Voice Picking Solution Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Services); By Industry Vertical; By Region; Segment Forecast, 2023 - 2032
- Published Date:Sep-2023
- Pages: 116
- Format: PDF
- Report ID: PM3769
- Base Year: 2022
- Historical Data: 2019-2021
The global voice-picking solution market was valued at USD 2.22 billion in 2022 and is expected to grow at a CAGR of 14.9% during the forecast period.
Voice-picking solutions are used in warehouses for efficient business operations. It provides access to information through audio rather than reports. This will access accurate information and speed up the observation of inventory tracking and up-to-date order progress in a limited amount of time.
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These solutions do not require the use of eyes and hands, which can reduce physical activity by warehouse operators. Verbal assessment and confirmation of tasks can reduce errors in the workplace.
- According to Korber, voice-picking solutions increased 35% of workers' productivity. This is driving the demand for voice-picking solutions from warehouse management. Warehouse operators can do multiple tasks simultaneously, as verbal instructions can be followed simultaneously. This is beneficial to the warehouse as it increases productivity for the company.
Rapid growth in online sales is driving the demand for voice-picking solutions. Based on the India Brand Equity Foundation, by the financial year 2025, warehousing, industrial, and logistics are expected to witness speedy growth with India's USD 5 trillion economy. In the pandemic, the market for logistics experienced larger growth, from 2% in 2020 to 20% in 2021. This is attributable to the awareness among people during the pandemic to buy essentials and discretionary products through online networks due to the lockdown.
The E-commerce industry gained attraction and trust among customers. This makes customers prefer online shopping to retail shopping due to the low cost, ease of placing orders, and low transportation costs. Optimization in the shipping of products on time requires inventory management. This can be done efficiently by warehouses that have adopted voice-picking solutions. This is making various warehouses adopt voice-picking solutions.
Voice-picking solutions minimize the distance traveled by the delivery vehicles, which is beneficial to optimizing the shipping of goods by online retailers. According to Forbes, Global E-commerce sales are expected to reach USD 6 trillion by 2023. This implies the rising trend of online shopping worldwide. Consumers are showing interest in buying products in a shorter period, increasing the need for better transportation facilities for ordered products. 85% of the customers are not ready to shop on the online platform if they receive delays in product delivery. This is making online retail platforms adopt voice-picking solutions as quickly as possible.
Global parcel deliveries are projected to witness 78% growth by 2030, increasing 30% in global emissions. As the retailers showcase their interest in reducing emissions and optimizing delivery routes, they will likely invest in voice-picking solutions that ensure timely product delivery by managing all tasks from inventory to product delivery with step-by-step guidance and optimization of delivery routes.
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Efficient Voice-Picking Solutions for Streamlined Operations
As technological advancements unfold globally, voice-picking solutions are emerging as a pivotal development in warehouse management. These innovative solutions enable swift navigation for workers within warehouses and optimize their travel routes, effectively minimizing unnecessary movements during their tasks. Leveraging elements from previous warehouse management technologies, these picking solutions capitalize on time-saving techniques, demonstrating adaptability in modern warehouse operations. A striking advantage of these solutions is the potential to significantly reduce workers' training periods by up to 50%, resulting in substantial cost savings and diminished disruptions in the workplace.
Central to the success of voice-picking solutions is their integration with wearable headsets that facilitate direct voice recognition of picker commands. This integration empowers pickers to seamlessly communicate instructions to the warehouse management system, aiding in locating inventory swiftly and executing orders with proficiency. The culmination of these benefits leads to heightened accuracy in task completion, culminating in swifter delivery of customers' products. By intertwining seamless communication, efficient inventory management, and precise order fulfillment, these voice-picking solutions usher in a new era of enhanced productivity, enabling businesses to meet customer demands with greater precision and speed.
The market is primarily segmented based on component, industry vertical, and region.
By Industry Vertical
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By Component Analysis
The software segment is projected to have faster growth over the projected period.
