The worldwide 3PL software market is expected to reach US$ 1.24 billion by 2022, up from an anticipated US$ 1.20 billion in 2021, according to a research released recently by Future Market Insights. From 2022 to 2032, the market is expected to expand at a compound annual growth rate (CAGR) of 6.4%. Companies are now able to provide software that is individualised, flexible, and focused on the needs of their customers thanks to the capacity to electronically gather data, automate warehouse operations, and digitise the whole supply chain.
As a result, 3PL businesses employ cutting-edge technology, such as 3PL software, mobile technologies, and blockchain solutions, to obtain a competitive edge in a very competitive industry. Over the period of 2015–2021, the industry saw a CAGR of 7.1%.
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Using Automated Guided Vehicles (AGVs) can result in fewer human errors, improved workflow, increased precision, and improved productivity and service. Increasingly, companies are embracing logistics automation to deliver immediate value and long-term results.
Reduced operational costs are the result of shippers shifting their focus from logistics and back-office activities such as warehouses, order picking & packing, kitting & final assembly, sourcing, and labeling. Shippers can use these value-added software services to mitigate inventory & transportation costs, which in turn is becoming a boon for the 3PL software market.
Key Takeaways:
- Global 3PL software market to flourish 1.8x during the forthcoming decade, reaching US$ 2.3 Billion
- 3PL software to generate an absolute value of US$ 1.1 Billion from 2022-2032
- Technological industry to make maximum use of 3P software, growing at a 6.3% CAGR
- By mode of transport, roadways segment to expand at a CAGR of 6.5% during the forecast period
- In the U.S., the market is predicted to reach US$ 839.5 Million while growing at a CAGR of 6.2% during the forecast period
- China’s market is expected to reach a market value of US$ 174.6 Million with a CAGR of 6.1%
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“Supporting the rapid growth of automated logistics services, E-commerce, and IoT solutions over the upcoming years will help to increase demand for 3PL software in the future,” remarks an analyst at FMI.
Competitive Landscape
Through strategic partnerships, manufacturers can increase production and meet consumer demand, increasing both their revenues and market share. The introduction of new products and technologies will allow end-users to reap the benefits of new technologies. Increasing the company’s production capacity is one of the potential benefits of a strategic partnership.
- In May 2022, Enveyo, announced that its Insights parcel analytics platform has helped Saddle Creek Logistics Services streamline and automate the management of parcel analytics and client billing. As part of the implementation of Enveyo’s parcel analytics solution, Insights, Saddle Creek eliminated the manual and time-consuming process of shipment reporting and billing.
- In May 2022, Zethcon Corporation has announced that the company’s flagship Synapse WMS product has been successfully implemented by RBW Logistics, a third-party logistics provider (3PL) based in Augusta, Georgia. For RBW to best serve existing customer needs and provide expanded capabilities required to support new growth opportunities, Zethcon provided its warehouse management system (WMS) and 3PL expertise.
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Key Segments Covered In The 3PL Software Market Report
By Mode of Transport:
- Railways
- Roadways
- Waterways
- Airways
By Service Type:
- Dedicated Contract Carriage (DCC)
- Domestic Transportation Management
- International Transportation Management
- Warehousing & Distribution
- Other Service Types
By Industry:
- Technological Industry
- Automotive Industry
- Retailing Industry
- Elements Industry
- Food & Groceries Industry
- Healthcare Industry
- Other Industries
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
More Valuable Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the global 3PL software market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by mode of transport (railways, roadways, waterways and airways), service type (dedicated contract carriage (DCC), domestic transportation management, international transportation management, warehousing & distribution and others) and industry (technological, automotive, retailing, elements, food & groceries, healthcare and others) across five major regions (North America, Europe, Asia Pacific, Middle East and Africa, Latin America).
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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