According to a new market research report "Route Optimization Software Market by Component (Software & Services), Vertical (On-Demand Food Delivery, Ride Hailing & Taxi Services, Field Services, and Retail & FMCG), Organization Size, Deployment Type, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the 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. The market is primarily driven by 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.
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.
North America is estimated to lead the Route Optimization Software Market in 2018.
North America is estimated to lead the Route Optimization Software Market in 2018. The presence of key companies, such as Descartes, Google, ESRI, Paragon Software, LLamasoft, Omnitracs, Route4Me, Routific, and ALK Technologies in the region is one of the key factors for the growth of the Route Optimization Software Market.
Some of the major route optimization software vendors 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).
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