Rise in information and computer technology expenditure and increase in adoption of online cab bookings have boosted the growth of the global route optimization software market. However, lack of IT infrastructure in developing countries hinders the market growth.
On the contrary, the growth of internet of things (IoT) and adoption of web-based services & advanced communication technologies open new opportunities for the market players in the future.
As per the report, the global route optimization software industry was pegged at $4.32 billion in 2020, and is estimated to generate $16.25 billion by 2030, growing at a CAGR of 14.2% from 2021 to 2030.
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The global route optimization software market is segmented on the basis of solution, deployment type, user type, industry vertical, and geography. Based on solution, the market is divided into software and service. On the basis of industry vertical, the market is bifurcated into on-demand food delivery, taxi, homecare & field services, retail & FMCG, and others.
On the basis of deployment type, the market is divided into cloud and on-premise. The cloud deployment type accounted for the largest share in 2016, growing at a CAGR of 19.2% during the forecast period.
Based on user type, the market is categorized into SMEs and large enterprises. The SMEs segment held the largest share in 2016 and is expected to maintain its dominance throughout the market period.
The global route optimization software market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the U.S. held the largest share in 2016. On the other hand, the market across Asia-Pacific contributed more than one-third of the market. Moreover, the region is expected to register the highest CAGR of 20.2% during the study period.
Key market players:
- FLS- Fastleansmart
- Optimoroute, Inc.
- Paragon Software Systems, PLC.
- Prism Visual Software, Inc.
- Route4Me, Inc.
- Wise Systems, Inc.
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