Global Postal Automation Systems Market to Reach $952.8 Million by 2024
SAN FRANCISCO, Aug. 11, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Postal Automation Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 6; Released: May 2021
Executive Pool: 17302
Companies: 50 - Players covered include Accenture Plc; Ammeraal Beltech Holding BV; BEUMER Group GmbH & Co. KG; Escher Group; Falcon Autotech Private Limited; Fives Group; Leonardo S.p.A.; Lockheed Martin Corporation; Mitsubishi Electric Corporation; National Presort, Inc.; NEC Corporation; Pitney Bowes Inc.; Siemens Logistics GmbH; SOLYSTIC SAS; Toshiba Corporation; Vanderlande Industries B.V.; Zebra Technologies Corp. and Others.
Coverage: All major geographies and key segments
Segments: Application (Government Postal, Courier, Express, & Parcel); Component (Hardware, Software, Services); Technology (Parcel Sorters, Flat Sorters, Letter Sorters, Culler Facer Cancellers, Mixed Mail Sorters, Other Technologies)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Postal Automation Systems Market to Reach $952.8 Million by 2024
Amid the COVID-19 crisis, the global market for Postal Automation Systems is projected to reach US$952.8 Billion by 2024, registering a compounded annual growth rate (CAGR) of 6.0% over the analysis period. The United States represents the largest regional market for Postal Automation Systems, accounting for an estimated 37.8% share of the global total. The market is projected to reach US$381.9 Million by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 7.8% over the analysis period.
The market is mainly propelled by the pressing need for automated sorting and faster delivery of packages. Increasing automation is driving companies across various industries to embrace advanced sortation systems for reduce labor cost, minimize errors and improve efficiency. Growing interest in advanced postal automation systems among major technology developers and vendors is benefitting the market. Postal operators are anticipated to invest in these systems to ensure high accuracy and speed of parcel delivery. Continuously increasing volume of packages and parcels, most notably owing to growing popularity of online shopping, is likely to create the demand for reliable and efficient solutions to sort parcels and deliver them on time. In addition, the evolution of conventional postal operations into connected, efficient and smart operations through integration of the Industry 4.0 practices is bound to provide tremendous growth opportunities. In the coming years, parcel sortation systems are slated to find acceptance across a broad spectrum of industries including automotive, electronics, retail, pharmaceuticals and food & beverage. On the other hand, high capital and maintenance costs along with concerns regarding contribution of automation in rising unemployment are likely to inhibit the market growth. However, technological advancements and rising automation are slated to benefit the market in both developing and developed regions.
The increasing popularity of online shopping is also favoring the market growth. The increasing use of the channel for shopping has also pushed up the number of parcels and packages that need to be handled and delivered reliably. The trend has played a vital role in bolstering the adoption of postal automation systems. On the flip side, high capital investment and the shrinking letter market continue to limit overall expansion of the postal automation system market. One of the major challenges for market participants is to design advanced systems in the era of Industrial Internet of Things (IIoT). In addition, technical issues associated with these systems may hamper whole operations. Technical issues associated with sensing elements in these systems could halt the operation, while software issues may affect the functioning and delay the sorting process. These concerns require companies to come up with more efficient systems capable of living up to postal operators' expectations and help them deliver faster, reliable services. More
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