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According to the recent study by IMARC Group, entitled
“Logistics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global logistics market reached a value of US$ 5.2 Trillion in 2020. Logistics, an indispensable component of supply chain management, involves planning, coordinating and managing the flow of resources from the point of origin to the point of consumption. It offers efficient storage and transportation of goods, services and information to meet the requirements of the customer cost-effectively. Some of the key components of the process include warehousing, inventory management, purchasing, traffic and transportation, production planning, customer service, shipping and receiving, and import and export operations.