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L market in the region is estimated to be more than USD 435 billion in 2019 and is expected to grow at a CAGR of more than 10%NEW YORK, May 7, 2020 /PRNewswire/ -- The global 3PL market is estimated to reach more than USD 1.7 trillion by 2025, registering a CAGR of more than 8% over the forecast period, 2020 - 2025. The factors driving the growth are the increasing outsourcing of major transportation and logistics services and growing e-commerce penetration whereas the loss of control over the shipping functions is a major restraint to the market. Meanwhile, the growth of e-commerce and change of consumer expectation is also presenting challenges to the 3PL companies in terms of reducing the parcel delivery times, increasing efficiency, adoption of latest and advanced technologies, etc. A huge transformation is taking place in the last-mile delivery, with companies looking at alternatives, such as delivery lockers, pickup points, crowdsourced deliveries, drone deliveries, and autonomous vehicles. The evolution of technology is reshaping the entire supply chain and reinventing the parcel industry. Technology is becoming a crucial enabler in increasing efficiency and reaching consumer expectations. Asia Pacific Leads the Global 3PL Market Asia Pacific region is the largest 3PL market in the world and is also the fastest-growing region. The 3PL market in the region is estimated to be more than USD 435 billion in 2019 and is expected to grow at a CAGR of more than 10% during the forecast period. China leads the 3PL market in the region with more than 60% market share. Southeast Asia region is the emerging hotspot in the Asia Pacific with fast-growing economies and increasing e-commerce penetration. India is also one of the key markets which is expected to grow strongly over the forecast period. Competitive Landscape The market is highly competitive and fragmented 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 of the major players include Agility, CEVA Logistics, DB Schenker, and DHL, among others. The 3PL players have been showing the willingness to partner with other players to reduce cost and leverage on mutual competitive advantage. Hence, the market observes a high volume of partnerships, mergers, and acquisitions. The Asia-Pacific region has a high concentration of new and emerging players. Major regional players have been observed to venture into new regions, allowing the companies to improve their geographic reach. The global 3PL market players are also observing a shift in technology with the development of artificial intelligence, Internet of Things (IoT), and Blockchain, among others. The introduction and implementation of these new technologies have further intensified the market competition. Additionally, the technology adoption also helped reduce operational costs and improved efficiency. Reasons to Purchase this report: - The market estimate (ME) sheet in Excel format - 3 months of analyst support Read the full report: https://www.reportlinker.com/p05891616/?utm_source=PRN About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________ Contact Clare: [email protected] US: (339)-368-6001 Intl: +1 339-368-6001
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