Market Analysis The route optimization software market size is projected to touch USD 5.07 billion at a healthy 11.4% CAGR between 2018- 2023, sta
The route optimization software market size is projected to touch USD 5.07 billion at a healthy 11.4% CAGR between 2018- 2023, states the recent Market Research Future’s route optimization software research report. Route optimization, simply put, is a route scheduling software that augments operational efficiency with the help of better route scheduling. It is a process to select the optimal route taking into consideration several factors like the time constraints of the customer and driver, route availability to guarantee low transportation cost, and vehicle issues.
Various factors are propelling the global route optimization software market share. According to the recent MRFR report, such factors include growing use of logistics-specific solutions, declining connectivity and hardware costs, an increasing number of connected devices in IoT, growing demand for online goods and service delivery, and burgeoning demand for such solutions among digital mobility, car sharing, and shared mobility.
On the contrary, lack of IT infrastructure, the vulnerability of malware, and the impact of the COVID-19 outbreak may impede the global route optimization software market growth over the forecast period.
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The MRFR report highlights an inclusive segmental analysis of the global route optimization software market based on vertical, organization size, deployment, and component.
By component, the global route optimization software market is segmented into services and software. The services segment is again segmented into support and maintenance, map integration and software development, and consulting services. Of these, the software segment will lead the market over the forecast period.
By deployment, the global route optimization software market is segmented into on-premises and cloud. Of these, the on-premises segment will dominate the market over the forecast period while on-cloud will grow at a quick rate during the forecast period.
By organization size, the global route optimization software market is segmented into large enterprises and SMEs. Of these, large enterprises will have a major share in the market over the forecast period.
By verticals, the global route optimization software market is segmented into ride-hailing and taxi services, field services, retail and FMCG, on-demand food delivery, and others. Of these, retail and FMCG will command the largest share in the market over the forecast period.
By region, the global route optimization software market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), & the Rest of the World (RoW). Among these, North America will lead the market over the forecast period. The presence of key international companies, infrastructural superiority and large scale investments to implement route optimization software for addressing the growing needs for better driver convenience and delivery efficiency are adding to the route optimization software market growth in the region.
The global route optimization software market in Europe is predicted to hold the second-largest share over the forecast period. Growing demand for low-cost cloud deployment, well-established infrastructure, demand for improved driver convenience, and the presence of eminent key players are adding to the global route optimization software market growth in the region.
In the APAC region, the route optimization software market is predicted to grow at a high CAGR over the forecast period. Growing adoption of the software amidst increasing traffic congestion, growing car sales, increasing implantation of smart transportation projects, surge in the sale of smartphones, rising adoption of logistics management by companies in different verticals, and growing demand in China, India, and South Korea are adding to the global route optimization software market growth in the region.
The route optimization software market in the RoW is predicted to have sound growth over the forecast period.
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Key contenders profiled in the global route optimization software market report include Routific, Route4me, Quintiq, PTV Group, Paragon Software Systems, Ortec, Omnitracs, Microlise, Llamasoft, Google, Esri, Descartes, Caliper, ALK Technologies, and others.
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