The global warehousing services market was valued at almost USD 671 billion in 2016 and is expected to surpass USD 889 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on warehousing services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the warehousing services market during the forecast period. Some of the top vendors listed in this industry analysis include Deutsche Post DHL Group, United Parcel Service, Kuehne + Nagel Inc., DB Schenker, and XPO Logistics.
During 2016, the Americas was the largest shareholder in the global market with a market share of 33%. The market is flourishing in the Americas primarily due to the presence of more than 9,000 commercial warehouses in the region.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The global warehousing services market is currently witnessing a rise in the adoption of EDI. The trend is spurred by the need for real-time communications for the smooth running of the supply chain among businesses. EDI helps stay compliant with vendors through the supply chain, thereby propelling its adoption among organizations across the globe.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increase in globalization
Globalization has led to the expansion of production in different regions worldwide. Geographical expansion creates the need for organizations to optimize supply chain, storage cost, and use domestic distribution for delivering services to end-customers. Furthermore, it makes organizations dependent on third-party logistics to store manufactured goods before sending these out for delivery. As a result, there is an increased demand for storage services in the global market.
Rise in international trade
The rise in international trade is propelling the demand for warehousing services. For instance, the demand for frozen fish and sea food products continue to grow from countries such as China, India, and Brazil due to high population in the region. This has led to increase in import and export of sea foods within these countries, increasing demand for storage and transportation. As a result, there has been a subsequent increase in demand for refrigerated warehousing services.
Increase in adoption of technologies
Suppliers are continuously adopting new technologies such as robotic tools, WMS, and material handling equipment that provide efficient services at low cost and time. This is encouraging several organizations to outsource their warehousing services to suppliers that can deliver efficient services with minimum cost and time.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Warehousing Services – Procurement Market Intelligence 2017’.
