Logistics Market to Reach $12.97 Billion, Globally, by 2027 at 6.5% CAGR Allied Market Research
Growing e-commerce industry, surge in trade related agreements, increase in the number of tech-driven logistics services, and rising adoption of IoT enabled connected devices drive the growth of the global logistics market
PORTLAND, Ore., Feb. 23, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Logistics Market by Mode of Transport (Railways, Airways, Roadways, and Waterways) and End Use (Healthcare, Manufacturing, Aerospace, Telecommunication, Government & Public Utilities, Banking & Financial Services, Retail, Media & Entertainment, Technology, Trade & Transportation, and Others): Global Opportunity Analysis and Industry Forecast, 2017–2027." According to the report, the global logistics industry was estimated at $7.64 billion in 2017, and is expected to hit $12.97 billion by 2027, registering a CAGR of 6.5% from 2020 to 2027.
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Drivers, restraints, and opportunities-
Mounting e-commerce industry coupled with rise in reverse logistics operations, increase in trade related agreements, surge in the number of tech-driven logistics services, and growing adoption of IoT enabled connected devices fuel the growth of the global logistics market. On the other hand, poor infrastructure, higher logistics costs, and lack of control of manufacturers on logistics service restrain the growth to some extent. However, emergence of last mile deliveries in addition to logistics automation is expected to create lucrative opportunities in the industry.
- Logistics firms which are directly involved in the movement, storage, and flow of goods were severely hampered during the first phase of the lockdown. Flight cancellations and travel bans also led to supply chain and logistics across the world.
- Nevertheless, as the lockdown has loosened off, the standard manufacturing activities are gradually being restored, and the global market for logistics is expected to recoup soon.
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