According to a recently published report by Future Market Insights, the global 3PL software market is estimated at US$ 1.20 Billion in 2021 and is projected to reach US$ 1.24 Billion by 2022. It is predicted that the market will grow at a CAGR of 6.4% between 2022 and 2032. The ability to collect data electronically, automate warehouses, and digitize the entire supply chain has allowed companies to adopt a personalized, adaptable, and customer-centric approach to software in the market.
Consequently, 3PL companies utilize technologically advanced solutions to gain a competitive advantage in a highly competitive market by using blockchain solutions, mobile technologies, and 3PL software. From 2015-2021, the industry experienced a CAGR of 7.1%.
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%
“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
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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 over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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