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The logistics services is the process of coordinating, planning, controlling and implementing resources for the effective and efficient transportation and storage.. The logistics services have various applications in industries such as consumer goods, healthcare, transportation, industrial, among others. The growing e-commerce industry and internet & connected device penetration such as smartphones, tablets, and others are anticipated to boost the market growth in coming years. Also, the increasing adoption of advanced technologies such as the internet of things (IoT), cloud computing, artificial intelligence (AI), and logistics 4.0 complement the growth of the logistics services industry. Key players in this market are focusing on new product launches to improve customer experience. For instance, in March 2020, CEVA Logistics have initiated the air freight charters for medical emergency shipments such as facial masks, hands sanitizers, gloves, respirators, disposable gowns, ventilators, PPE kits, and other COVID-19 relief supplies & equipment amid coronavirus pandemic. However, the logistics security and safety issues and lack of uniform governance standards across the globe proving to be an inhibiting factor for market growth.
Key Market Driver -
• Increasing adoption of artificial intelligence (AI), machine learning (ML), and internet of things (IoT) enabled smart logistics is fuelling the market growth • Cloud-based deployments are expected to increase the substantial market investment in the future
Key Market Restraint -
• The logistics security and safety issues is expected to impede the market growth • Lack of uniform governance standards hinders the growth of the market
Key market players are focused on offering enhanced and advanced logistics services to gain a competitive edge in the market. Major players are also focused on R&D investments in logistics services to cater to the rising demand from the consumers. Also, the rising industry penetration towards the cloud, internet of things (IoT) enabled logistics services is expected to present growth opportunities for new market entrants. For instance, DHL International GmbH provides cloud-based logistic services that offer real-time information and value-added services to customers. Some of the key market players in the logistics services (3PL & 4PL) industry markets are DHL Supply Chain, Nippon Express, DB Schenker Logistics, C.H. Robinson Worldwide, Expeditors International of Washington, DSV Logistics, Sinotrans, UPS Supply Chain Solutions, Dachser, CEVA Logistics, Panalpina, Yusen Logistics, Kuehne + Nagel, Toll Holdings, J.B. Hunt (JBI, DCS & ICS), and others.
North America is expected to dominate the market by capturing maximum share during the forecast period. Increasing adoption of outsourced logistics services and growing e-commerce industry in the region is expected to drive the market growth. The key market players are focused on product expansion strategies to gain a competitive edge in the market. For instance, in February 2019, YRC Worldwide Inc. launched HNRY Logistics solutions to increase the customer base. HNRY Logistics is comprised of five service divisions such as Express Direct, Truckload Direct, Engineered Solutions, Contract Logistics, and Residential Direct.
The market in the Asia Pacific is projected to emerge as a leading region in the global logistics services industry market during the forecast period. The growth is attributable to the presence of key market players such as Sinotrans Limited, Nippon Express, Yusen Logistics Co., Ltd., and others aids in regional market growth. Further, increasing investment by e-commerce leaders, and rising internet penetration are expected to drive the market in emerging economies such as India and China. Major players are focused on a new product development strategy to enhance the product portfolio. For instance, in June 2020, Rapido, an Indian online bike taxi launched a new inter-city logistics service – “Rapido Store” for over 200 small and medium businesses. The aim is to deliver products at the customer’s doorsteps. Further, government initiative in Asia and Europe has major contribution in boosting business uptake of the IoT-based logistics services.
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