DUBLIN, June 27, 2023 /PRNewswire/ — The Global Third-Party Logistics (3PL) Market 2023-2028 report has been added to ResearchAndMarkets.com’s offering.
The Global Third-Party Logistics (3PL) Market is estimated at USD 1.21 trillion in 2023, and is expected to reach USD 1.58 trillion by 2028, growing at a CAGR of 5.48% during the forecast period (2023-2028).
The market is driven by the order fulfillment services and end-to-end pickup and delivery services provided by the players in the market. Furthermore, the market is driven by advanced technology, which is a cutting-edge factor for players to grow in the market.
Key Highlights
The logistics industry has undergone several rapid changes in recent years. The trends that began and accelerated in 2020 continued in 2021 and 2022, with increased demand for home delivery and higher consumer expectations than ever before. At the same time, 2022 presented its own set of challenges in terms of inflation, economic volatility, and ongoing supply chain disruptions. Despite the major disruptions of 2022, there are still many major trends that have continued (and will continue) unabated. Amazon, for example, increased its dominance by heavily investing in its in-house logistics capabilities.
Nowadays, shippers want to make more data-driven decisions. As a result, 3PL firms must brace themselves for clients who expect analytics expertise. According to one recent study, 94% of shippers believe analytics are required to ensure complete and on-time order fulfillment and package visibility. 3PLs will increasingly need to focus on generating more analytical insights across their operations, for example, by establishing data science capabilities and teams to provide useful insights to their clients and internal teams. Strong data and clear strategies will assist third-party logistics providers in providing shippers with improved traceability and end-to-end visibility across the supply chain. Aside from collecting more data, businesses must prioritize cybersecurity and have data protection plans in place.
The importance of last-mile delivery is well-known to logistics service providers. However, many people are unaware that final mile operations will be a game changer in the coming years. Last-mile deliveries have already dethroned price and product as key differentiators in shopper purchasing decisions. Last-mile delivery is critical for both retaining and acquiring new customers. Simply put, last-mile operations can make or break a company. This has been one of the most important logistics trends for several years, and it shows no signs of abating. More 3PL companies are working to reduce last-mile delivery distances by locating fulfillment hubs in more accessible locations, such as urban centers.
Customer retention is one of the most difficult challenges in a highly competitive market, driving businesses to embrace greater picking efficiency, smart inventory management, and rapid replenishment of hot-selling items. The supply chain and logistics domains are being transformed by fast data and strong network connectivity. Warehouse management systems (WMS) of today have extensive computing power, large amounts of data storage, and the ability to connect to other critical applications such as enterprise resource planning (ERP) and customer relationship management (CRM). It is no longer enough to simply track shipments; businesses must optimize every step of the process, from raw materials to the production line, marketing, and delivery of the product to the end customer.
Market Trends
Growth in e-Commerce Sales Driving the Market
Investment in Advanced Technology Could Reduce Cost of End-to-End Logistics Globally
Competition Landscape Overview
The Third-Party Logistics (3PL) Market is fragmented and highly competitive, with several large companies strategically forming alliances with mid-sized or small-sized companies to leverage their regional capabilities in logistics. Major regional players have been observed to venture into new regions, allowing the companies to improve their geographic reach. New competitors are entering the 3PL market with customized and industry-specific services.
Some major players include Agility, CEVA Logistics, DB Schenker, and DHL. The 3PL players have been showing a willingness to partner with other players to reduce cost and leverage on mutual competitive advantage. Additionally, technology adoption has also helped reduce operational costs and improve efficiency.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Technological Developments in the Logistics Sector
4.3 Insights into e-Commerce Business
4.4 Demand From Other Segments, such as CEP, Last Mile Delivery, Cold Chain Logistics, etc.
4.5 General Trends in the Warehousing Market
4.6 Market Dynamics
4.6.1 Drivers
4.6.2 Restraints
4.6.3 Opportunities
4.7 Industry Attractiveness – Porter’s Five Forces Analysis
4.8 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 By Service
5.1.1 Domestic Transportation Management
5.1.2 International Transportation Management
5.1.3 Value-added Warehousing and Distribution
5.2 By End-user
5.2.1 Automobile
5.2.2 Energy
5.2.3 Manufacturing
5.2.4 Life Science and Healthcare
5.2.5 Retail Technology
5.2.6 Other End-users
5.3 By Geography
5.3.1 North America
5.3.2 South America
5.3.3 Asia-Pacific
5.3.4 Middle-East and Africa
5.3.5 Europe
6 COMPETITIVE LANDSCAPE
6.1 Overview (Market Concentration and Major Players)
6.2 Company Profiles
6.2.1 Agility Logistics
6.2.2 Ceva Logistics
6.2.3 DB Schenker
6.2.4 DHL
6.2.5 Nippon Express
6.2.6 Yusen Logistics
6.2.7 Kerry Logistics
6.2.8 CH Robinson
6.2.9 AmeriCold Logistics
6.2.10 FedEx Corporation
6.2.11 Kuehne+Nagel Inc.
6.2.12 MAERSK
6.2.13 DSV
6.2.14 Panalpina
6.2.15 Geodis
7 FUTURE OF THE MARKET
8 APPENDIX
For more information about this report visit https://www.researchandmarkets.com/r/1vxcre
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