Third Party Logistics Market to Grow at a CAGR of 7.4% to reach US$ 1329.4 Million from 2020 to 2027

 

The Third Party Logistics market was valued at US$ 899.4 Million in 2019 and is projected to reach US$ 1329.4 Million by 2027; it is expected to grow at a CAGR of 7.4% from 2020 to 2027.

Third party logistics is moving towards increased information base and large-scale operations owing to maximize operational efficiency and improve profitability. There is an improvement in the strategic nature of relationships between shippers and third-party logistics providers. Globally, 3PL firms are increasing their employee strength, organization skills, broadening their service offerings, investing in new technology, and expanding their geographical reach in order to deliver data driven solutions.

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Moreover, 3PL firms are also implementing several software based solutions in their operations in order to reduce the inefficiency and costs with saving time for operations. Moreover, the implementation of speech recognition software in warehouse management system communications will support order turn-round and inventory records with reducing employee-training requirements. Along with this, acceptance of cloud-based technology in 3PL companies will respond demands by recognizing the need for customer access which is expected to better meet the seasonal trends efficiently. 3PL are the companies delivering single or multiple logistics services to a manufacturing company.