Global freight and logistics market is predicted to reach a value of $19 billion by 2026, growing at a compounded annual growth rate (CAGR) of 4.4%, reveals the 2024 Global Transportation & Logistics Industry Report by Benchmark International. The logistics sector alone is forecast to peg at a value of $7 trillion by 2027, growing at a CAGR of 5% between 2022 and 2027.
Strategic logistics management is helping businesses reduce transport expenses by inducing efficiencies, with the manufacturing sector leading in market share in benefitting from the trend.
The Asia-Pacific region dominates in terms of market share in the freight and logistics market, while North America is noted to be the fastest-growing region through 2027. The market growth is driven by proliferation of trade agreements and initiatives to boost international trade. Technological advancements, globalisation, and new legislation also contribute to the sector’s expansion.
Companies are now integrating advanced technologies such as blockchain, augmented reality, artificial intelligence, and the Internet of Things into logistics monitoring systems. These technologies allow real-time information tracking and predictive management of warehouses, transportation, and deliveries. Innovations like GPS trackers, RFID sensors, and Bluetooth enable real-time package tracking, reducing transit times and improving efficiency.
