The global third-party logistics market size is expected to reach USD 1,691.86 billion by 2028, registering a CAGR of 8.5% from 2021 to 2028, according to a new report by Grand View Research, Inc.
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The advent of new technologies is changing the 3PL industry dynamics. The advanced data collection capabilities, warehouse automation, and digitalization of the entire supply chain are enabling companies to adopt a consistent innovative, customer-centric, and agile approach.
As a result, 3PL companies are providing technologically driven services by investing in block-chain solutions, mobile technologies, and 3PL software to gain a competitive advantage in a fiercely competitive marketplace.
Key suggestions from the report:
The market is anticipated to witness substantial growth during the forecast period due to the development of logistics infrastructure in the Asia and Middle East regions, growth of the global e-commerce sector, and the development of new technologies
The value-added logistics services segment is expected to register the highest CAGR over the forecast period
The market players are focusing on providing value-added services to unveil their unique capabilities and offer enhanced customer experience, facilitating the segment growth
The retail end use segment is expected to register the highest CAGR over the forecast period owing to benefits offered by retail stores, such as same-day delivery
The roadways segment held the largest share in 2020 owing to the growing public-private partnerships model and increased emphasis on logistics infrastructure
Globalization, along with sustainable economic growth, is expected to drive the growth of the airways logistics mode over the forecast period
Asia Pacific is anticipated to register the highest CAGR of over 10.0% from 2021 to 2028 owing to the growing transport infrastructure and effective transit of freight and goods in emerging countries. ■
Modified arctic air combined with a moisture-laden area of low pressure along the Gulf Coast will continue to allow for a broad area of winter weather impacts from the Lower Mississippi Valley to the Southeast today into early Saturday morning.