The global third party logistics market size is expected to reach USD 1.2 trillion by 2025, according to a new report by Radiant Insights, Inc., 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.
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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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