Route optimization solutions are transforming the logistics landscape worldwide

The report published by Knowledge Sourcing Intelligence titled “Route Optimization Market - Forecasts from 2018 to 2023” studies the various factors affecting the demand for route optimization software and services among end-users worldwide. The market has been segmented by product (software, services), deployment model (on-premise, cloud), and by the application (food delivery, ride-hailing services, e-commerce, others).

In conjunction with this, the demand for these software and services has been estimated across all major geographies namely North America, South America, Europe, Middle East and Africa and the Asia Pacific. To give a clearer view of this market across these geographies, the regional market has been further segmented into countries which account for a significant share in the market. The growth of this market is majorly attributed to the rapid growth of e-commerce in many regions across the globe. The proliferation of smartphones and increasing penetration of the internet in many regions have been two of the major factors responsible for continuously increasing traffic on online retail stores. This is increasing the number of orders placed across these stores per day, thus driving the need among sellers to pump more investments into strengthening their logistics in order to avoid losing customers due to high lead time. Growing competition among players in this sector is further fueling the need to pump investments into logistics in order to stay ahead of their rivals by gaining a competitive edge. This is increasing the adoption of advanced technologies by them, thus boosting the market growth for route optimization software and services.

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By deployment model, cloud holds a major share in the market

Deployment of route optimization software on the cloud has been witnessing an impressive increase over the past few years. This is majorly attributed to increasing focus of end users towards streamlining their business processes and increasing profit margins by cutting back on their investments in IT workforce and regular maintenance of solutions deployed on-premise. The continuous evolution of wireless communication technologies and favorable infrastructure offered by cloud providers to tap the complete potential of this technology has been supporting this migration of end-users towards the cloud, thus boosting the growth of the market in this sub-segment.

Enterprises in North America and Europe continue to show high adoption of route optimization software and services

North America and Europe continue to make the highest contribution to the demand for route optimization software and services among all major geographies. The rapid growth of cloud computing in these regions, coupled with favorable infrastructure for the implementation of advanced solutions for route optimization is driving the market growth in these regions. The market in the Asia Pacific is expected to grow at an impressive growth rate over the projected period. The growth of this market in this region will be attributed to the rapid growth of the retail industry and increasing investments into infrastructure development in many countries.

This report also includes a study of strategies and product portfolios of some of the leading companies in the route optimization market. Major companies profiled as a part of this report are ALK Technologies, Caliper Corporation, The Descartes Systems Group Inc., Esri Global, Inc., Google, Routific Solutions Inc., LLamasoft Inc., and Microlise, among others.

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Knowledge Sourcing Intelligence (KSI) is a market research and consulting organization based out of India. KSI publishes research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with whole market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.

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This release was published on openPR.