Smart Locker Market worth $3.6 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 21, 2023 /PRNewswire/ -- The Smart Locker Market is projected to grow from USD 2.1 billion in 2023  and is estimated to reach USD 3.6 billion by 2028; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.6% from 2023 to 2028 according to a new report by MarketsandMarkets™. The need for smart lockers arises from the evolving demands of modern lifestyles, driven by factors such as the surge in e-commerce activities, the imperative for contactless solutions amidst the pandemic, last-mile delivery challenges in urban environments, advancements in technology like IoT and RFID integration, and the growing emphasis on sustainable and secure parcel management practices. These lockers cater to convenience, efficiency, and security demands in package delivery and storage, adapting to the changing dynamics of consumer behavior and the technological landscape.

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Smart Locker Market Report Scope:

The software segment is expected to grow fastest during the forecast period.

The software segment is expected to grow fastest in the smart locker industry during the forecast period. This is primarily because of the increasing demand for advanced solutions that promote storage management efficiency, security, and convenience. The rise of contactless and IoT-driven technologies has spurred the adoption of smart locker software, particularly in response to the evolving needs of workplaces and public spaces. The surge in e-commerce and the secure parcel delivery solutions market further contribute to the demand for sophisticated software offerings that seamlessly integrate with smart locker systems. Additionally, the growing emphasis on data analytics and real-time monitoring capabilities enhances the appeal of smart locker software, allowing administrators to gain valuable insights into usage patterns and security. The versatility of these software solutions, catering to a wide range of applications, including asset tracking, user authentication, and access management, is also a driving factor in their increasing market presence.

The office segment is projected to grow significantly during the forecast period.

The growing need for smart lockers in the office sector is driven by a convergence of factors reshaping contemporary work environments. Smart lockers offer an efficient and organized solution for staff/employees to securely store personal belongings, particularly relevant in flexible work arrangements where dedicated workspaces may be limited. The demand for contactless solutions positions smart lockers as a touchless and secure method for employees to access their belongings. These lockers also address the increasing volume of package deliveries in office settings, streamlining the management process. The reduced administrative burden, seamless integration with access control systems, and alignment with green initiatives further solidify smart lockers as a pivotal element in fostering modern and tech-savvy office environments.

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Asia Pacific is expected to grow fastest throughout the forecast period.

In 2022, the largest share of the smart locker market was held by North America. The market is driven by developments in smart lockers by various North American-based companies such as Gibraltar Industries, Pitney Bowes, Inc., Bell and Howell LLC, etc. The regional market for Asia Pacific is expected to grow at the highest CAGR during the forecast period, attributed to the strong foothold for commercial, office, residential, education, healthcare, and logistics in China, Japan, and South Korea. The rapid growth of e-commerce giants like Alibaba and JD.com has increased the need for efficient parcel delivery solutions, driving the demand for smart lockers as secure pickup points. Tech-savvy regions such as Beijing are quick to adopt technological innovations. Smart lockers, equipped with advanced features like IoT and RFID integration, align with the tech-driven preferences of these urban centers. In addition, the growing population and the rising government investments in infrastructural development in countries in the Asia Pacific region are expected to drive the growth of the smart locker market further soon.

The smart locker Companies includes significant Tier I and II players such as Ricoh (Japan), Pitney Bowes, Inc (US), ASSA ABLOY (Sweden), Quadient (France), Gibraltar Industries (US), Hollman Inc (US), Bell and Howell, LLC (US), Cleveron (Estonia), InPost SA (Poland) and so on are some of the key players in the smart locker market.

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