The global Third Party Logistics (3PL) Market is predicted to grow at around 3.5 percent CAGR during 2016 to 2024 (forecast period). Its companies operate for the shipping industry to supervise logistic undertakings (forecasting, warehousing, & conveyance management software). The market will attain a size of about USD 1, 054 billion by 2024.
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3PL providers include freight suppliers, courier firms, and transport services. Growing worldwide economy & supply chain management have added market sales by a considerable extent. Novel ‘secondary outsourcing’ industries emphasizing on key businesses are also a key market driver. Moreover, 3PL is aided by ‘industry-specialized’ services and ‘big data’ innovations.
Wider outsourcing of client facing, software-intensive, & strategic logistics has also enabled market expansion. The 3PL market is home to very competitive industries. Some of these are automotives, computers, electronics, and retail (wherein the margins are quite less). More industries requiring 3PL services are emerging & may need full market support.
High-tech trade management has furthered market incomes that helped firms computerize, optimize, and check cross-border deals. Sophisticated solutions for multiple problems within supply chains are anticipated to propel the market till 2024. However, certain factors like cost pressures and financial instabilities would prevent market growth.
In addition, lack of ‘storage infrastructure’ may hinder the flow of third party logistics. Increasing ‘middle class’ populace and swiftly developing economies are some of the factors on which 3PL providers invest. The third party logistics market is fragmented on the basis of services and geographies.
Domestic transport management, international transport management, dedicated transport carriage, warehousing, software, and distribution constitute the services. Domestic transport management is a key segment. International transport management is the dominating service and will experience huge profits in the near future.
In view of geographies, Asia Pacific reigns over the market. This region occupies around 35 percent shares. It can expand further due to employment of warehousing & distribution amenities across Thailand, Singapore, Indonesia, and India. Sluggish fiscal growth and currency depreciation in other regional nations are likely to impede Asia Pacific.
Euro-zone crisis should negatively impact the European market. The United States may witness stable expansion. Some of key service providers in the global market comprise FedEx, UPS, and DHL.
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