iCrowdNewswire Jan 13, 2021 1:49 AM ET
The Route Optimization Software Market is accelerating fast as online cab booking service becoming a household method to hail cabs. The software aims at maximizing the workflow by bringing in logistics, traditional & static planning, and real-time data under one single umbrella to chart a course that can satiate customer expectations. The global route optimization software market is expected to ride high with an 11.4% CAGR during the forecast period (2018-2023) and touch the market milestone of USD 5.07 billion by 2023, asserts Market Research Future (MRFR) in a detailed report. It further includes ballooning online cab booking services, and features such as easy deployment, cost-effectivity and ability to optimize workflow, as chief drivers to help the market expand in coming years.
However, threats of cyber attack or software lag can deter the route optimization software market growth. At the same time, lack of IT infrastructure in the underdeveloped region can bottleneck the expected growth during the forecast period.
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The Global Route Optimization Software Market can be segmented by component, deployment, organization size, and vertical.
By component, the market can be segmented into software and services with software leading the market. Further segments of services are consulting services, map integration & software deployment, and support & maintenance.
Deployment-wise, the market comprises on-cloud and on-premises. On-cloud segment is the fastest growing one. On-premises is leading the segment.
Based on organization size, the market includes small & medium enterprises (SMEs), and large enterprises. Large enterprises segment is the leading one, whereas, SMEs can accelerate the most during the forecast period.
Vertical-based segmentation of the route optimization software market includes on-demand food delivery, retail & FMCG, field services, ride-hailing & taxi services, others. Retail & FMCG is leading the market, whereas, field services segment can attain the fastest CAGR during the forecast period.
Region-wise segmentation of the route optimization software market spans across North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America can be acknowledged the market leader based on its ability to generate revenues. It gets further boosting from the presence of major international companies. However, most of the profit the regional market has been making can be attributed to the infrastructural superiority. The region is fast catching up with the cloud-based and web-based technology as the residents are more willing to integrate the latest technologies into their lifestyle. Furthermore, an increasing amount of disposable income in the area can be seen as a potential market factor.
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Europe is the second largest market, and its growth relies mostly on its shared features with North America. The APAC region can record the fastest CAGR during the forecast period. The region is witnessing several lifestyle changes, such as urbanization, rising level of disposable income and digitalization. As a result, smartphone sale has skyrocketed, and companies are getting fast accustomed with logistics management. The lure of eased out workflow has got the companies glued which are spurring the regional route optimization software market growth. Among the countries, Singapore, South Korea, India, and China are impacting the regional market the most.
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