Portland, OR, March 03, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global route optimization software market was pegged at $2.91 billion in 2016, and is expected to garner $9.45 billion by 2023, registering a CAGR of 18.6% from 2017 to 2023.
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.
The global route optimization software market is segmented on the basis of solution, deployment type, user type, industry vertical, and geography. Based on solution, the market is divided into software and service. On the basis of industry vertical, the market is bifurcated into on-demand food delivery, taxi, homecare & field services, retail & FMCG, and others.
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On the basis of deployment type, the market is divided into cloud and on-premise. The cloud deployment type accounted for the largest share in 2016, growing at a CAGR of 19.2% during the forecast period.
Based on user type, the market is categorized into SMEs and large enterprises. The SMEs segment held the largest share in 2016 and is expected to maintain its dominance throughout the market period.
The global route optimization software market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the U.S. held the largest share in 2016. On the other hand, the market across Asia-Pacific contributed more than one-third of the market. Moreover, the region is expected to register the highest CAGR of 20.2% during the study period.
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The global route optimization software market report includes an in-depth analysis of the major market players such as,
- FLS- Fastleansmart
- MiTSystems
- Geoconcept
- ORTEC
- Optimoroute Inc.
- Prism Visual Software Inc.
- Paragon Software Systems PLC
- ROUTIFIC
- Route4Me Inc.
- Wise Systems Inc.
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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.