The global logistics market is a highly competitive one, as reported by Transparency Market Research (TMR). The vendors in the global logistics market are expected to adopt several organic as well as inorganic growth strategies in order to gain momentum in the industry. Among these, leveraging the latest technological innovations is a popular scheme amongst logistics market players.
The global logistics market is projected to rise at a 4.5% CAGR over the forecast period 2019 to 2027. The market was estimated to reach a value of US$ 15,273.21 Bn by 2027 according to TMR analysts.
Logistics market has been considerably impacted by the introduction and use of new technologies. Some of new technologies in logistics market are global positioning system (GPS), order entry systems, warehouse management systems, dispatching communication system, the Internet of Things, automated transportation and similar futuristic innovations, and transportation management system (TMS) among others.
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Asia Pacific logistics market is expected to grow rapidly over the forecast period. The study shows that, because of the development of the retail sector in e-Commerce, which is currently driving the logistics market, the worldwide logistics industry is expanding rapidly. A comparable trend is expected during the forecast period.
E-commerce plays very crucial role in offering freight customers new options to support their economic growth. E-commerce is anticipated to persist as the major driver of growth in the transportation industry. According to, FedEx CEO, Henry Maier, owing to e-commerce logistics, the shipments and sales went up by more than a 100%. The prolonged growth through e-commerce will be significant for all freight and retail companies.
Rising internet-based retailing is boosting the growth of the logistics market. Exponentially proliferating online shopping across global market is behaving as major driver of the logistic market. Moreover, hassle free shopping and home delivery options are supporting the market currently. Further, short time consignment delivery, after sales support and services are fueling the internet retail market. Knowing the fact, online retailer should provide good logistics services to form and maintain good and satisfactory relationships with the customers. The growth in internet retail market is thus driving the logistics market at present and similar trend is anticipated to be witnessed over the forecast period.
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Outsourcing to be Key Market Trend
Growing usage of logistics services outsourced in the region has led to market growth. Growing imports and exports, together with the enormous demand for logistics services, are driving producers to trade worldwide as a result of economic growth and urbanization. The logistics infrastructure is improved to satisfy the requirement of additional logistics characteristics using the IT to ensure smooth data flows from one source to the next. This factor augments demand in the global logistics market to a great extent.
Automation Will Changing the Logistics Industry
Adoption of autorotation and robotic delivery system across warehousing is very common these days. Robots are preferred for flawless and efficient loading, unloading, and delivery for the materials or finished goods. Robots implementations has witnessed increased output. Knowing the facts, companies are investing in such industrial robots. For instance, Amazon has introduced Kiva robots. Besides material and goods handling, robots are also helping companies packaging and transportation of items and supporting enterprises to automate the processes and enhance the business operations.
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