Overview and Scope
Route optimization software refers to a technological solution that streamlines and optimizes route planning and execution for vehicles, deliveries, and field service activities. This software uses algorithms, real-time data, and geographic information systems (GIS) to create optimum routes that maximize the utilization of resources while minimizing inefficiencies.
Sizing and Forecast
The route optimization software market size has grown rapidly in recent years. It will grow from $6.76 billion in 2023 to $7.75 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The growth in the historic period can be attributed to focus on customer experience, cloud computing, integration with enterprise systems, growth of transportation industry, emergence of optimization techniques.
The route optimization software market size is expected to see rapid growth in the next few years. It will grow to $13.27 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to increasing urbanization, rise of e-commerce, focus on sustainability, demand for real-time visibility, rise of electric vehicles, demand for customization and scalability. Major trends in the forecast period include advancements in computing, GPS (Global Positioning System) technology, development of GIS (Geographic information system) technology, advancements in IoT (Internet of things), integration with autonomous vehicles.
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Segmentation & Regional Insights
The route optimization software market covered in this report is segmented –
1) By Solution: Software, Services
2) By Deployment: On-Premise, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises
4) By Industry Vertical: Retail And Fast Moving Consumer Goods (FMCG), On-Demand Food And Grocery Delivery, Ride Hailing And Taxi Services, Homecare And Field Services, Logistics And Transportation, Other Industry Verticals
North America was the largest region in the route optimization software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the route optimization software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rising demand for online meal delivery services is expected to propel the growth of the route optimization software market going forward. Online meal delivery services refer to a platform or application that allows customers to order food from restaurants or food cooperatives through a website or mobile app and have it delivered to their doorstep. The rising demand for online meal delivery services is on the rise due to convenience, time- savings, and a growing preference for diverse culinary options. Route optimization software is utilized within online meal delivery services to streamline delivery operations, reduce costs, and minimize travel time and distance, thereby ensuring efficient navigation and timely delivery of orders to customers. For instance, in October 2023, according to a survey of 1,500+ consumers conducted by DoorDash, a US-based provider of food delivery services, it was found that in the last month, 77% of consumers ordered delivery, 76% picked up takeout, and 61% dined in a restaurant. In the previous month, 44% of US diners used a third-party app to order delivery two to four times, while another 23% did so five to seven times. Moreover, in the United States, 80% of diners maintain or exceed their online ordering levels from the previous year. Therefore, the rising demand for online meal delivery services is driving the route optimization software market.
Key Industry Players
Major companies operating in the route optimization software market are Google LLC, Verizon Connect Solutions Inc., International Business Machines Corporation, Oracle Corporation, Dassault Systemes, Trimble MAPS Inc., FLSmidth & Co. AS, ESRI Global Inc., TomTom N.V., Omnitracs LLC, Descartes Systems Group Inc., WorkWave LLC, Microlise Group Limited, FarEye, Wise Systems Inc., Advanced Manufacturing Control Systems Limited, PTV Planung Transport Verkehr AG, Ortec BV, ScienceSoft USA Corporation, Mara Labs Inc., Caliper Corporation, GeoConcept SA, Paragon Software Systems PLC, Route4me LLC, Maxoptra, Portatour, Routific Inc., OptimoRoute Inc., Llamasoft Inc., OnTerra Systems LLC, RouteSolutions
The route optimization software market report table of contents includes:
1. Executive Summary
2. Route Optimization Software Market Characteristics
3. Route Optimization Software Market Trends And Strategies
4. Route Optimization Software Market – Macro Economic Scenario
5. Global Route Optimization Software Market Size and Growth
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32. Global Route Optimization Software Market Competitive Benchmarking
33. Global Route Optimization Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Route Optimization Software Market
35. Route Optimization Software Market Future Outlook and Potential Analysis
36. Appendix
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