Automotive Industry to Hold Largest Share of AGV Software Market During Forecast Period

AGV software market , by offering, in-built vehicle software to lead market during forecast period

AGVs are controlled and navigated by advanced in-built vehicle software. The central system software is responsible for the management and intelligent assignment of transport orders to individual AGVs.

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The increasing digitization with the introduction of smart technologies such as Industrial Internet of Things (IIoT) and big data analytics is expected to create a positive impact on the vehicle software market during the forecast period.

AGV software market , by industry, market for food & beverages industry to register highest CAGR during forecast period

The automotive industry has been one of the key users of AGV technology. Factors such as transportation of heavy materials, growing after-sales spare parts market, increasing levels of customization in vehicles, and the need to ensure availability of components during vehicle manufacturing/assembling are driving the implementation of AGVs in the industry. An increasing installation of AGVs has also allowed several automotive companies to offset shortages of labor and costs associated with retaining them. With the growing demand for AGVs, the related software market is also growing.

By region, Europe held the largest share of AGV software market in 2017

The leading position of the European market is due to the exceptionally high labor cost in the region which pushes companies to adopt automated industrial solutions to reduce overall operational expenditures. Flourishing manufacturing and automotive industries in the region are expected to spur the demand for AGVs and related software. These industries require highly sophisticated automation and warehousing facilities to sustain in a competitive global economy. Additional factors such as presence of companies with global warehousing and distribution operations, sustained growth of the e-commerce industry, and developed third-party logistics (3PL) networks are driving the growth of the AGV software market in Europe.

The highest growth anticipated for the market in APAC is attributed to the region’s fast-growing e-commerce industry, booming manufacturing sector, and numerous planned installations of AGVs in countries such as China and India.