Third Party Logistics Market Size in International Transportation Management Segment is Expected Exceed USD 350 Billion by 2024 | BDP International, C.H. Robinson, CEVA Logistics, DB Schenker, DHL Supply Chain, FedEx, Kuehne + Nagel, Landstar, Panalpina

International transportation management (ITM) in Third Party Logistics Market size 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 third party logistics market share in 2016. It consists of long-term agreements, contract warehousing and distribution center operations with various value addition services.

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Third Party Logistics Market size has lately evolved as one of the most lucrative fraternities of its time, pertaining to the extensive set of collaborative logistics services offered by 3PL providers. As per a 2004 survey, more than 40% of the confederates revealed that they outsourced services such as customs clearance, inbound transportation, warehousing, freight forwarding, outbound transport, and fright payment, to 3PL service providers, which has undeniably served to enhance the growth prospects of Third Party Logistics Market.

Third Party Logistics Market service providers offers timely and effective logistics solutions which in turn optimize transportation costs. The rising trend of e-commerce accompanied by entrepreneurial ventures will favor the 3PL market demand for customized logistics services.

The key players covered in this study: -
1. BDP International
2. C.H. Robinson
3. CEVA Logistics
4. DB Schenker
5. DHL Supply Chain
6. UTi Worldwide (DSV A/S)
7. FedEx
8. GEODIS
9. J.B. Hunt Transport, Inc.
10. Kuehne + Nagel
11. Landstar
12. Nippon Express
13. Panalpina
14. Ryder Supply Chain Solutions
15. Schneider
16. Total Quality Logistics
17. Transplace
18. UPS Supply Chain Solutions
19. XPO Logistics, Inc.

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.

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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.

Asia Pacific third party logistics 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. third party logistics market growth.

The entry of Maersk and Amazon into third party logistics market may pose a major challenge to the already existing service providers, nonetheless, it will enable these operators to scale up their service portfolio and offer a more diversified range of services. This service upgradation by means of deploying technological innovations will only serve to increase the growth rate of 3PL market, which will be augmented by numerous mergers and acquisitions.

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