According to a recent research, the global logistics market is anticipated to reach USD 15,273.21 billion by 2027. The major factors driving the growth of this sector include increasing global trade activities of the developing economies, rise in trade related agreements and global logistics infrastructures and advancement in information technology and transportation sector.
As customer expectations are evolving and digitalization is helping Logistics companies produce the desired result, these companies are facing an era of unprecedented change. Also, the introduction and implementation of new technologies has impacted the Logistics market. These technologies are not only enabling greater efficiency but are also re-shaping the market place in ways that are only just beginning to become apparent.
Furthermore, most of the new entrants to the logistics sector are start-ups, and many of these are looking to use new technology to enter the industry. Some of these technologies include global positioning system (GPS), order entry systems, warehouse management systems and dispatching communication systems.
Another study shows that the development of the...