Third Party Logistics Market (3PL) to Surpass $1,100 Billion by 2024: Global Market Insights, Inc.

The industry trends report "Third Party Logistics (3PL) Market Size By Solution (Domestic Transportation Management, Dedicated Contract Carriage, International Transportation Management, Software, Warehousing & Distribution), By Mode (Air, Sea, Rail & Road), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, China, India, Japan, Australia, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024" by Global Market Insights, Inc. says Third Party Logistics Market share is poised to cross USD 1,100 billion by 2024.

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The 3PL market is forecast to grow at a significant rate owing to the increasing focus of manufacturers on their core businesses and sub-contracting the activities, where they have less expertise. The growth in the e-commerce industry is expected to drive the 3PL market due to an increase in demand for fast delivery, efficient inventory management, freight forwarding, and individualized shipping time. The players in the e-commerce sector are focused on selling goods online, thus necessitating the need for 3PL market providers.

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Increasing globalization is encouraging companies across several industry verticals including e-commerce, food & beverage, durable manufacturing, and general merchandising to expand their geographical presence to meet the global demand. This is expected to positively impact the International Transportation Management (ITM) segment demand. 3PL market vendors are focusing on providing international freight management and customs brokerage with their extensive knowledge of import-export processes and international regulations.

The adoption of various software solutions, such as cloud ERP and SCMs, is expected to positively impact the 3PL market growth. An increase in efficiency and a significant cut in costs enable the providers to increase their profit margins. Features, such as inventory tracking and online documentation for international freights, are attracting manufacturers toward the 3PL solutions.

Factors such as perceived loss of reputation and loss of control, are expected to hamper the 3PL market growth. The explosion of e-commerce sector is providing tremendous growth opportunities. An exponential increase in the number of orders and reduced delivery times is compelling providers to improve their operations to meet the ever-increasing demand to complete more orders in lesser time.

Browse key industry insights spread across 165 pages with 64 market data tables & 31 figures & charts from the report Third Party Logistics (3PL) Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/third-party-logistics-3pl-market-size

Rail & road mode is expected to experience a high demand owing to the increasing domestic transportation requirements. The launch of rail freight services between Beijing and London across Asia and Europe is expected to surge the trade through the rail mode. This has enabled manufacturers to explore newer transportation options at low costs. This silk route unlocks options for shippers to reduce the transportation time.

The Asia Pacific 3PL market is predicted to have a significant industry share contributing to over 30% of the total revenue in 2016. The growth in the region is propelled by the improving economic conditions, Internet penetration, and the rising number manufacturing firms. These factors provide lucrative growth opportunities to the industry for effective warehousing and distribution services. In addition, the rising free trade agreements between different countries in the region offer a wide potential for growth.

Some of the prominent players operating in the 3PL market include DHL Supply Chain, DB Schenker, Kuehne + Nagel International AG, Panalpina World Transport Ltd., Nippon Express Co., Ltd., SinoTrans (HK) Logistics Ltd., UPS Supply Chain Solutions, and XPO Logistics, Inc. The 3PL market is highly fragmented in nature and is characterized by several acquisitions and mergers. For instance, in 2016, C.H. Robinson acquired APC Logistics as an expansion strategy. The companies are increasing their capabilities to expand the service portfolio. In 2017, AmeriCold Logistics LLC announced the purchase of several cold storage facilities across the U.S. to increase the capacity of their temperature-controlled services. The companies are actively involved in the purchase of offices overseas, particularly in Latin America and Africa, to meet the international transportation demand.

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Browse Related Reports: 

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Services contributing to connected logistics market size include 3PL services, professional services and system integration. Railways, airways, roadways, and seaways are classified under transportation modes. The segment leading the connected logistics market is software services having the highest share and is expected to continue the dominance. The main reason behind this is growth of cloud solutions which are offered to service providers by vendors across the globe.
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• Cloud Supply Chain Management (SCM) Market Size 2016 - 2024 

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About Global Market Insights 

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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