Route Optimization Software Market Trends - How the Business Will Grow in 2024? Top Companies like FLS – FAST LEAN SMART, ORTEC - Optimize Your World, Route4Me, Wise Systems, Routific, Prism Visual Software
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North America holds the dominating position in the route optimization software market. The rise of various digital mobility and shared mobility such Uber and Lift has accelerated the adoption of route optimization solutions in the region. In addition, the widespread adoption of advanced driver assistance systems by automakers has further fostered the market growth. The route optimization software providers are collaborating with automotive manufactures to integrate their cutting-edge technology into the vehicles.
Top Key Players in Route Optimization Software Market
1. FLS – FAST LEAN SMART
2. ORTEC - Optimize Your World
4. Wise Systems
6. Prism Visual Software
7. Paragon Software Systems
10. GEOCONCEPT Group
The route optimization software is used across several business sectors including retail & ecommerce, 3PL service providers, home services, retail and consumer products & goods (CPG) & fast-moving consumer goods (FMCG). The retail & ecommerce holds the major share in the route optimization software market. The software helps companies avoid expensive delivery mistakes by ensuring accurate customer address, tracking of delivery agents and keeping customers informed about the delivery status.
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Route optimization software market in 3PL segment will grow at a very high pace during the forecast timeline. The route optimization software enables automated route planning that considers multiple real-life constraints & distribution models using machine learning algorithms. It also provides real-time re-routing & dynamic ETA calculations to ensure efficient operations.
Route Optimization Software Market size is poised to expect exponential CAGR during the projected timeframe propelled by need for operational competency in route management. The world of supply chain has changed drastically over the last decade. The customers are now demanding varied & customer-centered experiences and faster delivery times & options. This has led the third-party shippers and manufacturers to adopt advanced digital route optimization solutions to gain edge over their competitors.
Global Route Optimization Software Market is characterized by cloud and on-premise deployment models. The cloud market is expected to grow rapidly as it does not involve any capital cost and has low maintenance requirements. The cloud deployment models provide companies with flexible deployment alternatives which compromising on the functionality. Therefore, it is widely used across SMEs & large enterprises. The high capital investment associated with on-premise deployment model is the primary factor limiting the growth of the market. The growing demand for the route optimization solutions among the digital mobility, shred mobility and car sharing also promoted the market growth. The rising urban traffic congestion has reduced the transportation efficiency of the taxis. The cab drivers are unable to predict the unforeseen traffic conditions.
The companies operating in the route optimization software market are FLS – FAST LEAN SMART, MiTSystems, ORTEC - Optimize Your World, Route4Me, Wise Systems, Routific, Prism Visual Software, Paragon Software Systems, Optimoroutea, Verizon, Bestmile and GEOCONCEPT Group.
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