How route optimization software market size will hit $9,447 Million: Growth drivers and trends

The adoption of cloud deployments is on the rise, due to growth in demand for low-cost pay-as-you-go model, professional & managed services, and others. Moreover, with high growth rate and low supply‐“demand gap, the route optimization software market is expected to be highly competitive for the key players.

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The global route optimization software market was valued at $2,905 million in 2016, and is projected to reach $9,447 million by 2023, growing at a CAGR of 18.6% from 2017 to 2023.

Route optimization software industry trends:

The Asia-Pacific route optimization software market dominated the market in 2016, owing to the high demand for route optimization software solutions and growth in the online transportation industry, including enterprises such as ANI Technologies Pvt. Ltd., Uber India Technology, Kiwitaxi, and others. Global players are focused on innovating efficient route optimization software to strengthen their product offering. In addition, industry participants focus on improving their route optimization software solutions to ensure competence and effectiveness of the route planning and management across other emerging markets such as Latin America, the Middle East, and Africa.

Asia-Pacific was the highest revenue contributor in 2016, accounting for around 37.46% share and is projected to grow at the highest CAGR of 20.2% during the forecast period, driven by growth in adoption of smartphones and logistics management in emerging countries such as Singapore, South Korea, and China.

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Top Growth Drivers:

Higher Demand for Online Cab Booking:

With surge in adoption of online cab bookings in several developing and developed regions, the market for route optimization software is expected to witness significant growth in the coming years.

Increased Focus on Cloud Deployment Model:

The cloud-based deployment model does not involve capital cost and is low on maintenance requirements. Hence, it is most preferred by various enterprises including SMEs and large enterprises.

Lack of IT Infrastructure in the Underdeveloped Nations:

Countries in Latin America, the Middle East, and Africa do not possess rich IT infrastructure and digital content, which in turn is expected to hinder the global route optimization software market growth in the near future.

Growth in Internet of Things (IoT):

Over the past few years, IoT is a key trend in the digital market. Rise in adoption of web-based services and advanced communication technology provides immense growth opportunities for route optimization businesses.

Key Findings of the Route Optimization Software Market:

•The cloud deployment type accounted for the highest share of the global route optimization software market in 2016, growing at a CAGR of 19.2% from 2017 to 2023.
•Asia-Pacific route optimization software market generated the highest revenue in 2016, valued at $1,088 million.
•The SMEs segment dominated the route optimization software market, in terms of growth, during the forecast period.
•The U.S. dominated the global market in 2016. In addition, Canada, China, India, the UK, and the other emerging markets are anticipated to provide significant opportunities for major players.

The key players profiled in the route optimization software market are FLS- Fastleansmart, Geoconcept, MiTSystems, Optimoroute, Inc., ORTEC, Paragon Software Systems, PLC, Prism Visual Software, Inc., Route4Me, Inc., ROUTIFIC, and Wise Systems, Inc. All these players have adopted geographical expansion, mergers & acquisitions, product portfolio expansion, and partnership to enhance their market position.

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