Latest News- Third-Party Logistics (3Pl) Market: Transportation services is expected to lead the Application segment during 2025-2029

The Third-Party Logistics (3Pl) Market is being driven by Growth of e-commerce and need for integrated shipping services

The Third-Party Logistics (3Pl) Market is expected to grow at a CAGR of 8.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 662.8 billion. In the dynamic and competitive 3PL market, logistics companies and shippers are harnessing the power of big data analytics to gain a strategic edge. By analyzing vast amounts of data, businesses can derive valuable insights, leading to customized services, accelerated market demand, and the adoption of agile business models. Big data analytics also optimizes core activities, enhancing operational efficiency and improving customer experience. However, the implementation of these solutions faces challenges due to significant IT infrastructure gaps within the logistics industry. Despite these hurdles, the application of big data analytics holds immense potential in the domains of resource utilization, delivery time, and geographical coverage, setting the stage for a more efficient and responsive logistics landscape. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Transportation services
  • Warehousing and distribution services
  • Others
• End-user
  • Manufacturing
  • Retail
  • Consumer goods
  • Healthcare
  • Others
• Mode Of Transportation
  • Roadways
  • Seaways
  • Railways
  • Airways
  • Multimodal transport
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growth of e-commerce and need for integrated shipping services
• Increasing number of trade agreements among nations
• Cost reduction through use of third-party logistics

However, the market also witnesses some limitations, which are as follows:

• High operational cost and competitive pricing
• Warehouse shortage
• Shortage of skilled warehouse and logistics labor

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Market Scope in Third-Party Logistics (3Pl) Market Research Report

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Research Analysis Overview

Third-party logistics providers, also known as logistics service providers, offer 3PL solutions through logistics outsourcing, optimizing supply chains and ensuring visibility in global logistics networks. Integrated logistics, multimodal transportation, and digital logistics are key offerings, utilizing advanced logistics technology and supply chain technology for innovation. Disruptive technologies like automated warehousing, autonomous vehicles, big data analytics, and predictive analytics enhance supply chain resilience and improve e-commerce fulfillment, last mile logistics, home delivery, and delivery management. Customer experience, delivery speed, reliability, accuracy, and cost reduction are top priorities.

Market Research Overview

The Third-Party Logistics (3PL) market encompasses revenue generated by companies offering inventory management, order management, supply chain management, freight forwarding, and logistics solutions. According to Technavio, the global air freight and logistics market size is determined by the earnings of air freight and logistics service providers. This market involves monitoring goods in transit until delivery. Key growth drivers for the global air freight and logistics market include the surge in cross-border e-commerce activities. Cross-border e-commerce entails customers purchasing products from foreign sources, leading to increased demand for efficient and reliable logistics services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/