The report on the Global Route Optimization Software Market covers historical market trends, current market dynamics, market valuation by segmentation as well as region, country-level analysis for every segment, key player’s market share analysis, competitive landscape and supply chain analysis.
The route optimization software simplifies the complex process involved in deducing a cost-effective, shortest route to travel from one point to another. Logistics operations, traditional & static planning, and real-time data are the techniques implemented by the software to produce a result with maximum efficacy. The capability of route optimization software to make intelligent decisions helps in assigning routes that cover less mileage, thereby, reducing the driver’s overall time on the road. The route optimization software market is likely to expand in the forecasted period owing to the smart features of the software. Furthermore, the increase in demand for online cab services is creating immense scope for the adoption of the route optimization software in fleet management. Moreover, advancements in cloud-based services like SaaS and logistics specific solutions are supporting fleet management organizations to deploy route optimization software, is expected to fuel the route optimization market growth.
On the flip side, cybersecurity challenges and loopholes in IT infrastructure are possible constraints on the route optimization software market expansion.
Market Research Future (MRFR) reports that the global route optimization software is anticipated to grow to USD 5.07 billion by 2023 and likely to witness a CAGR of 11.4% during the forecast period 2018-2023.
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The global route optimization software market study by MRFR is segmented by component, deployment, organization size, and vertical.
Based on component, the market can be segmented into software and services. The software segment is likely to lead the market. The services segment is narrowed down to consulting services, map integration & software deployment, and support and maintenance.
Based on deployment, the market comprises on-cloud and on-premises. The on-cloud segment is expected to register the highest CAGR during the forecast period.
Based on organization size, the market includes small & medium enterprises (SMEs), and large enterprises. The large enterprises segment is likely to dominate the market, whereas, SMEs are expected to show accelerated growth.
Based on vertical, the market is segmentation into on-demand food delivery, retail & FMCG, field services, ride-hailing and taxi services, and others. The retail & FMCG is anticipated to lead the route optimization software market.
Important companies listed by MRFR in the route optimization software market are Omnitracs, ALK Technologies, Quintiq, Descartes, Caliper, Esri, Microlise, Llamasoft, Ortec, Paragon Software Systems, PTV Group, Route4me, Routific, Google, and others.
Based on region, the Route Optimization Software Market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
North America boasting on its advanced IT infrastructure, predicted to generate huge market revenue is prompting the regional route optimization software market growth. The early adoption of cloud and web-based services are some examples of technological advancements in the region which are likely to augment the market growth.
Europe shares similar market drivers to North America which are predicted to propel the route optimization market in the region. A huge amount of investment by the regional market key players, in research and development for developing more efficient technologies, is predicted in the study conducted by MRFR. New innovations in route optimization software can boost the market growth.
Increase in urbanization, the rising level of disposable income and growing digitalization transformation in the Asia Pacific region are predicted factors proliferating the route optimization software market in the region. Increase in smartphone ownership and easy-to-use logistics management in countries like Singapore, South Korea, India, and China in APAC, are factors anticipated to propel the regional route optimization software market growth.
January 2019: OnTerra Systems, developers of RouteSavvy route optimization software, announced the launch of driver’s mobile device operated, GPS tracking for small to mid-sized commercial vehicles. The cost-effectiveness of the innovation lies in the fact that the cost of the innovation is a fraction of the price of typical GPS fleet tracking technology.
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