The rise in information and computer technology expenditure and the adoption of online cab bookings have boosted the growth of the global route optimization software market. However, the lack of IT infrastructure in developing countries hinders the market growth.
On the contrary, the growth of the internet of things (IoT) and the adoption of web-based services & advanced communication technologies open new opportunities for the market players in the future.
According to a new report published by Allied Market Research, titled, “Route Optimization Software Market size was valued at $4,325.40 million in 2020, and is estimated to reach $16.3 Billion by 2030, growing at a CAGR of 14.2% from 2021 to 2030.
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By solution, the service segment would register the highest CAGR of 17.2% during the forecast period, as it ensures the effective solution functioning with transparency and control throughout the process.
However, the software segment held the largest share in 2020, accounting for nearly three-fourths of the global route optimization software market. It offers optimized route scheduling for pickup planning, freight arrival time approximation, route identification, and inventory routing.
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By deployment mode, the on-premise segment dominated the market in terms of revenue in 2020, contributing to nearly three-fourths of the global route optimization software industry, as the software can be managed internally by the company. However, the cloud segment is projected to register the highest CAGR of 18.7% from 2021 to 2030, as it offers access to applications & functionality.
By region, the market across North America held the largest share in 2020, contributing to nearly two-fifths of the market, due to demand for innovative route optimization software solutions to meet several operational and development demands.
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However, the global route optimization software market across Asia-Pacific is anticipated to portray the highest CAGR of 16.6% during the forecast period, owing to the high demand for route optimization software solutions and the growth in the online transportation industry in the region.
Key market players
- FLS- Fastleansmart
- Geoconcept
- MiTSystems
- Optimoroute, Inc.
- ORTEC
- Paragon Software Systems, PLC.
- Prism Visual Software, Inc.
- Route4Me, Inc.
- ROUTIFIC
- Wise Systems, Inc.
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