Global eCommerce Market Expected To Reach $781 Billion By 2024

The global eCommerce logistics business is booming.

The industry is expected to grow from $122.2 billion in 2014 to more than $781 billion by 2024, according to a new study from Transparency Market Research.

The growth is being fueled by a growing number of international eCommerce websites that sell goods across multiple borders, which is expected to continually fuel very strong growth in the coming years. Transparency Market Research’s study estimates that the global eCommerce market will grow at an annual rate of 20.6 percent from now to 2024.

With the growing global marketplace, many logistics companies are investing in more space and ways to expand distribution services. DHL has invested $137 million to expand its distribution center in the U.S., while FedEx has also pledged to increase capital spending to expand its global eCommerce distribution network.

Another wildcard in the whole market is the future plans of retail giants Amazon and Walmart, who seem to want to dominate all aspects of their own shipping networks (and possibly those of smaller retailers as well).

“Although, while all of these trends sound like competitive threats, they also are merely different aspects in the evolution of a market that not only is becoming larger but also more varied, with all manner of express shipping options, premium shipping memberships and even a range of customer pickup approaches,” according to Retail Dive. “The whole pie is expanding in every direction, and there may be enough to serve everyone, from the traditional logistics giants to the emerging regional names to the Ubers of the world — and even Amazon (whatever it’s planning).”