The global third-party logistics market size is estimated to arrive at USD 1,691.86 billion by 2028. It is projected to develop by 8.5% CAGR from 2021 to 2028.
The arrival of latest technologies is altering the business dynamics of third-party logistics. The digitalization of the complete supply chain process, higher ability of information compilation and the automation of the storehouse, these factors are permitting the companies to accept a reliable modern, client centric and nimble methodology.
Therefore, third-party logistics companies are offering technically ambitious services by means of spending on third-party logistics software, block-chain solutions and mobile technologies to achieve the viable benefits, in an intensely aggressive market.
The cloud sourced logistics administration solution and Internet of Things (IoT) transform the data into actionable significant information that can form the tactical administrative procedure and add to the efficiency.
The logistics automation is likely to perform a very important function in the enlargement of the third-party logistics (3PL) market. The employment of the robots in storehouse as well as receiving ports, assists in simplifies order completion services.
The exercise of Automated Guided Vehicle (AGV) can assist to augment accurateness and repeatability, solve material handling problems, reduce human mistake, and guarantee transfer of high-volume merchandise. To deliver instant valuable as well as continuing profits, companies are extensively accepting logistics automation.
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Further key findings from the report suggest:
• As a result of the increasing transportation infrastructure plus efficient transfer of the merchandise in developing nations, Asia Pacific is expected to record the maximum 10.0% CAGR, during the forecast period.
• In 2020, the roadways sector seized the principal share of the market for third-party logistics, due to the rising public-private joint venture model and improved prominence for logistics infrastructure. The contestants of the market are concentrating on offering value added services to disclose their exceptional ability plus present better customer experience, making possible the enlargement of the segment.
• The growth of new-fangled technology, enlargement of the logistics infrastructure in Middle East and Asia and the speedy expansion of the worldwide e-commerce segment, are the factors, estimated to considerably add to escalation of the market for third-party logistics.
• Sustainable financial enlargement together with globalization is anticipated to impel the expansion of the airways logistics means, during the forecast period.
• Due to the benefits presented by retail stores, like same-day deliverance, the retail end use sector is projected to record the maximum CAGR, throughout the forecast period.
• The value-added logistics services sector is estimated to record the maximum CAGR, for the period of the forecast.
Million Insights segmented the global third-party logistics market based on End Use, Transport, Service, and Region.
3PL Service Outlook (Revenue, USD Billion, 2016 - 2028)
• Dedicated Contract Carriage (DCC)/Freight Forwarding
• Domestic Transportation Management (DTM)
• International Transportation Management (ITM)
• Warehousing &Distribution (W&D)
• Value-Added Logistics Services (VALs)
3PL Transport Outlook (Revenue, USD Billion, 2016 - 2028)
3PL End use Outlook (Revenue, USD Billion, 2016 - 2028)
3PL Regional Outlook (Revenue, USD Billion, 2016 - 2028)
• North America
• Asia Pacific
• Latin America
Various companies for third-party logistics market are:
• United Parcel Service of America, Inc.
• Kuehne + Nagel
• C.H. Robinson Worldwide, Inc.
• Nippon Express
• J.B. Hunt Transport, Inc.
• DB Schenker Logistics
• CEVA Logistics
• BDP International