3PL Market in the US 2018-2022
3PL providers are companies that offer outsourced logistics and supply chain management services to various end-user industries. 3PL service providers offer diverse services such as the management of transportation, warehousing, and the distribution of goods and products from manufacturing facilities to the point of sales.
Technavio’s analysts forecast the 3PL market in the US to grow at a CAGR of 4.27% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the 3PL market in the US for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.Technavio's report, 3PL Market in the US 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – 3PL Market in the US 2018-2022
Technavio recognizes the following companies as the key players in the 3PL market in the US: C.H. Robinson, Expeditors, J.B. Hunt, United Parcel Service, and XPO Logistics.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is introduction of blockchain technology in logistics industry. The introduction of blockchain technology in logistics industry will be a major trend that will gain traction in the 3PL market in the US during the next few years. Using the digital platform offered by the blockchain technology, logistics industries have access to distributed transaction ledger.”
According to the report, one driver in the market is cost reduction in industries achieved through 3PL services. Outsourced 3PL services aid the organizations to focus on improving their core competencies and the operational efficiency of the business. Additionally, these services also aid in avoiding unnecessary expenses and accumulate significant savings.
Further, the report states that one challenge in the market is shortage of skilled drivers resulting in higher lead time and operational cost. The 3PL market in the US is highly dependent on the trucking industry for the transportation of the goods across the US. About 70% of all the freight tonnage in the US is moved using trucks.