APAC will witness higher adoption of Route Optimization Software in the future
The global route optimization software market is expected to witness a CAGR of around 15% to reach revenues of more than $7.5 billion by 2025
Bangalore, India, July 9, 2019: With its recently published study “Global Route Optimization Software Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global market for route optimization software will continue to grow owing to the increasing demand of distributors to reduce expenses and enhance operational efficiencies by delivering the product to customers at the right time.
Route optimization software, by finding the shortest distance, provides the most efficient routes for the drivers which can save miles and reduce travel time as well. Route optimization software offers faster and accurate results, which boosts the customer services and enhances workforce efficiency. The software, by handling the business constraints such as traffic congestion, vehicle availability, right driver, etc. provides the best possible route, which results in minimized human dependence, thus reducing labor overtime and fuel costs.
The major factors steering the growth of the route optimization software market include apt handling of unexpected diversions (due to traffic jams, roadblocks, sudden demands from customers, last-minute cancellations) and enhancing customer satisfaction levels. This is expected to continue during the forecast period 2019–2025, fueling the market growth at a CAGR of around 15% to touch $7.5 billion revenues by 2025.
North America is maintaining the dominant position in the route optimization software market, followed by Europe and APAC. With the endorsement of advanced driver assistance systems by automakers in the North American region, the market growth is expected to continue during the forecast period. For addressing the demand of delivery business to serve a greater number of customers, companies in this region are adopting route optimization software.
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In terms of segmentation analysis, the software market contributes to a significant revenue share within the route optimization software market. Additionally, the fleet tracking application segment is expected to grow at the highest CAGR during the forecast period. At present, the distribution vertical has a high share in the route optimization software market, but business and home services is expected to increase at the highest CAGR.
“By providing optimal and cost-effective routes for businesses, route optimization software is helping companies across several verticals to enhance their customer service levels and improve overall efficiency,” pointed out Sonam Chawla, Research Analyst, Infoholic Research.
Key Segments of the Report Include:
- Route Planning
- Fleet Tracking
- Rider Allocation
- Safety and Compliance
- Transportation and Logistics
- Business and Home Services
- Government and Public Safety
- Construction & Heavy Equipment
- North America
- Rest of Europe
- Rest of APAC
- Industry outlook: Market trends, drivers, restraints, and opportunities
Ms. Sunanda Ganguli
Infoholic Research LLP