The software segment witnessed faster growth in the study period. This segment is witnessing rapid growth owing to the growing adoption of cloud-based software. Businesses are showing interest in cloud-based platforms due to the low installation cost and the fact that they do not require hardware equipment. Software is helping the workers understand the platform more quickly by reducing the company's training. It is the most cost-effective option for businesses. This solution allows companies to manage warehouses remotely and can be monitored accordingly in minutes. The accessibility and affordability of these solutions are driving the growth and demand for voice-picking solutions.
By Industry Vertical Analysis
The retail and e-commerce segment accounted for the largest market share over the forecasted period.
The retail and E-commerce segment held the largest market share for the market in the study period. This segment is fostering the need for voice-picking solutions by companies. The growing E-commerce sector is fueling the demand for these solutions. Customers order goods through online e-commerce platforms. After customer’s place orders, companies must work on logistics and inventory to deliver products on time to households. Most of the time, E-commerce involves many parcels that must be delivered on time. This voice-picking solution provides a hands-free, eyes-free system, enabling workers to pick inventory quickly. This makes warehouses adopt voice-picking solutions to deliver retail and E-commerce products on time to customers.
By Regional Analysis
Asia Pacific garnered the highest growth in the projected time frame.
Asia Pacific is expected to have higher growth in the global market. The voice-picking solution shifted the way distributors and warehouses work. It uses an automatic voice solution for voice recognition to assist pickers in finishing their tasks efficiently, along with speed and accuracy. According to the India Brand Equity Foundation, India witnessed growth in online shoppers in past years, with 125 million, and is estimated to add 80 million by 2025. This will enhance the e-commerce industry, as there is a rising trend of people purchasing products online.
As the e-commerce industry witnesses rapid growth in the coming years, there will be a need for efficient distribution systems for companies. This motivates warehouse management to opt for voice-picking solutions, as it will enhance customer productivity and help e-commerce companies gain customer satisfaction. In this way, the growing e-commerce industry in this region is driving the demand for voice-picking solutions by warehouse management.
North America dominated the voice-picking solution market with a larger revenue share. This region is known as a home for working professionals. They will likely shop online rather than in traditional retail shops to save time and transportation costs. According to the Eye on the Last Mile Report by Far Eye, 64% of retailers agreed to outsource delivery networks to increase faster delivery of services in the United States. This makes retailers increase the speed of shipping goods to customers to increase customer satisfaction and build trust. Voice Picking Solutions ensures warehouse operations in a short period with voice-enabled tasks assigned to the operators. The effectiveness of voice-picking technology and its features meet the demand for present business needs and ensure greater customer satisfaction.
The thin film solar cells market is fragmented and is anticipated to witness competition due to several players' presence. Major service providers in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.
Some of the major players operating in the global market include:
- Bastian Solutions, LLC
- Business Computer Projects Ltd.
- Ehrhardt + Partner Group
- Honeywell International Inc.
- Korber AG
- Lucas Systems
- Peak Technologies
- SAP SE
- Symphony RetailAI
- Voxware, Inc.
- Zebra Technologies
- In July 2023, Dematic unveiled its Noise Reduction Portfolio to address ear-piercing voices at supply chain facilities globally. This comprehensive package encompasses pre- and post-3D noise mapping assessments spanning the entirety of a facility.
- In June 2023, Lydia Voice introduced the Android version of the Lydia Voice Demo App. This is now freely accessible through the Google Play Store. This app added new features, such as 100% unique voice control and multilingual recognition.
Voice Picking Solution Market Report Scope
Market size value in 2023
USD 2.54 billion
Revenue forecast in 2032
USD 8.85 billion
14.9% from 2023 - 2032
2019 - 2021
2023 - 2032
Revenue in USD billion and CAGR from 2023 to 2032
By Component, By Industry Vertical, By Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Report customization as per your requirements with respect to countries, region and segmentation.
The voice picking solution market report covering key segments are component, industry vertical, and region.
Voice Picking Solution Market Size Worth $8.85 Billion By 2032.
The global voice-picking solution market is expected to grow at a CAGR of 14.9% during the forecast period.
Asia Pacific is leading the global market.
key driving factors in voice picking solution market are increasing efficiency warehouse operations.