Research by Obis Research on the warehousing and storage services market has identified both opportunities and risks facing the market in 2023.
The research found that the four main opportunities are:
1. Demand for data analytics
Analyzing data of all warehouse processes improves efficiency, which raises customer satisfaction and leads to better business decisions based on accurate data. Data can also be used to monitor warehouse equipment, predicting when it is time to order new items from a warehouse equipment supplier.
2. Expansion in emerging markets
Emerging markets are an untapped opportunity to find new clients. Many regions of the world are expanding their industrial base and developing new products.
3. Computer technology
AI and computer algorithms can enhance the functionality of the warehouse and improve efficiency to be more competitive.
Collaboration strategies and alliances are enabling companies to enter new markets and expand their product range.
There are also four risks affecting the market.
There is intense competition for market share, which affects pricing.
2. Security and privacy
Collecting more data raises issues of privacy and security for companies in the warehouse industry.
3. High cost of new technology
The rapid advancement of technology is making older technology obsolete and pressuring warehouse operators to invest heavily in costly new technology.
4. Economic downturns
Economic downturns and inflation create financial restrictions and reduce investments.
The Orbis Research report on these opportunities and hazards is designed to make companies aware of these issues so that they can deal with them.Get a free quote