Fourth Party Logistics Market is expected to reach US$ 78,981.5 Mn by 2027

According to our latest market study on "Fourth Party Logistics Market Forecast to 2027 - COVID-19 Impact and Global Analysis -by Type, End User, and Geography, "the global fourth party logistics market was valued at US$ 56,472.1 million in 2019 and is projected to reach US$ 78,981.5 million by 2027; it is expected to grow at a CAGR of 4.5% during the forecast period from 2020 to 2027.The report highlights the key factors driving the market growth, and prominent players and their developments in the market. Rising Technology Integration in Manufacturing to Drive Fourth Party Logistics Market

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Key Companies: Allyn International Services, Inc.; United Parcel Service, Inc.; GEFCO Group; XPO Logistics, Inc.; Deutsche Post AG; DB Schenker; DAMCO; Logistics Plus Inc.; GEODIS; and CEVA Logistics AG

The global manufacturing industry has witnessed rapid growth in recent times owing to huge investments coming up from the governments of various countries, especially from the developing economies. This growth in the manufacturing industry is expected to embrace technological advancements to enhance plant productivity, maintain an edge with the customers, and gain competitive advantage. Steady and consistent economic growth in countries across the world is a major driving factor for the development and advancements in the manufacturing industry. The 21stcentury is characterized by cut-throat competition among all the industry sectors. The manufacturers of various products face a strong competition with their competitors on account of costs, quality, service, and time-to-market.

Additionally, manufacturers have faced monumental challenges while maintaining a perfect balance between the demand and supply of the product in diverse geographies. Manufacturing industries thus tend to focus towards their core competencies of manufacturing, and outsource the rest to other stakeholders existing in the value chain. The need for an efficient supply chain system for the manufacturing sector seemed to be imminent as the fourth party logistics providers focus on all aspects of supply chain management and provide advanced as well as assured management of goods from the production line until the consumer and vice versa. The services offered by fourth party logistics providers add substantial value to the manufacturing companies. These firms help companies to reduce weak points that outcomes in loss of revenue or profits and further help to assure maximal profitability. 4PL providers are specialized in network analysis, mode network optimization, management of vendor compliance, and other management operations. In contrast with this, it is challenging for the core companies to recruit such expertise in terms of inventory management and storage, assembly needs, and shipping in every business division. Establishing a partnership with fourth logistics company often empowers the client organization to focus on its core competencies while outsourcing the management of logistic operations.

The global fourth party logistics market is experiencing a steady growth with regards to the initial research activities, product innovations, investments, technological integrations, and deployment in the current scenario and is anticipated to rise exponentially in the coming years. The fourth party logistics market is a highly fragmented market with the presence of significant number of players in each countries coupled with multiple players with a small and regional presence. The fourth party logistics market is influenced by the consumer side demands where manufacturers of various commodities have focused on creating a diverse set of product options, packaging designs, and logistic arrangements. This has raised the complexity in the supply chains by means of fragmented channels, expanding product variations, as well as increasing demand for customized solutions. The advanced countries in North America and Europe are observed to be the pioneers in the installations of 4PL solutions; whereas, the market is gathering pace in the developing countries of Asia. Hence, the growth of e-commerce, retail sector, and manufacturing sector coupled with the digitalization of infrastructures in the developing economies across the world are driving the adoption for 4PL based services. Positive economic outlook in the developing economies of the world, especially in the APAC region, is augmenting the growth of 4PL services.

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Market Insights
Rising Demand for Seamless Supply Chain Operations for Enhanced Productivity

The emergence of fourth party logistics concept has essentially been a move towards removing all the bottlenecks from the complex global supply chain environment. Fourth party logistic (4PL) services is also termed as supply-chain-as-a-service, where the 4PL providers integrates itself with the customer company's logistics department. This empowers the 4PL service providers with hands-on-approach to the entire operations involved in a supply chain ranging from order management to warehousing, and compliance regulations to supplier management. 4PL service providers would act as the single link of interface between various supply chain providers and client organization. With this, the 4PL providers manage all the operations with sophisticated resources to optimize and deliver valuable service to its customers.

The global fourth party logistics market has been segmented as follows:
Fourth Party Logistics Market - By Type
Synergy Plus Operating Model
Solution Integrator Model
Industry Innovator Model

Fourth Party Logistics Market - By End User
Automotive
Healthcare
Food and Beverage
Consumer Electronics
Aerospace and Defense
Retail
Industrial
Others

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