The latest trending report Global Third-Party Logistics Market by Manufacturers, Countries, Type and Application, Forecast offered by Orbis Research is an informative study covering the market with detailed analysis. The report will assist reader with better understanding and decision making.
Dallas, TX -- (SBWIRE) -- 09/20/2018 -- Description:
A 3PL (third-party logistics) is a business arrangement in which businesses outsource their logistics and supply-chain services. This supports encompass management of one or more facets of fulfillment and procurement activities. 3PL service provider offers on-demand warehousing, distribution, transportation, and freight and forwarding services. In a business, 3PL has a vast definition that applies to any service contract involving storing or shipping items.
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According to a study, it is found that more than 90% of domestic Fortune 500 companies trusts 3PL service providers to manage their supply chain and logistics. The graph of online sales scaled-up and demands deriving from customer for lower prices and faster delivery has hiked demand for 3PL services. 3PLs are grateful to tracking technology like global positioning system (GPS) and radio frequency identification (RFID) that provides extended supply chain visibility. In the meantime, IoT has upgraded tracking metrics for all kind of carriers.
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It is inferred that growing advancements in e-commerce across the sector of retail will uplift the prospects for the global 3PL market. Elements such as quick delivery and efficient inventory management plays an important role for operational success of 3PL sector. As an outcome, the demand for improved inventory management, freight forwarding, delivery systems and individualized shipping time are increasing, driving the 3PL market size.
In 2017, APAC held largest market share across the globe. In APAC, especially China is expected to rule over the market in coming years. The key factors pushing the market are growth in import & export across the significant regions, outsourcing of logistics services, economic growth demanding for import & export finished goods from manufacturers at the global level.
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The factor that may deter the market is, merchants not able to recognize significance of storage as part of their fulfillment expense. These merchants need to comprehend the impact of 3PL as it offers better performance if there is an immediate requirement. For instance, a publishing company suddenly needs to ship additional copies, a fulfillment center may efficiently meet the demand than if publisher itself have to accomplish the work.
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