Smart Parcel Delivery Locker Market is expected to reach US$ 1,644.1 Million by 2028

Advancements in Autonomous Technology for Storage and Management of Parcels to Provide Growth Opportunities for Smart Parcel Delivery Locker Market During 2021–2028.

The growing consumer demand for faster and flexible shipments enables the market players to improve their services and develop autonomous technology-equipped parcel storage systems as an effective and long-term solution to last-mile delivery challenges. Investments in new technologies enabling greater efficiency are anticipated to provide lucrative growth opportunities to the market vendors. Automated smart parcel locker solutions provide functionalities that enhance and amplify logistics companies' mail and package deliveries. Autonomous technology for the storage and management of parcels offers secure, efficient, accountable, convenient package delivery and auditable asset storage with the access to track deliveries remotely. Prominent players in the smart parcel delivery locker market are focusing on building, managing, and maintaining an efficient automated smart locker network to achieve business expansion. For instance, Smartbox is a pioneer in bringing smart locker technology to the Indian market. Its cloud-based parcel locker technology gives a real-time view of available lockers with complete control and security. Increased partnerships and collaborations among the industry participants are anticipated to propel market growth. For instance, in March 2021, Quick Collect Solutions—the provider of automated pickup solutions—announced a partnership with smart locker company "Florence Corporation" to improve its current product portfolio and offerings. The rising adoption of internet of things (IoT) based smart parcel lockers in regions such as Asia Pacific, owing to the rise in demand from retailers, e-commerce companies, logistics companies, and consumers, is anticipated to boost the market growth.

Based on type, the smart parcel delivery locker market is categorized into standard smart locker and temperature controlled smart locker. The standard smart locker segment was valued at US$ 438.66 million in 2020. Based on component, the smart parcel delivery locker market is bifurcated into hardware and software. Similarly, based on application, the smart parcel delivery locker market is segmented into retail, residential, university, office, and other.

Impact of COVID-19 Pandemic on Smart Parcel Delivery Locker Market

The COVID-19 pandemic has accelerated the use of digital solutions to continue some of the economic and social activities remotely. Developments and technological up gradations such as Buy online, pick up in store (BOPIS) that provide convenience for businesses to store parcels and help to reduce last-mile shipping costs have witnessed an increased demand during the pandemic. An immense surge in the growth of online platforms post-COVID-19 pandemic and change in consumer buying preferences have increased the demand for online sales. According to a report by unicommerce, as the businesses started to open up again, the online platforms witnessed an order-volume growth of about 17%.

Cleveron; DeBourgh; KEBA; KernPack; Package Nexus; Patterson Pope; RENOME SMART, Smartbox Ecommerce Solutions Private Limited; Snaile Inc.; and TZ Limited are a few major companies operating in the smart parcel delivery locker market.

Smart Parcel Delivery Locker Market — by Geography, 2020 and 2028 (%)

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Smart Parcel Delivery Locker Market Growth Analysis by 2028

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Smart Parcel Delivery Locker Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Standard Smart Locker and Temperature Controlled Smart Locker), Component (Hardware and Software), and Application (Retail, Residential, University, Office, and Others)

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