A report by Technavio is predicting that the global public warehousing market will grow by $37.92 billion during 2020-2024, progressing at a CAGR of over 5% during the forecast period.
The market is driven by the increased focus on cutting the cost of logistics. In addition, rise in automation and implementation of smart warehousing solutions are likely to drive the public warehousing market growth during the forecast period.
Minimizing the cost of logistics, particularly warehousing cost has become a crucial area of focus for companies across the globe. Several companies are opting for public warehouses to provide space on a need basis as outsourcing their warehousing needs is much more economical than investing in storage and distribution systems. In addition, public warehouses are flexible in terms of space available.
As the economic environment becomes more challenging, companies will increasingly outsource warehouse services to reduce costs and preserve profit margins, further driving the global public warehousing market growth during the forecast period.
Major Five Public Warehousing Market Companies:
- Ceva Logistics
- Deutsche Bahn
- FedEx Corp.
Public Warehousing Type Outlook (Revenue, USD Million, 2020-2024)
Public Warehousing Regional Outlook (Revenue, USD Million, 2020-2024)
- North America
- South America