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The global logistics automation market size is projected to grow from USD 48.4 billion in 2020 to USD 88.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period.
The logistics automation market is gaining traction due to digital transformation in the logistics industry, emergence of IoT, exponential growth in the eCommerce industry, advancements in robotics, and growing need to ensure workforce safety.
Based on Function, the warehouse and storage management segment is expected to hold a larger market share during the forecast period
The warehouse and storage management segment is projected to account for a larger market share in 2020 to 2026. The rising need to optimize warehouse spaces and distribution centers is fuelling the importance of warehouse and storage management function. An effective warehouse management system ensures the efficient execution of warehousin
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The global 5G security market size is projected to grow from $580 Million in 2020 to $5,226 Million by 2026, at a CAGR of 44.3% during the forecast period.
The 5G security market is gaining traction due to rising security concerns in the 5G networks, increasing ransomware attacks on IoT devices, rising attacks on critical infrastructure, and increasing IoT connections paved way for mMTC with enhanced security requirement. However, the high cost of 5G security solutions will restrain the adoption by SMEs.
Based on solution type, the DDoS protection solution segment is expected to grow with the fastest growth rate during the forecast period