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Route Optimization Software Market Size, Share, Competitive Landscape and Trend Analysis Report
Route Optimization Software Market
As per the report, the global route optimization software industry was pegged at $4.32 billion in 2020, and is estimated to generate $16.25 billion by 2030, growing at a CAGR of 14.2% from 2021 to 2030.
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Rise in information and computer technology expenditure and increase in adoption of online cab bookings have boosted the growth of the global route optimization software market. However, lack of IT infrastructure in developing countries hinders the market growth. On the contrary, the growth of internet of things (IoT) and adoption of web-based services & advanced communication technologies open new opportunities for the market players in the future.
Covid-19 scenario:
The rise in online grocery shopping during the pandemic to avoid human contact increased the demand for grocery delivery services. This created opportunities for online retail and e-commerce companies. Thus, the demand for route optimization software increased during the Covid-19 pandemic.
However, lack of IT infrastructure in developing countries limited the market expansion.
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The route optimization software market has changed drastically due to trends such as online food delivery, private cabs, and regulatory & compliance mandates, thereby encouraging change in the route optimization software market.
By region, the market across North America held the largest share in 2020, contributing to nearly two-fifths of the market, due to demand for innovative route optimization software solutions to meet several operational and development demands.
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However, global route optimization software market across Asia-Pacific is anticipated to portray the highest CAGR of 16.6% during the forecast period, owing to high demand for route optimization software solution and the growth in online transportation industry in the region.
Key market players
FLS- Fastleansmart
Geoconcept
MiTSystems
Optimoroute, Inc.
ORTEC
Paragon Software Systems, PLC.
Prism Visual Software, Inc.
Route4Me, Inc.
ROUTIFIC
Wise Systems, Inc.
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