUSINESS WIRE)--The "Global Automated Guided Vehicle (AGV) Software Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global automated guided vehicle (AGV) software market is projected to grow at a CAGR of 22.35% during the forecast period to reach US$9.584 billion by 2027, from US$2.335 billion in 2020.
Automatic guided vehicles are load carriers that allow products to be moved and carried without physical involvement. Automated guided vehicle software is computer-controlled and wheel-based software that follows configurable guidelines to optimize picking, storage, and transportation activities. A combination of software and sensor-based guidance systems directs their movement. AGVs are self-driving vehicles used to efficiently move materials within a plant that are widely used due to various advantages, including lower labor costs, increased productivity, less product damage, and scale to assist automation operations.
One of the key reasons driving the global automated guided vehicle (AGV) software market during the forecast period is the rise in technological advancements. Digital technologies are being used by businesses in healthcare, transportation and logistics, hospitality, retail, and manufacturing to increase the efficiency of their operations. Manufacturing and logistics companies combine advanced analytics and IoT with automated guided vehicles to simplify their warehouse operations. Similarly, GPS, self-service rentals, automated fleet support, and tracking and maintenance systems are connected with automated guided vehicles to improve warehouse productivity and lower labor costs. During the projected period, technological advancements and the growing use of digitization will drive the global automated guided vehicle software market.
The high installation cost of automated guided vehicle (AGV) software is one of the significant problems facing the global automated guided vehicle (AGV) software market. Many warehouse activities are still carried out by employees, which adds labor time and reduces efficiency compared to other warehouses where automated systems handle the majority of processes. The installation prices of automated guided vehicle software have been fast-growing due to ongoing improvements. This brings major challenges for the small or mid-sized warehouses in attaining efficient warehouse management systems. This poses to be a significant obstacle in terms of automated guided vehicle software demand in the majority of end-use sectors, limiting its market growth.
COVID-19 Insights
The COVID-19 pandemic had a significant influence on various industries, including automotive, food and beverage, aviation, and manufacturing. To combat the spread of COVID-19, several governments worldwide have halted international and local travel and imposed lockdown in various nations. This is expected to result in a decrease in aircraft production and demand, as well as significant income losses. The shutdown of manufacturing plants has impacted global vehicle supply and demand. As a result, the COVID-19 epidemic had a substantial impact on various industrial areas, including the market for automated guided vehicle software.
Companies Mentioned
- Daifuku Co. Ltd
- John Bean Technologies Corp.
- KION GROUP AG
- Kollmorgen Corp
- KUKA AG
- Murata Machinery Ltd AGV
- Bastian Solutions
- Toyota Industries Corp
- SSI Schaffer
- Dematic
- The AGVE Group
Key Market Segments
By Type
- In-built Vehicle Software
- Integrated Software
By End-Users
- Food and Beverage
- Logistics
- Automotive
- Manufacturing
- Retail
- Others
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Others
For more information about this report visit https://www.researchandmarkets.com/r/tgxfzy
