Third party logistics also known as 3PL. It refers to any service that includes storing and distribution items. Additionally, Third-party logistics in logistics and supply chain management is a firm's use of third-party dealings to outsource elements of the firm's delivery and completion services. There are various type of 3PL such as dedicated contract carriage (DCC), domestic transportation management (DTM), international transportation management (ITM), logistics software, warehousing & distribution and others. Railways, roadways, waterways and airways are the transportation mode used in third party logistics.According to AMA, the market for Third Party Logistics is expected to register a CAGR of 6.29% during the forecast period to 2024. This growth is primarily driven by Rising Demand of 3PL Industry due to Dynamic Market Condition and Enhancement in Global Economy.
Globally, a noticeable market trend is evident Increasing Dependency of E-Commerce Industry
. Major Manufacturers, such as DHL (Germany), United Parcel Service (United States), FedEx Corporation (United States), Maersk Logistics (United States), DB Schenker (Germany), Kuehne+Nagel Inc. (Switzerland), Panalpina World Transport Ltd. (Switzerland), Union Pacific Corporation (United States), BNSF Railway Company (United States) and AmeriCold Logistics LLC (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 27th March 2018, FedEx Corp. has acquired P2P Mailing Limited a leading provider of worldwide e-commerce transportation solutions. This deal was establish to offers P2Pís skills complement and enlarge the FedEx portfolio of offerings important to the quickly developing global e-commerce marketplace.
- Rising Demand of 3PL Industry due to Dynamic Market Condition
- Enhancement in Global Economy
- Increasing Dependency of E-Commerce Industry
- Adoption of Industry Specific Logistic Services
- Lack of Internal Control
- High Production Price
Up Surging Demand of Advance Software Solutions such as Big Data as well as IOT based Software
Straighten Government Rules
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