Global Logistics Market Overview 2018, Size, Share, Growth, Trends and Forecast to 2023

The recent study by IMARC Group, entitled “Logistics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global logistics market reached a value of US$ 1,171 Billion in 2017. Logistics is the process of planning, coordinating, implementing and managing the flow of resources from the point of origin to the point of consumption. It assists in the efficient and effective transportation and storage of goods as well as services. In recent years, the logistics industry has undergone rapid transformation due to changing customer demands, behaviors, and expectations which have translated into customized orders, shorter delivery time and stringent compliance standards. On the other hand, the increasing use of RFID (Radio Frequency Identification), Bluetooth, and newly introduced technologies such as Drone Delivery and Driverless Vehicle, has helped in enhancing the efficiency of logistics services.

One of the major factors driving the global logistics market is the rapidly expanding e-commerce industry. Online retailing has provided consumers with the convenience of shopping from the comfort of their homes. It also offers the option of returning unwanted products without going to the retailer. As logistics form a major part of the storing, transporting and delivery of the goods purchased online, this has provided a positive thrust to the market growth.