Route Optimization Software Market Growth -Trends and Forecast to 2027
Route Optimization Software Market Growth Scenario:
The Route Optimization
Software Market Growth is accelerating fast as online cab booking service
becoming a household method to hail cabs. The software aims at maximizing the
workflow by bringing in logistics, traditional & static planning, and
real-time data under one single umbrella to chart a course that can satiate
customer expectations. The global Route Optimization Software Market Growth is
expected to ride high with an 11.4% CAGR during the forecast period (2020-2027)
and touch the market milestone of USD 5.07 billion by 2027, asserts
Market Research Future (MRFR) in a detailed report. It further includes
ballooning online cab booking services, and features such as easy deployment,
cost-effectivity and ability to optimize workflow, as chief drivers to help the
market expand in coming years.
The COVID-19
pandemic disruption is estimated to transform the Route Optimization Software
Market Growth in the years to come drastically, and its after-effects will be
persistently seen in the years ahead. The MRFR report on the Route Optimization
Software Market Growth meticulously tracks the COVID-19 pandemic effect for the
years ahead. Moreover, the precise analysis of drivers and restraints in a
post-COVID-19 market offers a coherent understanding of future growth cues.
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Segmentation:
· The Global Route Optimization
Software Market Growth can be segmented by component, deployment, organization
size, and vertical.
· By component, the market can
be segmented into software and services with software leading the market.
Further segments of services are consulting services, map integration &
software deployment, and support & maintenance.
· Deployment-wise, the market
comprises on-cloud and on-premises. On-cloud segment is the fastest growing
one. On-premises is leading the segment.
· Based on organization size,
the market includes small & medium enterprises (SMEs), and large
enterprises. Large enterprises segment is the leading one, whereas, SMEs can
accelerate the most during the forecast period.
·
Vertical-based segmentation of the Route
Optimization Software Market Growth includes on-demand food delivery, retail
& FMCG, field services, ride-hailing & taxi services, others. Retail
& FMCG is leading the market, whereas, field services segment can attain
the fastest CAGR during the forecast period.
Regional Analysis:
Region-wise segmentation of
the Route Optimization Software Market Growth spans across North America,
Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America can be acknowledged
the market leader based on its ability to generate revenues. It gets further
boosting from the presence of major international companies. However, most of
the profit the regional market has been making can be attributed to the
infrastructural superiority. The region is fast catching up with the
cloud-based and web-based technology as the residents are more willing to
integrate the latest technologies into their lifestyle. Furthermore, an
increasing amount of disposable income in the area can be seen as a potential
market factor.
Europe is the second largest
market, and its growth relies mostly on its shared features with North America.
The APAC region can record the fastest CAGR during the forecast period. The
region is witnessing several lifestyle changes, such as urbanization, rising
level of disposable income and digitalization. As a result, smartphone sale has
skyrocketed, and companies are getting fast accustomed with logistics
management. The lure of eased out workflow has got the companies glued which
are spurring the regional Route Optimization Software Market Growth growth.
Among the countries, Singapore, South Korea, India, and China are impacting the
regional market the most.
Competitive Outlook:
Prominent players involved in
the Route Optimization Software Market Growth are Omnitracs, ALK Technologies,
Quintiq, Descartes, Caliper, Esri, Microlise, Llamasoft, Ortec, Paragon
Software Systems, PTV Group, Route4me, Routific, Google, and others.
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