The global Route Optimization Software Market to grow from USD 2.95 billion in 2018 to USD 5.07 billion by 2023, at a CAGR of 11.4% from 2018 to 2023. Major drivers of the route optimization software market include the increasing use of logistics-specific solutions and declining hardware and connectivity costs.
Currently, route optimization software is widely used across commercial fleets. With the introduction of autonomous vehicles, the adoption of route optimization software is anticipated to increase at a significant pace in the coming years. However, the development of autonomous vehicles is in the nascent stage, which includes maintaining safe distances and warning the drivers of unintended lane changes. The upcoming stages will include partial automation, conditional automation, and complete automation such as self-guided parking. The development of stages will need faster data gathering, and thus route optimization software will be a key accelerator of the upcoming stages. The application of technologies such as Artifical Intelligence, (AI), deep learning, and machine learning in route optimization space will enable smooth communication of data to autonomous vehicles that can lead to more precise and safe driving process in complex environments.
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The scope of this report covers the route optimization software market analysis by component, deployment type, organization size, vertical, and region. Based on component, the market is segmented into services and software. The services segment is expected to grow at a higher CAGR during the forecast period as compared to the software segment, owing to growing need of services throughout the software deployment phases such as consulting in the pre-deployment phase, map integration and deployment during the deployment phase and support and maintenance services post the deployment phase. By deployment type, the route optimization software market is segmented into on-premises and cloud. The cloud segment is expected to grow at a higher CAGR during the forecast period, due to its cost-efficiency and hassle-free integration of the software with the user’s system. By organization size, the SMEs segment is expected grow at a higher CAGR during the forecast period as compared to the large enterprises, owing to the increased usage of cloud-based route optimization software for day to day operations. By vertical, the field services segment is expected to grow at the highest CAGR during the forecast period, owing to the vitality of routes taken to complete multiple jobs within a stipulated time.
As per the geographic analysis, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The increasing adoption of route optimization software amidst growing traffic congestion, the increasing vehicle sales in countries, and the steady growth in the emerging economies are major factors contributing to the growth of route optimization software solutions in the APAC region. The implementation of smart transportation projects is also expected to drive the market growth significantly.
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Key market players profiled in this report include ALK Technologies (US), AMCS (Ireland), Caliper (US), Descartes (Canada), Esri (US), FLS (Germany), Geoconcept (France), Google (US), Portatour (Austria), Llamasoft (US), Maxoptra (UK), Microlise (UK), Omnitracs (US), Optimoroute (US), ORTEC (Netherlands), Paragon Software (UK), PTV Group (Germany), Quintiq (Netherlands), FarEye (India), Route4me (US), RouteSolutions (US), Routific (Canada), Scientific Logistics (US), Truckstops (UK), Verizon Connect (US), and Workwave (US). These players offer route optimization software to cater to the needs and demands of the market. They have adopted various growth strategies, such as partnerships, agreements and collaborations, business expansions, and new product launches to strengthen their presence in the market.
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