Third-Party Logistics (3PL) Market Size By Solution (Dedicated Contract Carriage (DCC), Domestic Transportation Management (DTM), International Transportation Management (ITM), Warehousing & Distribution, Logistics Software), By Mode (Air, Sea, Rail & Roa

Third-Party Logistics (3PL) Market Size By Solution (Dedicated Contract Carriage (DCC), Domestic Transportation Management (DTM), International Transportation Management (ITM), Warehousing & Distribution, Logistics Software), By Mode (Air, Sea, Rail & Road), By Application (Healthcare, Food & Beverages, Retail, Automotive, Manufacturing), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

The global third-party logistics (3PL) market is anticipated to showcase a robust growth through 2032 owing to the rising number of outsourcing activities by the manufacturing sectors to work on their key competencies.

Leading companies are vying for uniqueness in the highly competitive global 3PL market by offering a range of services and software solutions to various industry verticals. The adoption of numerous strategies, such as partnerships and mergers and acquisitions, which aid in extending their transportation capabilities and catering to new regions, is expected to make the market extremely competitive.

The increased focus on the development of fully automated warehouses as well as distribution systems has also proven to be profitable for 3PL market expansion.

The third-party logistics market has been segmented in terms of solution, mode, application, and region.

Based on the solution, the international transportation management (ITM) segment is poised to garner a steady growth rate over 2023-2032. (review timeline ) The rising need for a secure logistics platform that aids in the planning, execution, and optimization of physical commodities movement as a result of expanding international exposure of organizations would support the segmental growth.

Meanwhile, the logistics software segment is slated to expand at a considerable rate through the forecast period attributed to the growing requirement for cost and time savings throughout the whole logistics process.

With respect to application, the healthcare segment is speculated to garner a positive growth rate through 2032 credited to the growing need for temperature-controlled, contactless, as well as urgent transportation of medical supplies like ventilators and vaccines, among other things.

On the other hand, the automotive segment is projected to expand exponentially through the forthcoming years owing to the rising adoption of 3PL service providers to assure quick, effective, and secure delivery of vehicles from the production facility to showrooms.

From the regional perspective, South America 3PL market is estimated to reach a market valuation of over $100 billion by 2032 fueled by the increased government financing in the manufacturing industry to encourage the advancement of digital manufacturing techniques and alter the manufacturing supply chain.

On the contrary, the Middle East & Africa third-party market captured a business share of over 5% in 2022 and is expected to achieve a higher growth rate over the forecast timeline. The growth is expected to be driven by the expanding public-private partnership model for the development of logistical infrastructure.

In addition, the thriving logistic industry in the region will result in an increase in the number of warehouses, fueling the market expansion.