The onset of the global pandemic dealt a hard blow to the global supply chain. China’s strict lockdowns earlier this year aligning its zero-COVID policy and the ongoing geopolitical tensions in eastern Europe have also posed a crisis for the supply chain. Now, as businesses are trying to adapt to the centrality of logistics, both technology adoption and capital allocation have surged. Despite the headwinds, the logistics and transportation industry is entering its second phase of recovery, supported by the return of travel.
A substantial increase in technological advancements, the surge in internet retailing, and online shopping should help the industry thrive this year and beyond. The global logistics market reached a value of $4.92 trillion in 2021. The IMARC Group projected the market to reach $6.55 trillion by 2027, growing at a CAGR of 4.7%.
