The route optimization software market was valued at USD 2.5 billion in 2019 and is expected to reach around USD 5.1 billion by 2026, expanding at a CAGR of around 11.4% during the forecast period, between 2020 and 2026. The growth of the market is attributed to growing usage of logistics specific solutions. Additionally, the advantage provided by this software to reduce the hardware and connectivity cost is also driving the growth of the market. However, handling structure and unstructured data is one of the factors hindering the growth of the market.
Route optimization software is software which is used to optimize the workflow. The software has planned sequential stops. It provides dynamic data solutions, real-time data, round-the-clock operations support, and traditional static planning capability. The software has the ability to preview multiple constraints and factors to meet the consumer expectations.
Route optimization software also provides priority delivery services along with keeping a check on consumer objectives. The software provides benefits such as reducing the operational costs of the companies drastically and increasing the profit margin of the companies. It is basically a route scheduling software to help the various companies select the optimal route while keeping in mind vehicle issues, customer’s and driver’s time constraints, and route availability.
Market Trends, Drivers, Restraints, and Opportunities:
- Surging demand of route optimization software due to advantages such as minimal fuel usage, minimum stop durations, optimal average miles, reduced distance, and reduced operating costs is the major factor driving the growth of the market.
- Growing adoption of the software especially in the service sector is the primary factor propelling the growth of the market.
- Increasing demand for online food delivery services and online cab services across the globe due to ease of use, on-time delivery, and real-time tracking is boosting the growth of the market.
- Rising logistics costs creates the need to lower the operating costs which is accomplished in the logistics sector where transportation costs are managed along with transportations schedules and routes. Thus, it fuels the growth of the market.
- Growing security and privacy concerns is one of the major challenges for the market growth.
- Rising need for handling the structured and unstructured data is one of the major factors restraining the growth of the global route optimization software market.
Major companies in the global route optimization software market include The Descartes Systems Group Inc., The Greater Jakarta Transportation Agency, Verizon, FLS- Fast Lean Smart UK Ltd., Route4Me, Inc., Paragon Software Systems PLC, Google, and OptimoRoute Inc. The companies are using strategic acquisitions such as expansions, capital investments, R&D activities, technological advancements, innovative product launches, collaborations, mergers & acquisitions, and strategic partnerships.
The Global Route Optimization Software Market has been segmented on the basis of
- On-premises Deployment Model
- Cloud Based Deployment Model
- Food Delivery
- Retail and FMCG
- Homecare Services
- Small & Medium Enterprises (SMEs)
- Large Enterprises
- Asia Pacific
- North America
- Middle East & Africa
- Latin America
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Table of Contents
- Executive Summary
- Assumptions and Acronyms Used
- Research Methodology
- Route Optimization Software Market Overview
- Global Route Optimization Software Market Analysis and Forecast by Type
- Global Route Optimization Software Market Analysis and Forecast by Application
- Global Route Optimization Software Market Analysis and Forecast by Sales Channel
- Global Route Optimization Software Market Analysis and Forecast by Region
- North Route Optimization Software Market Analysis and Forecast
- Latin Route Optimization Software Market Analysis and Forecast
- Europe Route Optimization Software Market Analysis and Forecast
- Asia Pacific Route Optimization Software Market Analysis and Forecast
- Middle East & Africa Route Optimization Software Market Analysis and Forecast
- Competition Landscape
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