Route Optimization Software Market Overview
The route optimization software market is witnessing a constant revenue rise. Factors such as increasing investments in advanced route optimization tools to increase productivity substantiate market growth. Moreover, increasing adoption of route optimization software by end-user industries to provide cost-efficient services accelerate the market size.
The increasing demand for these solutions to manage and track route and delivery services increases the market shares. With the rising demand to effectively manage delivery services & other operations and enhance customer satisfaction, the market is likely to witness high traction in the next few years.
In this regard, Market Research Future (MRFR) asserts that the global route optimization software market is expected to create a revenue pocket of USD 5.07 BN by 2030, growing at 11.4% CAGR during the forecast period (2020–2027). Furthermore, the emergence of cloud-based route optimization software creates substantial market demand.
The increasing cab, food delivery, and online goods delivery services and the growing demand for logistics-specific solutions would increase market revenues. On the other hand, security concerns can affect market growth. Nevertheless, technological advances expected in future years would support the market growth throughout the assessment period, mitigating cybersecurity issues and providing quality and structured data to the users.
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Global Route Optimization Software Market – Segments
The market is segmented into solutions, deployment types, users, verticals, and regions. The solution segment is sub-segmented into route optimization software services, route optimization software, and others. The deployment type segment is sub-segmented into on-premise solutions and cloud-based solutions.
The user segment is sub-segmented into small & medium enterprises (SMEs) and large enterprises. The vertical segment is sub-segmented into retails, food delivery, homecare & field services, taxi, online vehicle services, and others. The region segment is sub-segmented into Europe, North America, APAC, MEA, and Rest-of-the-World.
Global Route Optimization Software Market – Regional Analysis
The Asia Pacific region leads the global route optimization software market. The increasing demand from logistics, on-demand food delivery, and ride-hailing & taxi services drive the market growth. Besides, the spurring rise in eCommerce and online food ordering sectors is a key driving force offering lucrative opportunities to the regional market growth.
The widespread adoption of route optimization software across end-user industries boosts the region’s market shares. Moreover, the early adoption of advanced technologies and innovations in route optimization solutions increase the market size. Also, rising R&D investments in developments in cloud technology and economic growth foster regional market growth.
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Route Optimization Software Market --- Competitive Analysis
The route optimization software market appears highly competitive and fragmented, owing to the presence of several notable players. Collaboration, mergers & acquisitions, expansion, and technology launch are common trends of industry players to retain their market position. Market players invest substantially to drive R & D activities and to expand their global footprints.
Major Players
Players leading the route optimization software market are Caliper, ALK Technologies, Descartes, Google, Esri, Llamasoft, Omnitracs, Microlise, Ortec, PTV Group, Paragon Software Systems, Quintiq, Routific, and Route4me, among others.
Industry/Innovation/Related News:
Oct. 26, 2021 --- ABB announced that Spliethoff Group has selected its Ability™ OCTOPUS software to optimize safety for yacht transportation. ABB Ability™ OCTOPUS is a Marine Advisory System also; this market-leading motion-based route optimization software is used in the semi-submersible heavy lift vessel sector.
With motion monitoring providing alerts of critical motions and motion forecasting to help with route selection, OCTOPUS guides onboard decision-making to optimize safe planning of the voyage ahead.
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According to a new market research report "Route Optimization Software Market by Component (Software & Services), Vertical (On-Demand Food Delivery, Ride Hailing & Taxi Services, Field Services, and Retail & FMCG), Organization Size, Deployment Type, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the route optimization software market expected to grow from $2.95 billion in 2018 to $5.07 billion by 2023, at a CAGR of 11.4% from 2018 to 2023.Route Optimization Software Market is primarily driven by the increasing use of logistics-specific solutions and declining hardware and connectivity costs.Browse in-depth TOC on "Route Optimization Software Market"45- Tables29 Figures124- PagesDownload PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=197501388Based on component, the services segment of the route optimization software market is expected to grow at a higher rate during the forecast period.Based on component, the services segment is expected to grow at a higher growth rate during the forecast period as compared to the software segment.
