Press release
Third Party Logistics Market By Product, By Solution, By Mode, By Region - Forecast 2024
Global Market Insights, Inc.
Third Party Logistics (3PL) Market is projected to surpass USD 1 trillion by 2024. Growing focus towards cost effectiveness and core business functions incurred in logistics are the major factors driving the third-party logistics market over the forecast timeframe.
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Outsourcing operations helps various firms having less number of resources to cater higher order volume in an economical way. It also helps in cutting down costs and optimizing the overall logistics set-up which includes data warehousing of software systems, installation of more computers and processing equipment. Leading service providers are increasingly adopting IT solutions to improve their distribution coverage and enhance service quality delivered to the customers.
However, factors such as risk containment, inconsistent freight volumes, lack of trust, emphasis on cost and sluggish economical growth may restrict the industry growth. Economic downfalls have led shippers to confine their outsourcing activities to few suppliers. Thus, decreasing the number of outsourcing operations and may negatively affect the industry growth over the forecast timeframe.
International transportation management (ITM) is expected to witness significant growth and exceed USD 350 billion by 2024. The domestic transportation management includes value added services as well as freight brokerage and is estimated to grow at over 5% CAGR. Warehousing and distribution (W&D) occupied over 20% of the overall 3PL market share in 2016. It consists of long-term agreements, contract warehousing and distribution center operations with various value addition services.
Asia Pacific 3PL market is projected to surpass USD 400 billion by 2024. The growth can be credited to increasing adoption of warehousing and distribution centers and facilities in countries such as India, China, Thailand, and Singapore. Rapid technological advancements in logistics software will propel the U.S. 3PL market growth.
Participants involved in the 3PL market include Kuehne+Nagel, Deutsche Post DHL (Exel), C.H. Robinson, Expeditors International of Washington, UPS Supply Chain Solutions, etc. The business is fragmented and the strategies adopted by companies include collaboration and partnerships, long term agreements with key industries such as automotive, and retail.
Most of these providers are large and have the financial resources to maintain their dedicated IT staff and own servers. The advanced technologies they use are mostly limited to Warehouse Management System (WMS) and Transportation Management System (TMS) applications. Several smaller companies find the costs of such applications too high to be profitable.
Browse key industry insights spread across 165 pages with 64 market data tables & 31 figures & charts from the 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” in detail along with the table of contents:
https://www.gminsights.com/pressrelease/third-party-logistics-3pl-market
Chapter 1 Methodology & Scope
1.1 Methodology
1.1.1 Initial data exploration
1.1.2 Statistical model and forecast
1.1.3 Industry insights and validation
1.1.4 Definition and forecast parameters
1.2 Data Sources
1.2.1 Secondary
1.2.2 Primary
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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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com
Blog: http://algosonline.com/technology
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