The AGV software market is expected to grow from USD 540.2 million in 2018 to USD 1,046.4 million by 2023, at a CAGR of 14.14% from 2018 to 2023.
AGVs safely handle and transport all kinds of products within production, logistic, warehouse, and distribution environments. While these vehicles perform all the tangible work, associated software play the role of a brain, coordinating all navigations and communications across a facility.
Based on offering, the AGV software market for in-built vehicle software is expected to grow at a higher rate than integrated software during the forecast period. AGVs are controlled and navigated by advanced in-built vehicle software. 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 in-built vehicle software market during the forecast period.
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The market for the food & beverages industry is expected to register the highest growth rate among all industries during the forecast period. Swelling global population, particularly in developing countries, is burdening the food & beverages industry with a growing demand for processed and packaged food items. An additional pressure on the industry is also created by the rising trend of online grocery shopping. The resultant needs for more efficient inventory management and hygienic handling of food items are encouraging food & beverages companies to implement AGV solutions and warehouse management software in their facilities.
APAC is expected to register the highest CAGR globally during the forecast period owing to the region’s fast-growing e-commerce industry, booming manufacturing sector, and numerous planned installations of AGVs in emerging economies such as China and India. Moreover, governments in APAC countries are increasingly emphasizing safety and security on production floors, which can be best achieved by the implementation of AGV systems. Toyota Industries (Japan) and Murata Machinery (Japan) are a few key players that operate in the APAC AGV software market. These players have adopted various growth strategies, such as product launches, partnerships, contracts, collaborations, acquisitions, and expansions, to expand their market presence and increase their share in the global AGV software market. In February 2018, Murata Machinery announced to acquire AGVE AB (Sweden), a leading AGV manufacturer. This will strengthen its expertise in developing AGV solutions.
AGV Software Market by Offering (In-built Vehicle Software and Integrated Software), Industry (Automotive, Manufacturing, Food & Beverages, Aerospace, Healthcare, Logistics, Retail), and Geography - Global Forecast to 2023
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