ELINT Market Research anticipates a robust expansion in the global 3PL market, estimating it to reach US$ 1131.9 billion by 2023 with a promising trajectory for further growth. The study underscores the industry's pivotal role in sustaining supply chain operations. Projections indicate a compound annual growth rate (CAGR) of 7% to 9% from 2023 to 2026, signaling a bright future for 3PL providers who can deliver tailored solutions addressing the evolving challenges in cross-border logistics and the evolving e-commerce landscape.
The emergence of freight forwarding as a significant player in the 3PL domain is noteworthy. Recent research anticipates a steady growth rate of 3-4% in this sector until 2023. This growth is attributed to the indispensable role of freight forwarding in enhancing supply chain efficiencies, minimizing lead times, and ensuring punctual deliveries. The symbiotic relationship between freight forwarding and 3PL services is evident as companies increasingly rely on the latter for managing freight operations. Furthermore, the 3PL sector is poised for unprecedented expansion, fueled by the expanding global market and rapid retail development, where swift and dependable logistics are increasingly sought after for reaching international clientele.
Third-party logistics (3PL) involve outsourcing logistics and supply chain functions to external service providers, encompassing transportation, warehousing, order fulfillment, and distribution. These providers specialize in optimizing supply chains, reducing costs, and ensuring operational efficiency for their clients.
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The growth of the 3PL market is attributed to various factors. Globalization has widened the scope of supply chains, necessitating sophisticated logistics solutions worldwide. Leveraging global networks, 3PL providers are better equipped to address the complexities of international logistics. Modern technologies like IoT, AI, and blockchain have revolutionized logistics, enabling real-time visibility and data-driven solutions.
Businesses increasingly focus on their core competencies, driving demand for outsourced logistics functions. The rapid growth of e-commerce has reshaped consumer expectations regarding shipping services, making flexible and scalable 3PL models indispensable for meeting dynamic e-commerce logistics needs.
Key highlights for the 3PL market include significant profit growth in the first quarter of 2023, with projected continuous growth due to rising demand. The manufacturing segment is expected to lead the global 3PL market from 2023 to 2026, emphasizing its pivotal role in shaping market dynamics through technological convergence.
Regional dynamics vary across North America, Europe, and Asia Pacific, with differing levels of supplier influence. Strong collaboration is crucial for enduring partnerships in North America, while Europe presents opportunities for balanced supplier dynamics and successful joint ventures. Stakeholders in the Asia Pacific region must focus on developing solid partnerships through strategic initiatives.
Notable developments in the 3PL market include GXO Logistics' acquisition of PFSweb and Holman Logistics' investment arm targeting logistics technology startups, aimed at promoting innovation and efficiency in logistics solutions.
Prominent players in the 3PL market include Sinotrans, XPO Logistics, UPS Supply Chain Solutions, and others, driving industry evolution through innovation and strategic developments.
Key questions addressed in the 3PL market report:
1. What will be the current market size?
2. What will be the projected growth?
3. What are the factors driving market expansion?
4. What will be the contribution of the freight forwarding sector to overall market growth?
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Rokt, the global leader in e-commerce marketing technology, today announced that Bill Magnuson, Founder, CEO and former CTO of Braze has joined the Board of Directors.
Magnuson brings deep technical experience to the rapidly growing e-commerce business, joining recently appointed Steve Krenzer (from Groupon), along with Bruce Buchanan (CEO and Chairperson), Tom Cowan (from TDM Growth Partners), John Ho (from Janchor Partners), Tushar Roy (from Square Peg Capital) and Tek Heng (Company Secretary) on the board martech news.Magnuson, who co-founded Braze (formerly Appboy) in 2011, has spent the past eight years building Braze into a comprehensive customer engagement platform that powers experiences between consumers and brands delivering billions of messages daily.
With clients including Canva, Disney, HBO and Overstock, Braze has raised over $175m in funding and grown its business to 500 employees worldwide.
As Rokt is on a similar growth trajectory, Magnuson’s experience will bring great guidance to the Rokt Board as well as the research & development, product and technical teams.“Rokt is at a moment in their growth where my experience with Braze will be instructive, and I hope to be able to bring support as they accelerate globally, making e-commerce as smart as it can be for all brands and consumers alike,” said Magnuson.
“I’m looking forward to partnering with Rokt’s impressive Board of Directors to build the brightest future possible.”Rokt, who recently closed US$48m in their Series C investment round, has transformed e-commerce in over 11 countries by identifying that when customers are buying online as a consumer or on behalf of a business, they increasingly expect more personalized and relevant experiences.
Rokt’s proprietary technology, machine learning and AI makes e-commerce smarter, faster and better.
