AGV Software Market Worth $1,046.4 Million by 2023 - Exclusive Report by MarketsandMarkets

CHICAGO, October 18, 2018 /PRNewswire/ --

According to the new market research report "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", published by MarketsandMarkets, 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.

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The growth of this market is majorly driven by rising demand for automation across different industries, globalization of supply chain networks, and increasing adoption of on-cloud warehouse management system (WMS) solutions.

The market for in-built vehicle software to grow at higher CAGR than integrated software from 2018 to 2023 

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. 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.

Automotive industry accounted for the largest market share in 2017 

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.