A report released by Armstrong & Associates shows e-commerce and outsourcing fueling demand for third-party logistics (3PL) services, driving 3PL revenues to over US$1.1 Trillion by 2022.
In 2016, the global 3PL market reached $802 billion.
Armstrong & Associates research found that global logistics costs were $8.2 trillion in 2016, with the firm predicting that number to surpass $11.1 trillion in 2022.
Globally, the Asia Pacific region is the largest logistics market accounting for 39 percent of total global logistics costs and 38 percent of total global 3PL revenues.