Albany, New York, January 9, 2017: A latest report focusing on the European market of third party logistics has added to the wide database of Market Research Hub (MRH). According to the report, “Third Party Logistics Market in Europe 2017-2021”, this market will grow significantly in coming years. Through this study, research analysts have estimated that it will post a CAGR of 3.06% during the given forecast period of 2017-21. This rise occured due to the growing complexity of in-house logistics operations.
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As IT brought on a huge boom in globalization, the concept of third party logistics evolved in the 1980’s. Since then, it has played a vital role in many functions and business processes. It can be defined as, an activity of outsourcing activities related to logistics and distribution i.e. performed by 3PL providers. These third party logistic providers manages all or significant part of an organization’s logistics requirements and performs transportation or other services involved in the supply chain management functions along with warehousing, freight forwarding, inventory management, IT services and management of call center. Companies that provide contractual logistics services are referred to as 3PL providers. 3PL services are mainly needed in firms that have a wide and complex network.
Initially, the report presents an overview of the third party logistics market along with its segmentation. Geographically, in the European market, some of the key countries are focused, such as Germany, U.K., Spain, Italy, France and ROE. Among these, Germany accounts for the highest share in the market and is set to dominate during the forecast period as it is estimated to witness a steady growth with a revenue of over $41.96 billion by 2021. The main reason behind the growth in this region is the augmented outsourcing of warehousing and transportation services and also the demand for professional logistics and SCM solutions. Thus, 3PL providers are refining and expanding their core competencies to develop their offerings.
Furthermore, the market has been segmented on the basis of services and end-users. End-users of the 3PL providers are- Manufacturing industry, Healthcare, hi-tech, automotive, retail, consumer goods, food & beverages industry and others. Companies mostly consider transportation logistics to be more reliable in the European 3PL market. According to research analysts, major trends driving the market in Europe are-
- Emergence of big data
- Increase in M&As
- Progress in online retailing
Logistics corporations & shippers are trying to gain a viable edge in the market by using large amount of data to arrange big data. However, the use of big data analytics in the European logistics market is yet to accomplish its full potential and is also expected to slowly gain traction in coming years.
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Moving further, key vendors listed in the report includes SNCF Logistics, C.H Robinson, TNT Express, CEVA Logistics, Expeditors International of Washington, J.B. Hunt Transport, DB Schenker Logistics, Deutsche Post DHL, Kuehne + Nagel International and UPS.
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