Forklift IoT Solution Market is expected to reach $47.6 billion by 2025 at a CAGR of 12.0% during the forecast period 2020-2025. Owing to the advantages of storing, picking and shipping the items in the warehouse smartly and efficiently. Internet of Things technology helps streamline warehouse procedures by bringing workers and forklifts together through the facility’s enterprise resource planning, or ERP system. In addition to using warehouse space more efficiently, smart forklifts save time and money by completing routine tasks quickly, by holding down labour costs.
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Key Takeaways
•Pharmaceutical companies are increasingly seeking areas for improvement within their operations and are turning to technology to boost efficiencies and reduce costs and this has led to deployment of IoT solutions such as embedded sensor packs on forklifts to track their location and utilization as well.
•The global market for Forklift IoT Solutions are likely to benefit enormously from the rapidly growing e-commerce industry around the world with technological advances and economic levels.
•Forklift IoT Solutions top 10 companies include Software AG, SAP, PTC, Cisco, Huawei, Bosch, Cognizant, Zebra Technologies, Sierra Wireless, Microsoft among others.
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Driver assistance is growing at a highest CAGR of 15.7% in the forecast period. Driver assistance systems and collision awareness systems immediately detects the risk if the vehicle comes close to personnel, infrastructure or other vehicles and also helps the drivers to carry out difficult and monotonous tasks effectively and efficiently. Fork-lift truck manufacturers have developed driver assistance systems (DAS) that are intended to reduce substantially the risk of the truck tipping over to the side. Industrial trucks and forklifts particularly rely on driver assistance systems that increase convenience at work while minimizing the risk of accidents.
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