The global route optimization software market was analyzed by Market Research Future (MRFR) and it was projected that an impressive CAGR of 11.4% will be attained by the market over the forecast period of 2018 to 2023. The valuation of the route optimization software market was further stated to surpass its previous figure to reach an estimated valuation of USD 5.07 billion by the end of 2023.
The global route optimization software market is moving at a rapid pace with online cab booking services gaining increasing prominence among households. The software aims to maximize the workflow by bringing forward traditional & static planning, logistics, and real-time data under one single roof in order to fulfill the expectations of the customers. Route optimization software further includes ballooning online cab booking services and various features like cost-effectiveness, ease of deployment, and the ability to optimize workflow. These are expected to be the chief drivers of the global route optimization software market in the coming years.
However, on the other hand, cyber-attack threats and software lags can become the biggest challenges for the global route optimization software market growth. Additionally, the lack of any IT infrastructure across various underdeveloped regions can also limit its market potential over the forecast period.
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The global route optimization software market has been segmented in terms of verticals, organization size, deployment, and components.
By component, the market divides into services and software. Herein, the services segment can be further broken down into map integration & software deployment, consulting services, and support & maintenance. The software segment leads the global route optimization software market with the highest share percentage.
By deployment, the market branches into on-premises and on-cloud. The on-cloud segment is expected to be the fastest growing over the forecast period. However, the global market is currently led by the on-premises segment.
By organization size, the market includes large enterprises and small & medium enterprises (SMEs). The large enterprises segment spearhead the global route optimization software market, with SMEs expected to be the fastest growing segment over the forecast period.
By verticals, the market comprises field services, on-demand food delivery, ride-hailing & taxi services, retail & FMCG, and others. The Retail & FMCG segment leads the global market with the maximum share to its name. While, the field services vertical stands out to be the fastest growing segment during the forecast period.
The global route optimization software market comprises a host of key players. This includes names like Llamasoft, Omnitracs, ALK Technologies, PTV Group, Google, Microlise, Caliper, Descartes, Route4me, Routific, Paragon Software Systems, Esri, Ortec, Quintiq, and others.
The global Route Optimization Software Market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
North America is reported to be the leading region in the global route optimization software market in terms of the revenue generated. The regional market is expected to continue holding a key presence in the global landscape due to the presence of various major international companies herein. The growth of the region can be primarily attributed to its superior infrastructural situation. The increasing disposable income of the consumers in this region is also reported to be a key growth factor for the market.
Europe stands as the second-largest route optimization software market and the growth of the same is due to factors similar to North America. Elsewhere, the Asia Pacific region holds the potential to be the fastest growing market over the forecast period. Countries like Singapore, China, South Korea, and India are the major contributors to the Asia Pacific regional market.
December 2018, UPS announced that the company is closely investing in its IT efforts with the upgradation of its internal tool, named UPSNav. The company revealed that the software can optimize delivery much better than the previously launched version, named ORION.
LIST OF TABLES
Table 1 Global Route Optimization Software Market, By Region, 2018—2023
Table 2 North America: Route Optimization Software Market, By Country, 2018—2023
Table 3 Europe: Route Optimization Software Market, By Country, 2018—2023
Table 4 Asia-Pacific: Route Optimization Software Market, By Country, 2018—2023
Table 5 The Middle East & Africa: Route Optimization Software Market, By Country, 2018–2023
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LIST OF FIGURES
FIGURE 1 Global Route Optimization Software Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Route Optimization Software Market
FIGURE 4 Value Chain Of Global Route Optimization Software Market
FIGURE 5 Share Of Global Route Optimization Software Market In 2018, By Country (In %)
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