New York, US, April 05, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), " Route Optimization Software Market: By Component, By Organization Size and Region-Global Forecast to 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 13.90% to attain a valuation of around USD 12.8 Billion by the end of 2030.
The route optimization software market is likely to create a significant revenue pocket. Increasing investments in advanced route optimization tools to boost productivity would substantiate market growth. The route optimization software is used in the transport and logistics sectors worldwide, promising more timely deliveries. As the name suggests, this tool offers real-time route optimization for consumers around the globe. Last-mile delivery is the most critical part of the e-commerce & logistics industry, representing the largest overall supply chain costs and carbon footprints.
Route optimization software solutions are increasingly used in the transportation sector to optimize safety. Market-leading motion-based route optimization software is used in marine advisory systems required in the semi-submersible heavy lift vessel sectors worldwide. Motion monitoring provides alerts of critical movements and motion forecasting to help with route selection and guides onboard decision-making to optimize the safe planning of the voyage ahead.
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Route Optimization Software Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 12.8 Billion |
| Market Growth during 2022-2030 | 13.90% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | The regional market is witnessing the knock-out effect of these two factors. Singapore, South Korea, India, and China are the emerging economies to impact the regional route optimization software market the most. |
Large technological advancements and digitalization have transformed logistics businesses worldwide. The disruption has encouraged logistic companies to modify their models, processes, and operations to cope with this transformation. Also, there have been major changes in customer demand, and they are increasingly demanding on-time deliveries.
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In the pharmaceutical industry, timely transportation and delivery of lifesaving drugs are crucial. Clinical trials and advanced research that requires drug delivery and storage options are detrimental to the pharmaceutical industry's success.
However, pharma companies need help with issues of delayed delivery and hampered logistics processes. Route optimization benefits the pharmaceutical industry by solving all those issues. Due to rising industrial requirements and shorter delivery windows, the demand for route optimization software is expected to grow phenomenally during the upcoming period.
Competitive Analysis
The route optimization software market appears highly competitive and fragmented, with several notable players forming a competitive landscape. Market players invest substantially to drive R&D activities and expand their global footprints. Collaboration, mergers & acquisitions, expansion, and technology launches are common trends of industry players to retain their market position.
Industry players look for partners who share their passion for optimization and have succeeded in bringing solutions to the market that stands out for their algorithms and speed. By bringing their technologies together, industry players expand their offerings specially designed for logistics, tackling a larger part of the logistics value chain.
Such partnerships serve a broader customer base and offer improved algorithms and data, as well as additional use cases to enhance savings in costs and emissions. The smartest minds in logistics software development will continue to deliver the highest quality solutions and take transport planning processes to the next level.
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For instance, on Dec. 12, 2022, PTV Group announced the acquisition of a Belgian route planning software company, Conundra, to boost its global logistics portfolio. In addition to enabling PTV Group to integrate Conundra's route planning software as a service (SAAS) product into its route planning and optimization software solutions, the acquisition will open new opportunities for innovation and growth.
The demand for efficient route planning and optimization solutions is increasing, mainly due to the steady growth in e-commerce. Conundra's OptiFlow, a cloud-data platform, will meet this demand with its fast algorithms and automation that deliver additional benefits for the transport sectors, such as cost reductions through continuous improvement and the ability to operate even in complex environments.
Players leading the route optimization software market are Caliper, ALK Technologies, Descartes, Google, Esri, Llamasoft, Omnitracs, Microlise, Ortec, PTV Group, Paragon Software Systems, Quintiq, Routific, and Route4me, among others.
Segments
The market is segmented into components, deployment types, users, verticals, and regions. The component segment is sub-segmented into route optimization software services, route optimization software, and others. The deployment type segment is sub-segmented into on-premise solutions and cloud-based solutions.
The user segment is sub-segmented into small & medium enterprises (SMEs) and large enterprises. The vertical segment is sub-segmented into retails, food delivery, homecare & field services, taxi, online vehicle services, and others. The region segment is sub-segmented into Europe, North America, APAC, MEA, and Rest-of-the-World.
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Industry Trends
The increasing demand for these solutions to manage and track route and delivery services increases the market shares. With the rising demand to effectively manage delivery services & other operations and enhance customer satisfaction, the market is likely to witness high traction in the next few years. Also, the emergence of cloud-based route optimization software creates substantial market demand.
Moreover, the increasing adoption of route optimization software by end-user industries to provide cost-efficient services will accelerate the market size. The increasing cab, food delivery, and online goods delivery services and the growing demand for logistics-specific solutions would increase market revenues.
On the other hand, security concerns can affect market growth. Nevertheless, technological advances expected in future years would support the market growth throughout the assessment period, mitigating cybersecurity issues and providing quality and structured data to the users.
Regional Analysis
The Asia Pacific region leads the global route optimization software market. The increasing demand from logistics, on-demand food delivery, and ride-hailing & taxi services drive the market growth. Besides, the spurring rise in eCommerce and online food ordering sectors is a key driving force offering lucrative opportunities for regional market growth.
The widespread adoption of route optimization software across end-user industries boosts the region's market shares. Moreover, the early adoption of advanced technologies and innovations in route optimization solutions increase the market size. Also, rising R&D investments in developments in cloud technology and economic growth foster regional market growth.
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