The Global Route Optimization Software Market is estimated to reach $10.9 billion by 2025, growing at a CAGR of 14.8% from 2020 to 2025. Route optimization software plans, schedules and calculates the most efficient vehicle route by saving time and money along with efficiency. Route optimization software is very important when there are multiple stops to make, several client meetings and product deliveries. This software helps in avoiding traffic congestion as it utilizes scenario testing and historical data through which it can predict which route is slowest or busiest. Owing to the better route planning, efficiency, time saving and other business ease it is widely used by the various end users driving the growth of the market.
Increased profitability, reduction in wastage of time, improved efficiency by reduction of fuel wastage through better route optimization and surge in growth of transportation and service dispatchers are some of the factors responsible for projecting to propel the significant growth of the market.
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By Deployment- Segment Analysis
By Deployment the market is segmented into cloud based deployment and on-premises deployment and hybrid deployment. Cloud-based deployment is witnessing a significant growth in the market owing to the reduced shipping costs and improved efficiency. Through the cloud-based deployment distributors have one tool for road planning and another for GPS mobile tracking and third to track idle time, routing and others all connected in a cloud through high speed internet which makes the delivery of goods and services more efficiently and on time. Cloud-based deployment helps to provide exact data in real time. Furthermore, cloud based solutions requires less capital expenditure thereby fueling the growth of the market.
By Organization Size – Segment Analysis
By Organization size Route Optimization Software Market is segmented into Small & Medium enterprises and Large Enterprises. Large Enterprises are dominating the market owing to the surge in adoption of route optimization software tools due to the availability of more resources (software) and planning methods as compared to the small and medium enterprises. One of the end users like logistics service providers has maximized their transportation performances and profitability through route optimization planning and software. The large enterprises are becoming more aware methods that concern taking shipments from one point to another. Large enterprises are using the route optimization software in a more planned manner to fulfill the demands of the customers in a fastest and cost effective manner. These factors are driving the growth of the market.
Geography – Segment Analysis
Global Real Estate Software Market is dominated by APAC region with a market share 36.4% in 2019. APAC is expected to dominate the market owing to the growth in e-commerce, rise in internet penetration, rise in logistics service providers and others. In countries like India, China, Indonesia, Malaysia and other APAC region countries there is growth in internet use and e-commerce services which are giving rise to most of the end user segments who are using route optimization software for better business performance and meet the customers demand. In the country like India, the retail services, logistics service providers are largely contributing towards the counties GDP. Owing to which these sectors are using route optimizing planning methods and software to improve their performance and business. Furthermore, the increase in use of e-commerce has also contributed towards the growth of route optimization software as in most of the developing countries e-commerce is used widely for business purposes. According to the United Nations Industrial Development the global increase in e-commerce use has increased. In 2014 it was 7.40% and in 2020 14.60%. These factors are boosting the growth of the market.
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Drivers – Route Optimization Software Market
There is rise in internet penetration globally have influenced the use of route optimization software, cloud based deployment, on-premises deployment and others widely. Owing to the fast internet various enterprises can use route optimization software which helps them choose correct route efficiently. Real-time delivery of goods and services are all possible owing to the fast internet. According to statista, internet user worldwide is 4.13 billion among which china has the biggest number of internet users that is 854million and 293million internet users in United States in 2019. Owing to these rising internet users there is rise in route optimization software across the globe.
The adoption of route optimization software has enabled not only in the reduction of cost but also fulfilled the constraints and eliminated the penalties due to delay. The installation of route optimization software has led to reduce in overall distribution costs, total time fuel consumption. Furthermore, the enterprises installing route optimization software could handle more customer requests without investing much in vehicle. Owing to the surge in adoption of this software the split orders and external transports can be eliminated. Real-time tracking of the vehicles is also possible through the GPS tracking by using this software. These factors are driving the growth of the market.
Challenges -Route Optimization Software Market:
Multi- route issues, potential security issues:
Some of the route optimization software available that does not require payment is generally deployed by small and medium enterprises and small vendors. These software provides only route facilities from one place to another and not all the places that are multi-route facilities. These route planners are not always secure to use as they are based on open source code. Furthermore these route planners do not have ease of installation. These route planners are offering very less functionality hindering growth of the market.
Launches, acquisitions, and R&D activities are key strategies adopted by players in the Route Optimization Software Market are given in this report Route Optimization Software Market is dominated by major companies such as Evreka, Onfleet Software Company, Best Mile Sarl Software Company, Arundo Analytics, Inc, Paragon Software, ALK Technologies, PTV Planung Transport Verkehr AG, Fleet Up, Inc., Routeware, Inc.among others.
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