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Global logistics market to hit US$6.3 Trillion by 2024

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This is amazing - the global logistics market to hit US$6.3 Trillion by 2024, notes R&M.

 

Dublin, July 19, 2019 (GLOBE NEWSWIRE) -- The "Logistics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.

The global logistics market reached a value of US$ 4,730 Billion in 2018.

The global logistics market in its present state has come about as a result of an amalgamation of supply side and demand side trends. The rapid proliferation of trade agreements among various nations is the major demand driver of the global logistics market. Additionally, the initiatives aimed at increasing globe trade activities have expanded the demand for logistics in order to keep pace with the rising needs of importers and exporters.

Logistics refers to the process of planning and coordinating resources and services from the point of origin to the point of consumption. This process provides efficient and effective transportation and storage of goods and services. The major components of logistics involved in the proper functioning of an organisation or a business include inventory management, inbound and outbound transportation, material handling, warehousing, etc. In recent years, the logistics industry has benefitted from the advancements made in technology, integration, globalization, legislation, and confederations.

The advancements in technology which involve automated material handling equipment, biometrics, GPS, etc. aid organisations and businesses to work proficiently, thereby spurring the growth of the logistics market across the globe. The upsurge in internet retailing and the increasing popularity of online shopping are some of the other factors supporting the market growth.

Looking forward, the market is projected to reach a value of US$ 6,300 Billion by 2024, registering a CAGR of 4.9% during 2019-2024.