APAC to Stimulate Global Third Party Logistics Market Growth Over 2016-2024, ITM to Lead the Service Landscape

Third Party Logistics Market size is anticipated to register an annual growth rate of 4.5% over the period of 2016 to 2024 propelled by International transportation management (ITM) services.

Growing focus on improving logistics supply chain model coupled with the rapidly expanding e-commerce industry will spur 3PL market over the coming timeframe. Third Party Logistics Market size is anticipated to register an annual growth rate of 4.5% over the period of 2016 to 2024. The growing implementation of software-based IT solutions in the logistics sector will favorably influence 3PL market value over the next few years. Rising emphasis on reducing transport and shipping costs by 3PL firms is projected to influence the business expansion over the forthcoming years.

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The major service areas of the 3PL market are software, dedicated contract carriage, domestic transportation management (DTM), international transportation management (ITM), and warehousing & distribution. DTM services, valued at USD 239 billion in 2014, is predicted to grow at a rate of 5.5% over 2016-2024. The warehousing & distribution services, which accounted for over 22% of the total industry contribution in 2014, is predicted to witness a noticeable growth over the coming timeframe. The growth can be attributed to the growing adoption of warehousing and distribution facilities across the globe. Furthermore, high demand for value-added warehousing services across pharmaceuticals and refrigerated grocery sectors will further drive the revenue.

International transportation management (ITM) services, which led third party logistics market share in 2015, will surpass a revenue of USD 338 billion by 2024. Software services, estimated at USD 18 billion in 2014, is expected record an annual growth rate of more than 6.5% over the coming years of 2016 to 2024, owing to the surging adoption of IT solutions in order processing, warehousing management systems, digital marketing, and logistics outsourcing operations.

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Taking into account the regional trends, North America 3PL industry, which collected a revenue of USD 185 billion in 2014, is predicted to generate a revenue of over USD 265 billion by 2024, owing to the growing implementation of advanced logistics software across this region. U.S. and Mexico will contribute considerably toward the regional growth, due to decreased transportation and labor costs.

Asia Pacific 3PL market was worth USD 255 billion in 2014 and is projected to exhibit a growth rate of more than 5% over the period of 2016 to 2024, driven by high demand for distribution and warehousing services across the region. India, China, Singapore, Thailand, and Indonesia will be the major regional revenue contributors.

Europe 3PL market industry size will collect a revenue of over USD 210 billion by 2024, driven by its surging requirement from life science and automotive sectors.

The market players are looking for joint ventures to expand the business space over the coming years. Notable participants in third party logistics (3PL) market are J. B. Hunt, Expeditors International, Inc., Deutsche Post DHL, UPS Supply Chain Solutions, and Kuehne + Nagel.

Complete report of Third Party Logistics (3PL) Market spread across 185 pages, profiling 25 companies and supported with 32 tables and 35 figures is now available at https://marketsizeforecasters.com/third-party-logistics-3pl-market .

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