According to Technavio Research Report “3PL Market in the US by service (transportation, warehousing and distribution, and others) and end-users (retail industry, manufacturing industry, automotive industry, food and beverages industry, and others) is witnessed to grow USD 43 billion, at a CAGR of 4% from 2018 to 2022”.
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Technavio has published a new market research report on the 3PL market in the US from 2018-2022. (Graphic: Business Wire)
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3PL market in the US: Top emerging trend
The introduction of blockchain technology in the logistics industry is an emerging trend in the 3PL market in the US. The blockchain technology is a digital platform, which offers distributed transaction ledger. Identical copies of the ledger are easily maintained in multiple computer systems that the stakeholders control. Generally, the blockchain is a system, which uses a thread of cryptographically protected records and the details of transactions for all stakeholders in the supply chain. The blockchain technology helps in developing a cost-efficient and effective supply chain.
3PL market in the US: Segmentation Analysis
The 3PL market analysis categorizes the market in the US into the following end-user:
- Retail industry
- Manufacturing industry
- Automotive industry
- Food and beverages industry
In 2017, the retail industry segment accounted for 24.87% of the 3PL market share and is projected to contribute to 25.22% share by 2022, exhibiting almost 0.35% increase in market share.
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Few Major Players for the 3PL Market in the US are:
- C.H. Robinson
- J.B. Hunt
- United Parcel Service
- XPO Logistics
Cost minimization through 3PL services.
The reduction in cost obtained from 3PL services is one of the key market drivers in the US logistics industry. With the rising increase in operating costs, logistics industries are requiring high capital investment for setting up a structured infrastructure and maintaining large fleet sizes, technology, and labor. In addition, several industries are also focusing on outsourcing logistics services for minimizing the operational costs and maintaining profitability. Furthermore, 3PL service providers are also offering VASs by customizing their services while meeting the demands of the suppliers.
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