Route Optimization Software Market

Global Route Optimization Software Market Size (2024 to 2029)

The global route optimization software market is expected to reach USD 7.40 billion in 2024 and USD 14.25 billion by 2029, growing at a CAGR of 14% during the forecast period.

Global Route Optimization Software Market Drivers:

There are many companies present in the routing optimization software market that have been increasing their growing efficiency, reducing cost and customer satisfaction majorly. Many industries track their products with the help of this app, and it provides a clear view of any business for customers and other companies that help one company grow. The routing optimization software market has seen an increasing number of usage of cloud-based platforms, solutions that provide services and help drive the markets. Rising awareness among people with the usage of the Internet has made the market grow at a significant rate. Increasing usage of live trackers and growing demand for online cab booking help the routing optimization software market expand globally. Initiatives taken by various governments help raise the growth value of the product. There has been growth in the number of connected devices in IoT that boost the demand for online services and goods delivery. 

Global Route Optimization Software Market Restraints:

People having incomplete knowledge about the usage of the internet has made it challenging to grow. The restraint that makes it difficult for the market to expand is customer-related issues such as different operating times and vehicles giving support. The primary factor challenges the market in food delivery companies are customer satisfaction and delivery speed, finding repeat customers, cost-cutting, which provides a competitive advantage in a saturated market, and logistic complications.

GLOBAL ROUTE OPTIMIZATION SOFTWARE MARKET REPORT COVERAGE:

This research report on the global route optimization software market has been segmented and sub-segmented based on the component, deployment, organization size, vertical, and region.

Global Route Optimization Software Market - By Component:

• Software

  • Map integration

  • Software Development

• Services

  • Consulting

  • Support

  • Maintenance

Global Route Optimization Software Market - By Deployment:

• On-premises

• Cloud

Global Route Optimization Software Market - By Organization Size:

• Small and Medium Enterprises

• Large enterprises

Global Route Optimization Software Market - By Vertical:

• On-demand food delivery

• Retail & FMCG

• Field Services

• Ride Hailing

• Taxi Services, among others

Global Route Optimization Software Market – By Region:

• North America

• Europe

• Asia Pacific

• Middle-east & Africa

• Latin America.

North America dominated the market due to the presence of prominent players; Asia Pacific had significant growth during the forecast period.

Key Market Participants:

There are many key players in the routing optimization software market, such as:

1. FLS- Fastleansmart

2. Geoconcept

3. MiTSystems

4. Optimoroute Inc.

5. ORTEC

6. Paragon Software Systems PLC

7. Prism Visual Software Inc.

8. Route4Me Inc.

9. ROUTIFIC

10. Wise Systems Inc

Recent developments:

• There have been some new advancements in the routing optimization software market, such as Geoconcept's recently launched Toursolver for Geoconcept, which is an in-hand solution for the optimization of tour maps dedicated to Geoconcept environment for professionals and solves many restraints related to customers' work syncing and such issues.

• By merging, PTC and IFS Partners were expected to deliver powerful field service management and aerospace and defense solutions that optimize people and parts.

• Wood industry leader Derome enhances customer experience with IFS Applications.