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According to the recent study by IMARC Group, entitled
“Logistics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global logistics market reached a value of US$ 5.2 Trillion in 2020. Logistics, an indispensable component of supply chain management, involves planning, coordinating and managing the flow of resources from the point of origin to the point of consumption. It offers efficient storage and transportation of goods, services and information to meet the requirements of the customer cost-effectively. Some of the key components of the process include warehousing, inventory management, purchasing, traffic and transportation, production planning, customer service, shipping and receiving, and import and export operations.
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Logistics Service Market Will Generate Massive Revenue In Coming Years | Panalpina, FedEx Corp, Kenco Group
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This report analyzes the global logistics market in terms of mode of transportation, logistics model, and geography. Based on mode of transportation, the global logistics market is segregated into roadway logistics, waterway logistics, railway logistics, and airway logistics. Similarly, on the basis of logistics model, the global logistics market is segregated into 1PL (Party Logistics), 2PL (Party Logistics), 3PL (Party Logistics), and other (4 PL etc).
The advancements in technology coupled with growing awareness regarding the benefits offered by supply chain management solutions among shippers bode well for the market growth. In addition, proliferation of e-commerce and consequent need for multi-channel distribution is aiding the logistics market worldwide. These factors are expected to contribute towards 6.5% CAGR during the forecast period 2020 - 2028. On the contrary, the limited workforce of truck d