Logistics Market Trends Reflect Impressive Growth Rate
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 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 implementation and use of novel technology has significantly affected the logistics industry vendors. Some of the market’s latest techniques are Warehouse Management Systems, Global Positioning System (GPS), Transportation Management System (TMS) and Order Entering Systems, among other. During the entire shipping cycle, technological progress made it possible to monitor the item. This is because of the emergence of tracking systems such as RFID, GPS and bar code technologies.
Logistics providers are using the latest technology, such as CPFR and VMI (Vendor Managed Inventory), to satisfy ever-changing customer requirements. DHL Express introduced a fresh TC55 technology which works on Android platform and which is simple to use, as well as the navigation skills in the global positioning system (GPS).
Leading players in the logistics market are J.B. Hunt Transport Services, Ceva Holdings LLC, Expeditors International of Washington Inc., C.H. Robinson Worldwide, Inc., and Americold Logistics, among others.
The global logistics market is projected to rise at a 7.4% CAGR over the forecast period 2018 to 2026. The market was estimated to reach a value of US$ 16445.1 Bn by 2026, according to TMR analysts.
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The 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.
Soaring Global Trade Puts Logistics Market on the Spot
The development of the world market in logistics is mainly attributable to increased global trade activity for developing economies, increased trade agreements and worldwide logistic infrastructure and progress on IT and transport. Globalization also fosters the logistics industry because the supply chain has become more and more complicated and more multinational companies are outsourcing the logistics services to third parties, seconds and fourths.
In addition, the logistics administration makes an organisation’s quality, price, flexibility and distribution more competitive. These variables are now helping organisations to improve their logistics activity. Logistics provides many benefits, including reducing operating costs, improving delivery and increasing client satisfaction. This is a key factor fueling the global logistics market in coming years.