In a report “World Third Party Logistics Market: Opportunities and Forecasts, 2014-2022” by Allied Market Research, the compound annual growth rate of the global 3PL market is pegged at 5.16 per cent during the forecast period of 2016-22 while the market itself is slated to touch US$ 1110 bn. The significant growth is owing to a hike in e-commerce industry and trade activities globally. It is interesting to note that the combined category of IT services and logistics software is expected to touch a considerable growth of 5.72 per cent over the said period.
In 2015, Asia Pacific surged ahead with the largest revenue share of about 36 per cent, followed closely by North America. APAC is being hoped to register a CAGR of 6.67 per cent. Roadways and railways are expected to be the major mode of transportation to be put into use by the 3PL companies. Certain countries like China are using double-decked goods trains to increase the amount of cargo ferried.
In all this, India is expected to grow at the highest CAGR of 8.13 per cent in the forecast period.
