The Global Logistics Service Market revenue accounted for US$ 1,122.58 Bn in 2018 and is expected to grow at a CAGR of 6.9% during the forecast period 2019 - 2027, to account to US$ 2,029.38 Bn by 2027.
The growing emphasis towards achieving improved operational efficiencies coupled with the rise in popularity of outsourcing logistics operations and selected supply chain process for reducing the operational costs has gained significant traction across various industries and subsequently propelling the growth for logistics service market.Moreover, the emergence of third-party logistics and fourth party logistics provider has further boosted the recent surge in demand for logistics service providers and resulting in the growth of logistics service market globally.
Currently, some of the first services rendered by the leading logistics provider include freight forwarding, freight management, consulting, route optimization, network analysis, project management, inventory & storage management, and supply chain consultancy among other various logistics services.Also, the versatile benefits associated with the adoption of technologically driven logistics services such as real-time tracking & monitoring, analytics, forecasting, and planning is expected to provide numerous profitable opportunities for the market players of the logistics service market during the coming years.
Thus, the logistics service market is expected to offer countless lucrative opportunities for market players during the coming years.
Globally, there is a substantial growth in demand for logistics services by several organizations to increase efficiency, meet the customer’s delivery expectations, and minimize overall operations cost.Logistics service outsourcing is the common practice among large manufacturers to construct a suitable supply chain and improve the flexibility in global operations.
Large enterprises mainly outsource logistic functions that are non-core activities.Logistics services help large enterprises to distribute their different products and brands across the globe and enable rapid sales growth for the company.
The large organizations across various industry verticals such as industrial manufacturing, retail aerospace, and others are focusing on adopting logistics services as it provides multiple advantages such as time-saving, cost optimization, accountability, flexibility, and reduced risks among others.Thus, the logistics service provider’s delivers a broad range of logistic solution to large enterprises in both domestic and international markets.
As a result, the logistics service market is poised to offer numerous profitable business opportunities for market players during the forecast period.
The Asia Pacific logistics service market includes countries such as China, Japan, India, Australia, South Korea, and Rest of APAC.Large manufacturing industry for automotive, semiconductors, and electronics has triggered the adoption of automation and its controlling system in sectors.
Rapid developments, digitalization of the economy, adequate Government support, increasing education awareness, and rising incomes of the middle class are some of the attributable factors that have ensured a smooth transition of these economies from the developing stage towards a developed stage.Government as well as industries, both play an essential role in the development of logistics service market across the region.
Almost 60% of the world’s population lives in the Asia Pacific region, and many of the countries are the manufacturing hub, which further raises the growth of the respective industry in the region.Increase in the number of industries and manufacturers raise the demand for better value-added logistics service to efficiently manage supply chain starting from the supply of raw material till last mile delivery.
Thus, the emerging economies in the Asian region are projected to boost the global logistics service market during the coming years.
A holistic 360-degree approach was adhered to while performing the research for logistics service market.The overall logistics service market size has been derived using both primary and secondary sources.
The research process begins with conducting exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the logistics service market.Subsequently, multiple primary interviews were conducted with industry participants and commentators to validate data and analysis for the logistics service market.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the logistics service industry and subsequently the logistics service market.
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