Big data is on the rise in the third party logistics (3PL) market, according to a new report published by Research and Markets.
According to the research, logistics companies and shippers are using big data to turn large quantities of data into “competitive advantage.”
An analyst from Research and Markets said: “Some of the advantages of implementing big data are the availability of the market insights, customization of services, and new business models based on agility. However, the application of big data analytics in the European logistics market has yet to achieve its full potential as there are significant IT gaps in the industry.”
The report, “Third Party Logistics Market in Europe 2017-2021”, also includes details about the key players in the market, including: C.H Robinson, CEVA Logistics, DB Schenker Logistics, Deutsche Post DHL, Expeditors International of Washington, J.B. Hunt Transport, Kuehne + Nagel International, SNCF Logistics, TNT Express, and UPS.
The new report also found that growing complexity of in-house logistics operations is also a big trend. It claims that manufacturing companies across the world are expanding production capacities, which in turn increases logistics requirements and the complexity of SCM for these businesses.
Limited use of IT, and a lack of compatibility between IT systems of the shipper and 3PL service provider, were identified as a big hindrances for the 3PL market in Europe.