Route Optimization Software Market is estimated to be US$ 10.08 billion by 2030 with a CAGR of 11.50% during the forecast period
Route Optimization Software Market accounted for US$ 3.39 billion in 2020 and is estimated to be US$ 10.08 million by 2030 and is anticipated to register a CAGR of 11.50%. The usefulness of route optimization software is discovered in the fleet management systems implemented at the user's end. This software incorporates GPS monitoring and comprehensive reporting capabilities that help dispatchers find the most cost-effective route, create more fuel-efficient routes, avoid unexpected stops, and decrease bottlenecks in the delivery network. To improve route management solutions among users, leading solution providers such as ORTEC, Paragon Software Systems, PLC, Prism Visual Software, Inc., Route4Me, Inc., and others offer route optimization software, including cloud and on-premise deployment types.
The report " Global Route Optimization Software Market, By Component (Software and Services), By Deployment Type (On-Premises and Cloud), By Organization Size (Large Enterprise and Small Enterprise), By Industry Vertical (Retail and FMCG, Homecare and Field Services, Taxi, and Food Delivery Service), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029’’
Key Highlights:
· May 2020 - Dynamic Route Optimization - Route4Me announced that it will provide its last-mile route optimization platform to support The Red Cross of Rome's fight against Covid-19.
· OptimoRoute, a route planner tech business created by former Yelp and Google engineers, announced a USD 6.5 million fundraising round in February 2020 to expand its reach and develop its solutions for a variety of mobile workforces.
· May 2020 - DispatchTrack, a SaaS-based last-mile logistics Route Optimization service provider, announces a USD 144 million funding round led by Spectrum Equity. With this funding, the company hopes to revolutionise last-mile delivery for a wider range of enterprises across industries and around the globe.
Analyst View:
The increased demand for route optimization solutions among digital mobility, shred mobility, and car sharing has also aided market expansion. The taxi industry's transportation efficiency has been harmed by increased urban traffic congestion. Cab drivers have no way of anticipating unforeseen traffic situations. The route optimization programme takes into account a variety of criteria, including the time of day, location, and distance, to deliver real-time updates on anticipated traffic circumstances, allowing users to better plan their travel routes.
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Key Market Insights from the report:
Global Route Optimization Software Market accounted for US$ 3.39 billion in 2020 and is estimated to be US$ 10.08 million by 2030 and is anticipated to register a CAGR of 11.50%. The Global route optimization software market has been segmented on the basis of component, deployment type, organization size, industry vertical, and region.
· Based on Component, Global Route Optimization Software Market is segmented into Software and Services.
· Based on Deployment Type, Global Route Optimization Software Market is segmented into On-Premises and Cloud.
· Based on Organization Size, Global Route Optimization Software Market is segmented into Large Enterprise and Small Enterprise.
· Based on Industry Vertical, Global Route Optimization Software Market is segmented into Retail and FMCG, Homecare and Field Services, Taxi, and Food Delivery Service.
· By Region, the Global Route Optimization Software Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global Route Optimization Software Market:
Key players in the global route optimization software market includes FLS- Fastleansmart, GeoConcept SA., OptimoRoute Inc., Caliper Corporation, ORTEC B.V., Paragon Software Systems PLC., Prism Visual Software Inc., Route4Me Inc., Routific Inc., and Wise Systems, Inc.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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