The global logistics market accounted for US$10.68 billion in 2018 and is expected to reach $15.88 billion by 2027, growing at a CAGR of 4.5% during the forecast period, despite the coronavirus pandemic.
Some of the key factors propelling the market growth are rising use of multimodal transport and innovation in mobile technologies.
However, lack of uniform governance standards in developing and underdeveloped countries is the restraining factor for the growth of the market.
By application, the retail segment is expected to grow at the significant market share during the forecast period due to the high pressure of digital sales channels.
This is compelling retail and consumer goods companies to reshape their underlying operating models with connected logistics, to keep pace with the ever-evolving industry and consumer demand.
On the basis of geography, Asia-Pacific is anticipated to hold considerable market share during the forecast period due to the factors such as the occurrence of many consumer base for food and beverage and healthcare invention suppliers, greater than ever demand for LNG, mounting demand for cold-chain logistics, and escalating number of automobile manufacturing plants are causal to the logistics market growth in this region.