The increasing focus on core business activities and reduced shipping cost is expected to drive the third part logistics (3PL) market during the forecast periods. The increasing freight rates are likely to fuel shipping companies towards innovating new opportunities to pull the cost out of the supply chain. 3PL service aims at providing optimized cost of transportation by providing efficient and timely supply chain solutions. The development of e-commerce along with the new ventures is expected to increase the demand of industry for specialized logistics as well as the capabilities to execute the supply chain.
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With the increasing adoption of IT applications and software, the leading vendors are enhancing their distribution coverage, which is helping them to provide quality services to the users. Further, omni-channel distribution system is expected to gain significance owing to increasing use of online marketing services. The factor which hampers the growth of global 3PL services are emphasis on cost and risk containment. Also, inconsistent freight volumes and slow economic growth is expected to hinder the 3PL market demand over the several coming years.
3PL market is a business processes through which business organizations outsource their logistics and distribution functions to a service provider, which specializes in handling logistics functions such as warehousing, freight and forwarding, and transportation. Often 3PL providers try to go beyond the logistics functions and provide value-added services such as cross-docking, door-to-door delivery, inventory management, and the packaging of products. The 3PL service market also provides strategic and operational value to many shipping companies globally. The 3PL service market thus improves effectiveness by introducing new and innovative supply chain management.
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Geographically, North America is the largest 3PL service market, followed by Europe. The North American region is expected to witness high growth throughout the forecast period due to reduced labor and transportation costs, with growing technological advancements in the logistics software. The market in Asia-Pacific is expected to witness faster growth during the forecast period.
Some of the key players in the global 3PL service market are C.H. Robinson Worldwide Inc., J.B. Hunt Inc., UPS Supply Chain Solutions Inc., Transportation Corporation of India Ltd. (TCI), Allcargo Logistics Ltd., Penske Logistics Inc., and Container Corporation of India Ltd.
Global 3PL Service Market Segmentation
By Service Type
- Domestic Transportation Management
- Warehousing & Distribution
- Dedicated Contract Carriage
- International Transportation Management
- Logistics Software
By Industry Type
- Fast Moving Consumer Goods (FMCG)
- Electronics and IT Hardware
- North America
- Rest of the World
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