Overview and Scope
Route optimization software refers to a technological solution that streamlines and optimizes route planning and execution for vehicles, deliveries, and field service activities. This software uses algorithms, real-time data, and geographic information systems (GIS) to create optimum routes that maximize the utilization of resources while minimizing inefficiencies.
Sizing and Forecast
The route optimization software market size has grown rapidly in recent years. It will grow from $6.76 billion in 2023 to $7.75 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The growth in the historic period can be attributed to focus on customer experience, cloud computing, integration with enterprise systems, growth of transportation industry, emergence of optimization techniques.
The route optimization software market size is expected to see rapid growth in the next few years. It will grow to $13.27 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to increasing urbanization, rise of e-commerce, focus on sustainability, demand for real-time visibility, rise of electric vehicles, demand for customization and scalability. Major trends in the forecast period include advancements in computing, GPS (Global Positioning System) technology, development of GIS (Geographic information system) technology, advancements in IoT (Internet of things), integration with autonomous vehicles.
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Segmentation & Regional Insights
The route optimization software market covered in this report is segmented –
1) By Solution: Software, Services
2) By Deployment: On-Premise, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises
4) By Industry Vertical: Retail And Fast Moving Consumer Goods (FMCG), On-Demand Food And Grocery Delivery, Ride Hailing And Taxi Services, Homecare And Field Services, Logistics And Transportation, Other Industry Verticals
North America was the largest region in the route optimization software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the route optimization software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rising demand for online meal delivery services is expected to propel the growth of the route optimization software market going forward. Online meal delivery services refer to a platform or application that allows customers to order food from restaurants or food cooperatives through a website or mobile app and have it delivered to their doorstep. The rising demand for online meal delivery services is on the rise due to convenience, time- savings, and a growing preference for diverse culinary options. Route optimization software is utilized within online meal delivery services to streamline delivery operations, reduce costs, and minimize travel time and distance, thereby ensuring efficient navigation and timely delivery of orders to customers. For instance, in October 2023, according to a survey of 1,500+ consumers conducted by DoorDash, a US-based provider of food delivery services, it was found that in the last month, 77% of consumers ordered delivery, 76% picked up takeout, and 61% dined in a restaurant. In the previous month, 44% of US diners used a third-party app to order delivery two to four times, while another 23% did so five to seven times. Moreover, in the United States, 80% of diners maintain or exceed their online ordering levels from the previous year. Therefore, the rising demand for online meal delivery services is driving the route optimization software market.
Key Industry Players
Major companies operating in the route optimization software market are Google LLC, Verizon Connect Solutions Inc., International Business Machines Corporation, Oracle Corporation, Dassault Systemes, Trimble MAPS Inc., FLSmidth & Co. AS, ESRI Global Inc., TomTom N.V., Omnitracs LLC, Descartes Systems Group Inc., WorkWave LLC, Microlise Group Limited, FarEye, Wise Systems Inc., Advanced Manufacturing Control Systems Limited, PTV Planung Transport Verkehr AG, Ortec BV, ScienceSoft USA Corporation, Mara Labs Inc., Caliper Corporation, GeoConcept SA, Paragon Software Systems PLC, Route4me LLC, Maxoptra, Portatour, Routific Inc., OptimoRoute Inc., Llamasoft Inc., OnTerra Systems LLC, RouteSolutions
The route optimization software market report table of contents includes:
1. Executive Summary
2. Route Optimization Software Market Characteristics
3. Route Optimization Software Market Trends And Strategies
4. Route Optimization Software Market - Macro Economic Scenario
5. Global Route Optimization Software Market Size and Growth
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32. Global Route Optimization Software Market Competitive Benchmarking
33. Global Route Optimization Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Route Optimization Software Market
35. Route Optimization Software Market Future Outlook and Potential Analysis
36. Appendix
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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.
