Pune, India, June 03, 2019 (GLOBE NEWSWIRE) -- The global postal automation system market is expected to grow at a 9.1% CAGR over the forecast period from 2017 to 2023 to reach a valuation of USD 2.2 billion by 2023, according to the latest research report published by Market Research Future (MRFR). The global postal automation system market is expected to be driven by the growing demand for automation solutions in postal services, which could help reinvigorate postal services and bring about increasing customer demand. The growing interest in postal automation systems among key technology players and developers is likely to be a major driver for the global postal automation system market over the forecast period.
The global postal automation system market has mainly been driven by the growing demand to bring the postal service into the 21st century by equipping it with the relevant technology. While the postal system has been the traditional system for sending and receiving messages, the rapid development of electronic communication systems has put it far in the background in recent years, leading to a drop in customer interest. In order to counteract the effect of electronic mail on traditional postal services, several postal agencies have adopted automation systems that allow them to get through more mail through the day and with increased accuracy. This is likely to drive the global postal automation system market over the forecast period.
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Address recognition systems are one of the most commonly used automation solutions in the postal services sector. Address recognition systems allow postal services to automate the sorting process, which is the most prone to errors. This has helped drive the adoption of address recognition and other automation solutions in postal services, as the accuracy level of the postal service is increased significantly.
The rapid development of optical character recognition technology has been a major driver for the global postal automation system market over the forecast period. Optical character recognition technology has been vital to the growth of the postal automation system market and is likely to remain vital to the market’s prospects over the coming years due to the increasing demand for further technological advancement in the field of optical character recognition technology. The increasing use of QR codes and other optical scanning technologies in other sectors has driven the technological advancement of optical character recognition technology and is likely to remain important for the global postal automation system market over the forecast period.
Segmentation:
The global postal automation system market is segmented on the basis of technology into delivery bar code sorter, automated parcel and bundle sorter, automated package processing system, and facer canceller system. The facer canceller systems segment accounts for the largest share in the global postal automation system market and is likely to exhibit a CAGR of 10.13% over the forecast period, retaining its dominance over the forecast period from 2017 to 2023.
By component, the global Postal Automation System Market is segmented into hardware, software, and services. The hardware segment dominates the global postal automation system market and is likely to grow at a 10.75% CAGR over the forecast period.
By application, the global postal automation system market is segmented into public and private post. The public post segment is likely to dominate the global postal automation system market over the forecast period due to the easier affordability of automation systems for public post systems. The public post segment was valued at USD 867.36 million in 2017 and is expected to exhibit a 9.44% CAGR over the forecast period.
Competitive Analysis:
Leading players in the global postal automation system market include Solystic SAS, Falcon Autotech, Vanderlande, Fujitsu Ltd., Siemens AG, Accenture PLC, NEC Corporation, Escher Group, Mitsubishi Logistics Inc., and Toshiba Corporation.
Regional Analysis:
North America is likely to dominate the global postal automation system market over the forecast period due to the growing adoption of a variety of optical character recognition and other automation solutions in the U.S. and Canada. The strong presence of leading developers of optical character recognition technology in the region is likely to be a key driver for the postal automation system market in North America over the forecast period.
Europe is also likely to exhibit steady growth in the global postal automation system market due to the growing government support to the adoption of postal automation solutions in the region. Leading companies such as Siemens AG and Accenture PLC are situated in Europe, giving the regional market a boost.
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Asia Pacific markets for postal automation systems are likely to exhibit a rapid growth rate over the forecast period despite the low volume of the market in the region. While the demand for postal automation systems is not rampant in Asia Pacific, the growing urbanization in developing economies such as China and India could lead to the development of promising opportunities in the smart cities sector in the coming years. Growing government support to the development of smart cities in Asia Pacific is likely to be a major driver for the postal automation system market over the forecast period.
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