Global demand for automated material handling and storage systems could push revenues to $41.56 billion in the sector by 2020, up from $20.69 billion in 2015, a report released Thursday says.

That fast growth would represent a compound annual growth rate (CAGR) of 12.33 percent, according to the report from Pune, India-based Wise Guy Consultants Pvt. Ltd.

Rising demand comes as companies in the healthcare, retail, manufacturing, and automotive industries look at diverse technologies to handle increased competition and pressure to reduce costs, according to the "Wiseguy Reports" website. Automated material handling systems can help users meet those goals by simplifying business processes, increasing productivity, and boosting output, the report says.

To meet that demand, material handling industry vendors are responding with new equipment, technologies, and systems that enable clients to improve supply chain visibility and measure how their investments in material handling technologies have an impact on overall operations, Wiseguy Reports said.

Vendors positioned to benefit from the trend could include Dematic Group (Luxembourg), FlexLink AB (Sweden), Mecalux S.A. (Spain), SSI Schaefer (Germany), Intelligrated (Ohio), and Bosch Rexroth (Germany), the report said. Additional suppliers could also ride the wave of increased demand for products such as automated guided vehicles, automated storage and retrieval systems (AS/RS), conveyor systems, palletization systems, sortation systems, and software and services.