The global third party logistics market
size is expected to reach USD 1.2 trillion by 2025, exhibiting a CAGR of 7.5%
over the forecast period. Logistics plays a vital role in most of businesses; a
reliable and robust logistics service is a primary requirement for the
development of any business. A strong logistical infrastructure handled by 3PL
providers helps the outsourcer focus on its core business. Globalization has
enabled companies to set up a global business network that necessitates complex
transportation services. This, in turn, is expected to drive demand for
outsourced logistics services over the coming years.
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Technology has been transforming 3PL
services and demand within the supply chain for digitalization, automation, and
data collection capabilities has been increasing. Thus, 3PL providers are
laying greater emphasis on technologically-driven services by investing in IT
solutions, blockchain solutions, cloud-based solutions, mobile technologies,
and proprietary innovations to adopt a leading-edge approach.
E-commerce has transformed the
traditional retail sector where logistics plays an important role. In some
instances when a product is returned, the company needs to manage the reverse
logistics process; 3PL providers are leveraging this opportunity by providing
flexible and specialized services. These advanced services can allow end users
or the shipper to track the movement of goods or products.
There is intense competition among 3PL
providers. New competitors are entering the 3PL market with customized and
industry-specific services. To remain competitive in the market, leading
companies are strategically involved in collaborations with and acquisitions of
small- and mid-sized companies.
Further
key findings from the report suggest:
• The value-added services segment is
expected to exhibit the highest CAGR over the forecast period, owing to demand
for agile supply chain networks across multiple industries
• Need for complex logistics and
warehouse operations is boosting demand for 3PL solutions in the retail sector
• Globalization and sustainable economic
growth in several countries are driving international trade, thereby driving
the airways segment to witness high growth over the forecast period
• Asia Pacific is anticipated to
register a CAGR of over 8.5% over the forecast period, which can be attributed
to the fact that the region leads the global 3PL market in terms of B2C
e-commerce sales
• FedEx; DHL International GmbH; C.H.
Robinson Worldwide Inc.; KUEHNE + NAGEL; and UPS, Inc. are some of the
prominent 3PL providers in the market
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Michelle Thoras
201 Spear Street 1100,
Suite 3036, San Francisco,
CA 94105, United States
Tel: 1-415-349-0054
Toll Free: 1-888-928-9744
Mail: sales@radiantinsights.com
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