Fort Collins, Colorado, Oct. 24, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Third-party Logistics (3PL) Market size was valued at USD 1.3 Billion in 2022 and is expected to reach a market size of USD 3.7 Billion by 2032 at a CAGR of 11.4%.
The explosive growth of e-commerce has revolutionized consumer behavior and supply chain dynamics. Online retailers and marketplaces require rapid and flexible logistics solutions to meet customer expectations for fast and reliable deliveries. 3PL providers excel in managing e-commerce logistics, offering warehousing, order fulfillment, and last-mile delivery services that enable online businesses to scale without the burden of building their infrastructure. Moreover, technological innovations have significantly impacted the 3PL industry. Advancements like the Internet of Things (IoT), Artificial Intelligence (AI), and blockchain have enabled real-time tracking, predictive analytics, and enhanced visibility into supply chain operations. 3PL providers leverage these technologies to optimize routes, monitor inventory, and proactively address issues, ensuring smoother and more efficient logistics processes.
In a rapidly changing business environment, scalability and flexibility are essential. 3PL providers offer businesses the ability to scale their logistics operations up or down as needed, depending on market fluctuations and seasonal demand. This adaptability allows companies to maintain agility and respond effectively to market dynamics.
Additionally, outsourcing logistics to 3PL providers enables companies to concentrate on their core competencies and strategic objectives. By delegating logistics functions to experts in the field, businesses can allocate resources more efficiently and drive growth in their primary areas of expertise. Another prominent factor behind the growth of the 3PL market is the ongoing globalization of trade. As businesses expand their operations across borders, efficient and reliable logistics solutions become paramount. 3PL providers offer expertise in navigating complex international regulations, customs processes, and transportation networks, making them indispensable partners for companies seeking to tap into global markets.
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Segmentation Overview:
The global third-party logistics (3PL) market has been segmented into service, transport, end-use, and region. Domestic transportation management services hold a major share in the 3PL market. Growing consumer spending in sectors such as retail and healthcare and steady growth in the GDP of some countries are helping the segment. North America has traditionally been a significant player in the 3PL market. The region benefits from a mature logistics infrastructure, robust e-commerce growth, and a focus on supply chain efficiency. The United States, in particular, is home to numerous 3PL providers, making it a hub for logistics services.
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Third-party Logistics Market Report Highlights:
- The global third-party logistics (3PL) market growth is anticipated at a CAGR of 11.4% by 2032.
- The Third-Party Logistics (3PL) industry has experienced remarkable growth in recent years, propelled by various factors that have reshaped the logistics landscape. This sector is pivotal in enhancing supply chain efficiency, reducing costs, and improving overall customer satisfaction.
- The healthcare segment is anticipated to grow substantially in the upcoming years. The healthcare and pharmaceutical sector demands precise and compliant logistics due to the sensitive nature of its products.
- The manufacturing segment held the majority of the market revenue share. This is mainly because the manufacturing sector involves many suppliers and distributors.
- Some prominent players in the third-party logistics (3PL) market report include FedEx Corporation, XPO Logistics Inc., DSV, A.P. MOLLER - MAERSK, United Parcel Service of America, Inc., C.H. Robinson Worldwide, Inc., Schneider Electric, DB Schenker, Kuehne+Nagel Inc., DHL International GmbH, and Geodis among others.
Industry Trends and Insights:
- AFS Logistics has been selected to be America’s 50 leading 3PLs by the Global Trade Magazine for 2023.
- The supply chain industry has rapidly transformed and embraced vital technologies, supplementing its adoption. In a recent publication, data indicates that shippers are satisfied with the value addition in their process by adopting novel technologies such as AI and machine learning.
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Third-party Logistics Market Segmentation:
- By Service: Dedicated contract (DCC)/Freight forwarding, domestic transportation management (DTM), international transportation management (ITM), warehousing & distribution.
- By Transport: Roadways, railways, waterways, airways.
- By End-use: Manufacturing, retail, healthcare, automotive, others.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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