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The global Third Party Logistics (3PL) market is expected to reach USD 1.24 trillion by 2025, according to a new report by Grand View Research, Inc. The increasing outsourced-logistics functions availed by middle market companies to address their logistics challenges, are expected to positively impact the industry growth.
3PL providers allow businesses to focus on their core activities such as R&D, manufacturing, and strategic planning, thereby relieving them from the daily burden of operational logistics issues. The key 3PL vendors use advanced applications and IT software, which enhance their distribution coverage and provide quality services to the customers. Omnichannel distribution has gained momentum in the past few years, primarily due to the increased penetration of e-commerce.
The value added logistics services segment is expected to be the fastest-growing segment, owing to the increasing need for inventory management and improved cycle times
The retail sector is expected to grow at a CAGR of over 7.5%; this growth can be attributed to the evolution of omni channel retailing and the need for data-driven analytics solution to manage fleet and warehousing
Airways are expected to witness the fastest growth over the forecast period as consumers are willing to pay a premium price to receive products at the earliest
The Middle East 3PL market is expected to reach a revenue share of over 8.5% by 2025, due to the increase in imports and exports and an upward trend in local manufacturing
The key industry players include DHL, FedEx Corporation, C.H. Robinson Worldwide, UPS Supply Chain Solutions, and Kuehne + Nagel International AG
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