Route Optimization Software Market Size Showcase The Growth With CAGR of 14.2% | Allied Market Research
Lack of IT infrastructure in the developing countries such as Egypt, Nigeria, and Chile is hampering growth of the market.
PORTLAND , PORTLAND, OR, UNITED STATE, August 7, 2022 /EINPresswire.com/ — Need for operational competency in route management, surge in demand for online cab booking, and high focus on cloud deployment model have boosted the growth of the global route optimization software market.
However, lack of IT infrastructure in the underdeveloped nations hampers the market growth. On the contrary, growth in the Internet of Things is expected to create lucrative opportunities in the near future.
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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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.
By solution, the service segment would register the highest CAGR of 17.2% during the forecast period, as it ensures effective functioning of solution with transparency and control throughout the process.
However, the software segment held the largest share in 2020, accounting for nearly three-fourths of the global route optimization software market, as it offers optimized route scheduling for pickup planning, freight arrive time approximation, route identification, and inventory routing.
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By deployment mode, the on-premise segment dominated the market in terms of revenue in 2020, contributing to nearly three-fourths of the global route optimization software industry, as the software can be managed internally by the company. However, the cloud segment is projected to register the highest CAGR of 18.7% from 2021 to 2030, as it offers access to applications & functionality.
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.
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.
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The report analyzes the profiles of key players operating in the route optimization software market such as FLS- Fastleansmart, Geoconcept, MiTSystems, Optimoroute, Inc., ORTEC, Paragon Software Systems, PLC., Prism Visual Software, Inc., Route4Me, Inc., ROUTIFIC, and Wise Systems, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the route optimization software market.
Key Benefits for Stakeholders
• The study provides in-depth analysis of the global route optimization software market share along with current & future trends to illustrate the imminent investment pockets.
• Information about key drivers, restrains, & opportunities and their impact analysis on the global route optimization software market size are provided in the report.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the route optimization software market forecast.
• An extensive analysis of the key segments of the industry helps to understand the global route optimization software market trends.
• The quantitative analysis of the global route optimization software market size from 2021 to 2030 is provided to determine the market potential.
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