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Route Optimization Software Market predicted to grow $5.07 billion by 2023

 



(IT-NEWSWIRE.COM, January 13, 2022 ) 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 Route Optimization Software Market expected to grow from $2.95 billion in 2018 to $5.07 billion by 2023, at a CAGR of 11.4% from 2018 to 2023. Route Optimization Software Market is primarily driven by the increasing use of logistics-specific solutions and declining hardware and connectivity costs.



Browse in-depth TOC on "Route Optimization Software Market"

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29 Figures

124- Pages



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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.



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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).



About MarketsandMarkets™



MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.



Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.



MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.



MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.



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