Army veteran Paul Hurley is a senior level supply chain management professional with over 20 years of industry experience. With competence managing multi-million dollar supply chain operations as well as developing process improvements, Paul Hurley is now a civilian global logistics executive.
The global logistics market is growing according to a 2019 report by the IMARC Group. The market reached a value of $4.73 trillion in 2018 and was expected to reach $6.3 trillion in 2024, representing a compounded annual growth rate of 4.9 percent.
According to researchers, the global logistics market, which comprises the planning and coordination processes of moving products from their points of production to consumption, has grown as a result of supply- and demand-side trends (exports and imports). Other reasons for this growth are initiatives aimed at increasing global trade, technological shifts encouraging online shopping, and investments in supportive logistical infrastructure.
From a geographic standpoint, Asia Pacific dominates global logistics with a market size of $2.62 trillion. It is followed by North America with $1.51 trillion and Europe with $985 billion. Segmenting the market based on end-use trends, manufacturing needs drive most of the global logistics followed by consumer goods and retail, food and beverages, and IT hardware.
