What is happening: A recent report by Transparency Market Research found that the global logistics market is expected to grow by 7.5% between 2015 and 2023.
Money: This would represent a move from $8.1 trillion in 2015, to $15.5 trillion in 2023.
Logistics: First-party logistics is expected to be the sector to drive the highest rate of growth in the logistics market. Manufacturing leads the first-party growth due to the established supply chains involved. The manufacturing industry is always looking to reduce costs, improve delivery times, and increase customer experiences. Retail is the second largest riving force behind first-party logistics, thanks to a rise in ecommerce.
What did the TMR report say: “The rising popularity of online shopping globally serves as one of the major factors driving the demand for logistics services.”