The cutting-edge report by Market Research Future (MRFR) asserts that the global Route Optimization Software Market Size 2020 is slated to acquire a substantial market valuation to USD 5.07 billion by 2023 at a moderate 11.4% CAGR over the review period.
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Drivers and Restraints
The increasing number of connected devices in IoT and the growing demand for online services and goods delivery is likely to contribute towards the Route Optimization Software Market Size growth over the review period. Moreover, the growth of the information and communication technology industry has attracted investments from governments and market giants, which consequently fuels the Route Optimization Software Market Size.
On the other hand, threats of cyber-attack or software lag can deter the Route Optimization Software Market Size growth. At the same time, the lack of IT infrastructure in the underdeveloped region can impede the expected growth during the forecast period.
The leading market players identified by MRFR in the global Route Optimization Software Market Size are Caliper, Routific, ALK Technologies, Descartes, Esri, Llamasoft, Google, Microlise, Ortec, Omnitracs, Paragon Software Systems, Quintiq, PTV Group, Route4me, and others. The highly competitive nature of the market is expected to contribute significantly towards growth over the assessment period.
The global Route Optimization Software Market Size research report reveals that the market segmentation is conducted one the basis of deployment, organization size, component, and vertical.
Based on the component, the market can be segmented into software and services. Services can be further segmented into map integration & software deployment, consulting services, and support & maintenance. Software is dominating the segment by a considerable margin.
Based on the deployment, the Route Optimization Software Market Size comprises on-cloud and on-premises. The on-cloud segment is the fastest-growing one. However, at present, on-premises is leading the segment.
Based on the organization size, the market includes small & medium enterprises (SMEs) and large enterprises. Large enterprises segment is the leading one, whereas SMEs are the fastest-growing segment.
Based on the verticals, the Route Optimization Software Market Size includes on-demand food delivery, field services, retail & FMCG, ride-hailing & taxi services, others. Retail & FMCG is leading the market, whereas the field services segment is expected to grow with the fastest CAGR during the forecast period.
The geographical analysis of the global Route Optimization Software Market Size has been conducted in four major regions, namely North America, the Asia Pacific, Europe, and the rest of the world (including Latin America and the Middle East and Africa).
In North America, the Route Optimization Software Market Size size is expected to be the highest among all the regions, owing to the presence of significant market players and infrastructural superiority. The region is rapidly adopting cloud-based and web-based technology as the consumers are increasingly demanding integration of the latest technologies into their lifestyle. The increasing purchasing power and disposable income of the consumers are also expected to drive the market over the review period.
The European region is the second-largest market and its growth depends majorly on its shared demographics with North America. The Asia Pacific region is likely to witness the fastest growth over the review period. The region is observing numerous lifestyle variations such as urbanization, increasing levels of disposable income and digitization. This has driven the growth of smartphone sales, enterprises rapidly getting accustomed to advanced logistics management. The lure of eases out workflow has attracted the market players, enhancing the regional Route Optimization Software Market Size growth, especially in South Korea, India, Japan, China, and Singapore, among others.
The Latin America and the Middle East and Africa regions are expected to witness moderate growth over the review period, owing to the slow ICT expenditure and slow adoption route optimization software.
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