(Health-NewsWire.Net, February 08, 2016 ) The increased need for outsourcing logistic operations by businesses, in order to emphasize on their main business operations is also driving the growth of the global third party logistics market. The growth in online retailing and emergence of industry specific logistic services is also driving the growth of the global market. The increased popularity of online retailing is driving the focus of retailers towards the execution of omni-channeled distribution policies by supplying the service of 3PL providers. Some of the automotive and healthcare organizations have switched from their current internal logistics providers to third party logistics (3PLs) for reducing distribution costs, which is expected to fuel the growth of the market in the future.
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The activities performed by a logistics provider include warehousing, cross docking, transportation, inventory management, and freight forwarding; which provide agility and flexibility to operations. The third party logistics providers help in the management of inventory, mitigate risk, provide market opportunities, and assist firms in seasonal business activities. The third party logistic vendors attempt to minimize their delivery times to achieve customer satisfaction. The advent of big data and data analytics is an emerging trend witnessed in the global market.
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The dedicated contract carriage (DCC) is a high growth segment of the distribution and trucking industry. DCC involves trailers, drivers, tractors, supplying trucks, and managing many elements involved in the supply chain. Major companies, such as Target, Wal-Mart and Kroger use DCC for decreasing costs and increasing truck capacity. The Domestic transportation management (DTM) includes freight brokerage in combination with transportation management services, which are used for shipments to be reached in a particular hub or point. The difference between ITM and DTM is that distribution and warehousing comprise distribution center process or long-term contract warehousing and many value-additions; whereas ITM deals with international shipments. The refrigerated grocery and pharmaceutical applications are the major factors, which impact growth of the value-added warehousing services.
The third party logistics market in Europe and Asia-Pacific are expected to grow with a considerable rate during the forecast period. The increasing automotive industries are expected to boost the growth of the European third party logistics market. The increasing growth scenario for warehousing and distribution facilities in the Asia-Pacific countries, such as China, India, Indonesia, Thailand, and Singapore are influencing the growth of the third party logistics market in the region. The growing outsourcing of logistic operations by firms is the major factor, which is anticipated to drive the growth of the Asia-Pacific market during the forecast period. United Parcel Service of America Inc., KUEHNE + NAGEL INC, FedEx, J.B. Hunt Transport Inc., C.H. Robinson Worldwide Inc., are some of the competitors in the global third party logistics market. FedEx has made partnership with Nagel Kuehne Inc., for improving their supply operations.
Global Third Party Logistics Market Segmentation:
Domestic Transportation Management (DTM)
Dedicated Contract Carriage (DCC)
Warehousing & Distribution
Software and International Transportation Management (ITM)
Rest of the World
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