The global Route Optimization Software Market is expected to grow from USD 2.95 billion in 2018 to USD 5.07 billion by 2023, at a CAGR of 11.4% from 2018 to 2023. Major drivers of the route optimization software market include the increasing use of logistics-specific solutions and declining hardware and connectivity costs.
Based 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.
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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.
Key market players profiled in this report 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). These players offer route optimization software to cater to the needs and demands of the market. They have adopted various growth strategies, such as partnerships, agreements and collaborations, business expansions, and new product launches to strengthen their presence in the market.
Google focuses on adopting a strategic mix of organic and inorganic growth strategies, such as partnerships, new product launches, mergers & acquisitions, and business expansions. In May 2018, Google updated its Google Maps API platform for developers with a new name, Google Maps Platform. Additionally, in the September 2016, Google acquired Urban Engines, a provider of location-based analytics for urban planning. This acquisition benefited the Google Maps team to help local governments and businesses assess urban mobility and improve transportation offerings in the surrounding area.
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Paragon Software focuses on adopting a strategic mix of organic and inorganic growth strategies. For instance, in July 2018, Paragon Software enhanced its routing and scheduling software to interface with more than 40 different vehicle tracking systems, with a number of new technology partnerships with telematics providers. This functionality would aid transport operations to use real-time information that will improve their transportation planning process. Additionally, in the November 2016, Paragon Software extended its membership of the Microsoft Premier Support for Developers program to help build, deploy, and manage routing and scheduling solutions that use the latest Windows technology. Under this extension, Paragon would be using the developers program to support the Waypoint Mapping deployment into the Azure cloud environment, which would enable better sharing of routing data with integrated vehicle tracking solutions.
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