The new secure logistics market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Secure Logistics Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the growing ability to track shipments," says a senior analyst for the industrials industry at Technavio. The market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the secure logistics market size to grow by USD 20.37 billion during the period 2020-2024.
Secure Logistics Market Segment Highlights for 2020
- The secure logistics market is expected to post a year-over-year growth rate of 6.25%.
- Based on the service, the security services saw maximum growth in 2019. The rising need for secure logistics for global cash circulation is driving the segment.
- The growth of the segment will be significant during the forecast period.
Regional Analysis
- 29% of the growth will originate from the APAC region.
- Increasing security requirements in China, Japan, and India will significantly influence secure logistics market growth in the APAC region.
- China is the key market for secure logistics in APAC.
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Notes:
- The secure logistics market size is expected to accelerate at a CAGR of over 6% during the forecast period.
- The secure logistics market is segmented by service (Security services and Cash services) and geography (APAC, Europe, MEA, North America, and South America).
- The market is concentrated due to the presence of a few established vendors holding significant market share.
- The research report offers information on several market vendors, including Allied Universal, G4S Plc, GardaWorld Security Corp., Loomis AB, Maltacourt Ltd., My Alarm Center LLC, Prosegur Cash SA, Securitas AB, Security and Intelligence Services (India) Ltd., and The Brink's Inc.
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