Logistics is a business to control, execute, and plan the movement of material, capital, and service. In a general sense, logistics is a part of supply chain management that controls, implements, and plans the effective and efficient flow of goods, information and services between the point of origin and point of consumption.
E-commerce plays very crucial role in offering freight customers new options to support their economic growth. E-commerce is anticipated to persist as the major driver of growth in the transportation industry. According to, FedEx CEO, Henry Maier, owing to E commerce logistics, the shipments and sales went up by more than a 100%. The prolonged growth through e-commerce will be significant for all freight and retail companies.
Rising Internet based retailing is boosting the growth of the logistics market. Exponentially proliferating online shopping across global market is behaving as major driver of the logistic market. Moreover, hassle free shopping and home delivery options are supporting the market currently. Further, short time consignment delivery, after sales support and services are fueling the internet retail market.
Knowing the fact, online retailer should provide good logistics services to form and maintain good and satisfactory relationships with the customers. The growth in internet retail market is thus driving the logistics market at present and similar trend is anticipated to be witnessed over the forecast period. Additionally, cross-border sales will prove to be a significant growth driver of overall e-commerce, according to survey participants. This was the view held by both shippers and LSPs.
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On the basis of various transport infrastructure, the market is segmented into road transport, waterways transport, rail transport, and air transport. The waterways transport segment constituted the biggest market share, followed by the air transport infrastructure segment, in 2018.
Global logistic market is segmented into logistics model types, where further categories are first party logistics, second party logistics, third party logistics, and fourth party logistics. Many retailers and manufacturers are recognizing logistics management as an important aspect globally. Moreover, logistics management is making an organization more competitive in terms of quality, cost, flexibility, and delivery. Due to these factors, organizations are now focusing on improving their logistics activities.
Logistics offers many advantages such as reduction in operational cost, improvement in delivery performance, and increase in customer satisfaction levels. Increasing number of international business activity is also supporting the logistics market, as more and more multinational companies are outsourcing the logistics services to third, second, and fourth parties, making the supply chain longer and complex. The reason for this growth is the presence of a large manufacturing base in dominant logistics oriented countries such as China and India. Manufacturing sector followed by the retail sector is growing. The reason for this growth is the growth of e-commerce. The internet retail market includes the display and purchase of items via internet and the delivery of the purchased item to the consumer. The popularity of online shopping has increased globally in the last couple of years. There are a large number of global online retailers such as Amazon.com, eBay, Wal-Mart, bestbuy.com and Target brands, Inc.
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Exponentially proliferating Internet of things (IoT) in logistics sector enable freight companies and consumers to direct access to the company network via the internet. At the same time, IoT penetration also provide opportunities for hackers to mount an attack. Many security issues have been identified in recent years. This factor is working as a restraint for global logistics market.
In terms of geography, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and South America. Among these regions, in terms of revenue, Asia Pacific held the major market share, accounting for 32.5% in 2018, followed by North America. This trend is anticipated to continue over the forecast period. The growth of the global market is directly related to the growth of global international trade flow and economic environment. Asia Pacific and North America appeared to be the most attractive markets for logistics particularly in contract logistics such as fourth party logistics and second party logistics. Intra-regional trade in emerging markets is becoming important, particularly in Asia Pacific.