Route Optimization Software Market Growth Prospects, Competitive Analysis, Trend, Regulatory Landscape & Forecasts 2032

Route Optimization Software Market Analysis By Solution(Software, Services), By Deployment Mode(On-Premise, Cloud), By Enterprise Size(Large Enterprises, Medium Enterprises, Small Enterprises), By Industry Vertical(Retail & FMCG, On-Demand Food Delivery, Taxi, Homecare, Field Services) & Forecast 2023-2032

Route Optimization Software Market

In terms of value, route optimization software market is anticipated to reach US$15,801.57 Mn by 2031 from US$ 5,252.55 Mn in 2022.

Route optimization software allows users to manage and plan delivery routes through robust algorithms. It is efficient, cost-effective, and provides a superior user experience compared to error-prone and time-consuming manual route planning. One of the key growth drivers for the route optimization software market is the rise of e-commerce and online delivery platforms. Businesses in retail stores, food & beverage delivery stores, and medical services are continually improving their platforms and transforming their businesses, which is expected to provide a major growth opportunity for the route optimization software market. Route optimization software is used to find the fastest and cheapest route among several available routes. The optimized route is completely based on metrics such as the number of stops and the time it takes for each delivery location between the start and end of the route.

Global route optimization software market revenue is expected to increase at a steady CAGR of 13.0% in terms of value over the forecast period (2022-2031). Real-time dynamic routing software optimally handles on-demand orders alongside scheduled orders. In case the orders/preferences of the customer's changes while the rider is out to deliver, it can change and create new routes for the rider instantly. With routing requirements of companies becoming more complex, it is of prime importance that companies choose vehicle routing solutions that operate in real-time. Moreover, that can help plan routes intelligently to improve delivery efficiency and reduce costs. The increase in the number of solution providers for cloud-based platforms, solutions, and other services to the logistics industry will allow fleet organizations to choose route optimization software from multiple solution providers with affordable prices. The software providers aim to provide affordable solutions and offer monthly, quarterly, and yearly options to allow fleet service providers worldwide.

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Increasing spending on information and computer technology (ICT) by businesses to improve their product and service offerings in various established and developing countries drives significant growth of the route optimization software market globally. Furthermore, the delivery services such as on-demand food delivery, retail and grocery delivery services, and e-commerce delivery services are becoming more and more popular in various industries such as food and beverage, retail and e-commerce, and logistics. Such advancements are expected to significantly increase the demand for route optimization software. In addition, the spread of smartphones, the expansion of the food and beverage (F&B) business, and the increased demand due to the convenience of online meal delivery services are driving the market expansion. Hospitality companies are also looking to improve online ordering accuracy, streamline order processing, and offer discount coupons to grow their customer base.

The COVID-19 effect on the route optimization software market has been mixed bag. All markets had come to a halt due to the closure of borders, the suspension of public and private transportation, self-isolation, and quarantine administration in major cities. The decision to self-isolate was shown to be effective in slowing the spread of the virus, giving optimism that humanity will be able to overcome this global calamity. Recovery of losses made by business owners and important players, on the other hand, may prove more difficult than anticipated. Lockdowns were enacted in cities, provinces, and countries. Businesses (including factories) were shuttered or operated at a reduced capacity. However, during the COVID-19 pandemic most of the companies were providing delivery services. The companies faced several challenges related delivery services during the pandemic. The increased online grocery shopping due to the lockdown restrictions caused major challenges for e-commerce and online retail & grocery companies to deliver products on time.

Solution Insights
In terms of solution, software segment dominant the market and hold around 78.3% of the market share in 2022. The software segment is expected to account for a larger share as compared to the service segment during the forecast period, owing to increasing demand for route optimization software, increasing traffic volume, and increasing demand for better customer service.

Deployment Mode Insights

In terms of deployment mode, cloud segment led the route optimization software market with a market share of around 50.3% in 2022. Cloud deployment mode is expected to register higher growth rate over the forecast period due to cost advantage and scalability.

Enterprise Size Insights

In terms of enterprise size, large enterprise segment led the route optimization software market with a market share of around 61.8% in 2022. Large enterprise segment dominates the market by increasing their use of route optimization software equipment and have access to more resources (software) and planning techniques than smaller enterprises.

Industry Verticals Insights

In terms of industry vertical, retail & FMCG segment led the route optimization software market with a market share of around 34.8% in 2022. The retail & FMCG industry is expected to account for greater market size during the forecast period due to the increasing need to shorten service delivery times and reduce delivery and time-related costs.

Regional Insights

By region, the global route optimization software market is segmented into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa. In terms of region, North America accounts for the largest share of the route optimization software market. North American vendors have developed innovative route optimization software solutions for location analytics to meet the diverse operational and development needs of various industries, including taxi service providers, grocery chains, and FMCG.

Key Companies Insights

Key players are focusing on technology collaborations, partnerships, mergers and acquisitions strategies to gain competitive advantage and expand product portfolios and business footprints. To increase product portfolio and expand successfully, route optimization software vendors are further strategizing to pursue merger and acquisition in the future. Through acquisition activities, vendors seek to strengthen their product offerings, accelerate innovation, meet customer demand more rapidly, and expand partner opportunities, while achieving company's financial return objectives and creating value for shareholders. For instance, in January 2020, AMCS acquired TRUX Route Management Systems Inc., a Canada-based waste management software solutions provider.

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Some of the key players operating in the global route optimization software market include:
· AMCS Group
· Caliper Corporation
· Esri
· FarEye Technologies, Inc.
· FLS - FAST LEAN SMART
· Geoconcept
· Google LLC
· Maxoptra
· Microlise
· Mit Systems Inc
· Omnitracs, LLC
· Optimoroute, Inc.
· Ortec B.V.
· Paragon Software Systems
· Prism Visual Software, Inc.
· PTV Group
· RAMAX Group
· Route4Me, Inc.
· ROUTIFIC
· THE DESCARTES
· SYSTEMS GROUP INC
· Trimble MAPS
· Verizon Connect
· Wise Systems, Inc.
· WorkWave LLC
· Others

Segments
By Solution
· Software
· Services
o Consulting
o Map Integration and Software Deployment
o Support and Maintenance

By Deployment Mode
· On-Premise
· Cloud

By Enterprise Size
· Large Enterprises
· Medium Enterprises
· Small Enterprises

By Industry Vertical
· Retail & FMCG
· On-Demand Food Delivery
· Taxi
· Homecare
· Field Services
· Others

By Geography
· North America
o U.S.
o Canada
o Mexico

· Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia

· Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN

· Latin America
o Brazil
o Argentina
o Colombia

· MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt

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