The growth of the services segment can be attributed to the growing need to improve goods delivery time and customer services.Based on deployment type, the cloud segment of the route optimization software market is expected to grow at a higher CAGR during the forecast period.Based on deployment type, the cloud segment of the route optimization software market is estimated to witness the highest growth during the forecast period.
Organizations are increasingly adopting cloud-based route optimization software, as it is easy to deploy and it provides more scalability functions than on-premises software at an affordable cost.
These factors are supporting the growth of the cloud-based route optimization software.North America is estimated to lead the route optimization software market in 2018.North America is estimated to lead the route optimization software market in 2018.
The presence of key companies, such as Descartes, Google, ESRI, Paragon Software, LLamasoft, Omnitracs, Route4Me, Routific, and ALK Technologies in the region is one of the key factors for the growth of the route optimization software market.Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=197501388Some of the major route optimization software vendors include ALK Technologies (US), AMCS (Ireland), Caliper (US), Descartes (Canada), Esri (US), FLS (Germany), Geoconcept (France), Google (US), Portatour (Austria), Llamasoft (US), Maxoptra (UK), Microlise (UK), Omnitracs (US), Optimoroute (US), ORTEC (Netherlands), Paragon Software (UK), PTV Group (Germany), Quintiq (Netherlands), FarEye (India), Route4me (US), RouteSolutions (US), Routific (Canada), Scientific Logistics (US), Truckstops (UK), Verizon Connect (US), and Workwave (US).About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.
Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients.
This market research report includes a detailed segmentation of the global route optimization software market by component (software and service), by application (route planning, fleet tracking, rider allocation, safety and compliance, and others), by vertical (distribution, transportation and logistics, business and home services, government and public safety, construction & heavy equipment, and Others), and by region (North America, Europe, APAC, and RoW).
The market research report identifies Verizon Connect, Descartes, Google, ALK Technologies, Route4me, Routific, and Locus as the major vendors operating in the global route optimization software market.Overview of the Route Optimization Software MarketInfoholic’s market research report predicts that the global route optimization software market will grow at a CAGR of around 15% during the forecast period.
The market is expected to grow as route optimization software by eliminating the costly and time consuming delivery process can improve the operational efficiency and lower the expenses.
Resistance from the on-ground operations team is hampering the market growth.Request a Report Sample with Toc and figures to click here: http://marketgrowthanalysis.com/reports/sample/445The implementation of route optimization software is anticipated to grow further as more and more companies are integrating route optimization software with their logistics and fleet management systems for helping route planners to manage the fleet by finding the most cost effective route options for the mobile workforce.According to the route optimization software industry analysis, North America accounted for the largest share of the global route optimization software market in 2018.
The key players in the route optimization software market are adopting various organic as well as inorganic growth strategies such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies to be in strong position in the market.Request for enquiry on This Report at: http://marketgrowthanalysis.com/reports/enquiry/445Few of the Key Vendors in the Route Optimization Software MarketVerizon ConnectDescartesGoogleALK TechnologiesRoute4meRoutificLocusFedEx Ground is using Routific’s algorithms for defining their boundaries better and remodeling their routes for making their operations more efficient.
Locus is helping its several clients including Myntra, Bluedart, TATA, Droplet, and more to improve their delivery process and on demand order allocation.There are numerous other vendors that have been studied based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R for analysis of the entire ecosystem.Route Optimization Software Market Research By ComponentSoftwareServicesSoftware segment is expected to hold the largest market share during the forecast period and services segment is expected to grow at the highest CAGR due to the demand for training and consulting as well as support services during and after the software deployment.Route Optimization Software Market Research By ApplicationsRoute PlanningFleet TrackingRider AllocationSafety and ComplianceOthersRoute planning is estimated to hold the largest market share in 2019 and fleet tracking is expected to grow at the highest CAGR during the forecast period 2019–2025.Route Optimization Software Market Research By VerticalsDistributionTransportation and LogisticsBusiness and Home ServicesGovernment and Public SafetyConstruction & Heavy EquipmentOthersBusiness and home services market is expected to grow at the highest rate for managing the cancellations and scheduling rates by route optimization software.Route Optimization Software Market Research BenefitsThe report provides an in-depth analysis of the route optimization software market.
