What is 4PL? And why might it save logistics?
If you are shipping goods in 2022, then you’ll probably need to know 4PL. It may just be the Uber of the modern logistics industry.
In the late 2010s, fourth-party logistics (4PL) quietly swept the logistics industry.
According to The Insight Partners, the global 4PL market was valued in terms of revenue at US$56.4 billion in 2019. And It’s predicted to keep growing and reach US$78.9 billion by 2027 (Statista has it clocked at US$86.2 billion)
But what is this rising giant in logistics and what does it offer that other logistics providers haven’t before?
As recently as 2005, fourth-party logistics (4PL) was little more than a pie-in-the-sky concept developed by tech giants like IBM and Accenture as a new avenue for their consulting software.
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