Ocean View, DE -- (SBWIRE) -- 06/01/2016 -- Third party logistics (3PL) market size is projected to exceed USD 1,029.47 billion by 2022 at a growing CAGR of 4.4%. A new study based report by Global Market Insights features in-depth analysis of the 3PL market.

It comprises of thorough analysis of the industry, including definition, classification, and applications and market trends, driving and restraining factors that impact the market growth. It segments the industry on the basis of region, product, application and the competitive landscape.Companies have started outsourcing logistics operations to third party logistics 3PL providers to perk up the overall competence of their business processes.

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Further reduced costs are likely to boost the demand growth. Shippers are forced to discover new prospects to pull costs out of the supply chain. 3PL providers prescribe a timely and effective supply chain solutions at optimized transportation costs. The proliferation of e-commerce is anticipated to further the industry demand.

Software services are projected to hit USD 30 billion at a growing CAGR of over 6.5% up to 2022. Rapid adoption of software and latest IT applications to improve distribution coverage and provide quality service to the customers is likely to boost growth. In addition to this, Omni-channel distribution system is forecast to witness growth attributed to rising use of online marketing services. Factors including emphasis on risk and cost control, slow economic growth and varying freight volumes, etc. are anticipated to prove to be a barrier in the 3PL market demand growth during the projected period.

ITM (International Transportation Management) market size dominated the service segment and is expected to exhibit significant gains in the near future. DTM (Domestic Transportation Management) is projected to see remarkable growth by 2022. Industry sectors like pharmaceutical applications refrigerated grocery are projected to experience highest growth prospects over the estimated time frame.

The Asia Pacific third party logistics 3PL industry is likely to hit USD 385 billion at a growing CAGR of over 5% from 2015 to 2022. Europe 3PL market size is expected to witness a substantial growth owing to rising demand from life sciences and automotive industry sector in the next few years. North America is expected to be worth USD 265 billion during the anticipated period.

The report features a competitive scenario of the market with key participants profiled in the report, coupled with the key strategies, finance metrics and current trends. Key participants in moderately competitive global third party logistics 3PL market are Deutsche Post DHL (Exel), UPS Supply Chain Solutions, C.H. Robinson, J.B. Hunt (JBI, DCS & ICS), Kuehne + Nagel, and Expeditors International.