IMARC Group’s latest report, titled “Route Optimization Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global route optimization software market size reached a value of US$ 6.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 17.7 Billion by 2027, exhibiting at a CAGR of 17.3% during 2022-2027.
Route optimization software allows the user to manage and plan delivery routes with the help of working algorithms. It also enables companies to optimize delivery time and enhance customer experience by maximizing completed order delivery. The software includes route navigation, work order management, efficient driving directions, live maps, and delay management. Nowadays, developers and players offer these solutions to mitigate fast and uninterrupted delivery services. Consequently, route optimization software finds applications across a wide range of end-use industries, including retail and FMCG, taxi services, on-demand food delivery, and ride-hailing services.
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Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
- Caliper Corporation
- Environmental Systems Research Institute Inc
- Geoconcept SAS
- Microlise Telematics Private Limited
- Omnitracs LLC (Solera Holdings Inc.)
- Ortec B.V
- Paragon (Aptean)
- PTV Planung Transport Verkehr AG (Porsche SE)
- Route4me Inc
- Routific Solutions Inc
- Verizon Communications Inc
- Workwave LLC (IFS AB)
Route Optimization Software Market Growth:
The market is primarily driven by the rapid expansion of businesses that use cloud-based platforms, solutions, and other services in the logistics industry. Besides this, the route optimization software is an efficient, cost-effective, error-prone, and time-intensive solution that provides an enhanced user experience compared to manual route planning, which is fueling the market growth. In addition, the significant growth of the food and beverage (F&B) industry and the surging adoption of online cab bookings, especially in developing regions, are significantly impacting the market growth. Nowadays, rapid digitization across various industries coupled with the rising smartphone penetration is enabling small and medium-sized enterprises (SMEs) to reply on route optimization software. Furthermore, key players are investing in research and development (R&D) activities to introduce new route optimization software that minimizes fuel costs and saves time. Moreover, the integration of digital technology, historical traffic data, weather conditions, and scenario modeling also helps identify the fastest and most economical route, thus propelling the market growth further.
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Key Market Segmentation:
Breakup by Solution:
- Software
- Services
Breakup by Deployment Type:
- Cloud-based
- On-premises
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Vertical:
- On-demand Food Delivery
- Taxi
- Homecare and Field Services
- Retail and FMCG
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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