Global Project Logistics Market 2017-2021
About Project Logistics
Logistics refers to the process of planning, organizing, managing, processing, and controlling the entire flow of goods and materials as well as the associated information between the point of origin and the point of consumption to meet customer requirements. It helps in optimizing the existing production and distribution processes through integrated management techniques to promote efficiency and competitiveness among enterprises.
Technavio’s analysts forecast the global project logistics market to grow at a CAGR of 2.44% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global project logistics market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of project logistics.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Project Logistics Market 2017-2021
Technavio recognizes the following companies as the key players in the global project logistics market: CEVA Logistics, C.H.Robinson, DB Schenker, Deutsche Post DHL Group, and Kuehne+Nagel.
Other Prominent Vendors in the market are: UPS Supply Chain Solutions, XPO Logistics, Agility, DSV A/S, Hellmann Worldwide Logistics, and Damco.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is artificial intelligence to be embedded in mainstream supply chain activities. Artificial intelligence-based applications involve the use of a system that adapts and imitates the knowledge of a human expert. It can make business decisions using a rule-based methodology. It taps into that knowledge to imitate the expertise of the human expert. The increasing digital focus and rapidly evolving technology have allowed automation to enter the industrial environment. Though supply chains are automated to a degree, they still depend to some extent on manual tasks, which sometimes pose a challenge.”
According to the report, one of the major drivers for this market is Global increase in number of construction projects. The global project logistics market witnessed a tremendous growth in construction projects in 2016 from the previous years and is expected to increase significantly during the forecast period. For instance, the US economy grew by around 3% in 2016 while growth in 2015 was more than 2.3%. A gain of around 10% is expected from the construction of non-residential buildings by 2021. The total constructions in the country were valued at more than $650 billion in 2016, which was a 10% increase from 2015. The amount is further estimated to rise to $700 billion in 2017. Manufacturing plant construction for large petrochemical plants increased by 5.5% in the US in 2016 and will be further supported by an increase in investments by the government.
Further, the report states that one of the major factors hindering the growth of this market is High operational cost and competitive pricing. Many companies are using wearable voice command tools to fulfill customer demand and increase productivity and efficiency. This technology is estimated to increase efficiency by around 25%. Also, the industry is becoming highly competitive in terms of pricing due to the growth in the demand for VAS and specialized professional supply chain solutions in the project logistics market. With the increase in fuel prices, the cost of operations is also rising.
CEVA Logistics, C.H.Robinson, DB Schenker, Deutsche Post DHL Group, Kuehne+Nagel, UPS Supply Chain Solutions, XPO Logistics, Agility, DSV A/S, Hellmann Worldwide Logistics, and Damco.
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