The Third-Party Logistics (3PL) Market Is Set To Grow At A 9% Rate With The Rise In The Penetration Of Organized Retail - By The Business Research Company
LONDON, Nov. 23, 2022 /PRNewswire/ -- The increase in the penetration of organized retail, especially in developing economies, is expected to be a major driver of the third-party logistics (3PL) market. Organized retailing refers to systemized retail operations undertaken by licensed retailers. Increasing disposable incomes, changing consumer tastes and preferences, healthy economic growth and changing demographic profiles are enhancing growth in the organized retail market. In addition, growing internet penetration and more international retailers initiating operations in different countries and regions are also benefiting the organized retail sector. 3PL providers are used in the retail industry for freight transportation, warehousing, inventory management, pick and pack and final mile delivery of different goods.
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The global third-party logistics (3PL) market size is expected to grow from $0.90 trillion in 2021 to $0.99 trillion in 2022 at a compound annual growth rate (CAGR) of 9.4%. The global third-party logistics (3PL) market share is expected to reach $1.41 trillion in 2026 at a compound annual growth rate (CAGR) of 9.2%.
Third-Party Logistics (3PL) Market Trends – Rising Use Of Artificial Intelligence
Artificial intelligence is increasingly being used by wholesalers and providers in the third-party logistics (3PL) market. AI in logistics can help with route optimization and fleet management. For example, in January 2022, Verte, a US based e-commerce service company launched a new artificial intelligence (AI)-enabled omnichannel supply chain platform for wholesalers and third-party logistics (3PL) providers. Verte's technological solutions provide real-time supply chain insight with a data-driven platform that centralizes information to provide supply chain transparency and it is ideally positioned to provide aggregated data solutions that address critical industry concerns related to inventory and customer fulfilment, allowing retailers, shippers, 3PLs, and carriers to operate more efficiently.
Kuehne + Nagel International AG Was The Largest Competitor In The Third-Party Logistics (3L) Market
Kuehne + Nagel International AG was the largest competitor in the third-party logistics (3PL) market in 2021, with a 3.70% share of the market. As per the third-party logistics (3PL) market research, Kuehne+Nagel's growth strategy focuses on strengthening its business operations through strategic partnerships and collaborations. For instance, in October 2022, the company partnered with Pepco for providing contract logistics services, warehousing and automation services for the end-to-end distribution across Bulgarian, Greek, and Romanian
Third-Party Logistics (3PL) Market Segmentation
The global third-party logistics (3PL) market is segmented -
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