Automated Storage And Retrieval System Market Growth Is Propelled By The Growing Demand For Reducing Errors And Repetitive Tasks As Per The Business Research Company's Automated Storage And Retrieval System Global Market Report 2022

LONDON, July 07, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company's research report on the automated storage and retrieval system market , the increasing demand for automation is significantly driving the growth of the automated storage and retrieval system market. Automation refers to the application of technologies with minimal human intervention for producing and delivering goods and services. The majority of the industrial sectors are adopting automated systems such as automated storage and retrieval systems to cut back on errors, reduce repetitive tasks, and lower processing costs. The increasing demand for automation in industries is directly promoting the increased use of automated storage and retrieval systems. For instance, according to the Future of Jobs Survey 2020 by the World Economic Forum, an international non-governmental and lobbying organization, 50% of business leaders are planning to adopt automation of repetitive tasks and 85% of business leaders said that automation will give them more time to focus on important goals for the company. Therefore, the increase in demand for automation is driving the growth of the automated storage and retrieval system market. Request for a sample of the global automated storage and retrieval system market report The global automated storage and retrieval system market size is expected to grow from $8.15 billion in 2021 to $8.8 billion in 2022 at a compound annual growth rate (CAGR) of 8.0% . The global ASRS market size is expected to grow to $12 billion in 2026 at a CAGR of 8.1%. Technological advancements are shaping the automatic storage system and different types of retrieval system market. Major market players are developing advanced automated storage and retrieval systems with innovative technologies for industrial use to cut back on errors, reduce repetitive tasks, and lower processing costs. For instance, in November 2021, Honeywell International Inc. launched a ... Full story available on Benzinga.com