Global Route Optimization Software Market Size Study & Forecast, by Solution (Software, Service), By Deployment Mode (On-Premise, Cloud), By Enterprises Size (Large Enterprises, Small and Medium Enterprises), By Industry Vertical (Retail and FMCG, On-Dema

Global Route Optimization Software Market Size Study & Forecast, by Solution (Software, Service), By Deployment Mode (On-Premise, Cloud), By Enterprises Size (Large Enterprises, Small and Medium Enterprises), By Industry Vertical (Retail and FMCG, On-Demand Food Delivery, Taxi, Homecare, and Field Services, Others), and Regional Analysis, 2023-2030

Global Route Optimization Software Market is valued at approximately USD 5.65 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 14.2% over the forecast period 2023-2030. Route optimization software is a tool or system that employs algorithms and sophisticated algorithms in order to optimize the planning and sequencing of routes for many applications, including transportation, delivery services, field service management, or logistical operations. It aims to find the most efficient and cost-effective routes to minimize travel time, distance, fuel consumption, and overall operational costs while maximizing resource utilization and customer satisfaction. The surging adoption of web-based services & advanced communication technologies, increasing use of logistics-specific solutions, declining hardware, and connectivity costs, coupled with the rise in road traffic are the most prominent factors that are propelling the market demand across the globe.

In addition, the rapid growth in Internet of Things (IoT) technologies is further exhibiting a positive influence on market development. For instance, as per Statista, the Internet of Things (IoT) industry generated total revenue in 2019 was USD 388 billion, which is anticipated to grow and is likely to reach USD 1058.3 billion by the year 2030. Therefore, the thriving development of the Internet of Things (IoT) industry is burgeoning the demand for route optimization software during the estimated period. Moreover, the development of the Software as A Service (SaaS) model, as well as rising focus on real-time location data analysis is presenting various lucrative opportunities over the forecasting years. However, the rising security concerns and lack of IT infrastructure in developing countries are hindering market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Route Optimization Software Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the high penetration of software vendors providing route optimization software solutions and growth in the. online transportation industry. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecasting years. The increasing vehicle sales in countries, rising adoption of route optimization software owing to the increasing traffic congestion, and the surging implementation of smart transportation projects are significantly propelling the market demand across the region.

Major market players included in this report are:
Trimble, Inc.
Caliper Corporation
Descartes Systems Group Inc
ESRI Global Inc,
Google LLC (Alphabet Inc.)
Llamasoft Inc.
Microlise Group Limited
Omnitracs LLC
Ortec BV
Paragon Software Systems PLC

Recent Developments in the Market:
In May 2022, Omnitracs One Route Modelling was introduced by Solera Holdings, LLC- a leader in global vehicle lifecycle management. Large enterprise clients test different routing scenarios with Omnitracs One Route Modelling without affecting the production routes that are already in use. As a consequence, route designs might be made by drivers and local dispatching faster and cheaper. Users of the Omnitracs One solution may use Route Modelling, which enables drivers and fleet managers to simulate changes to stop arrangements, route beginnings, pre-end post-trip times, breaks, and layovers in order to evaluate the effects of a recommended route on costs and service windows.

In March 2022, Qualcomm and Trimble entered into a partnership agreement to provide automotive OEMs and Tier 1 suppliers high-accuracy positioning solutions for connected cars, Advanced DriverAssistance Systems (ADAS), and autonomous driving solutions. When utilising real-time navigation applications, both drivers and passengers benefit from improved map information and more accurate directions by offering meter-level location precision for smartphones with better positioning for a ride-sharing service.

Global Route Optimization Software Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Solution, Deployment Mode, Enterprises Size, Industry Vertical, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Solution:
Software
Service

By Deployment Mode:
On-Premise
Cloud

By Enterprises Size:
Large Enterprises
Small and Medium Enterprises

By Industry Vertical:
Retail And FMCG
On-Demand Food Delivery
Taxi
Homecare And Field Services
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Trimble, Inc.
Caliper Corporation
Descartes Systems Group Inc
ESRI Global Inc,
Google LLC (Alphabet Inc.)
Llamasoft Inc.
Microlise Group Limited
Omnitracs LLC
Ortec BV
Paragon Software Systems PLC

Please note:The single user license is non-downloadable and non-printable. Global Site license allows these actions.