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Route Optimization Market Size And Forecast - 2022 to 2030 | ALK Technologies, Caliper, Descartes, ESRI, Google
Route Optimization Market
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The market for route optimization is anticipated to grow at a CAGR of 11.56% from 2022 to 2030 when it is projected to reach a value of $12,416 million. The growing use of AI and GIS technologies, the rising demand for logistics services, and the rising cost savings from route optimization are all credited with this growth. As businesses seek to reduce their costs and boost overall profits, route optimization's growing cost savings have increased demand for the technology.
Attributed to the growing investments in technology and the greater resources at their disposal for research and development in this field, large businesses are anticipated to hold a larger market share. Additionally, as e-commerce expands, there is a rising need for effective logistics services, which is fueling the development of route optimization technologies.
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Owing to its advantages like low cost of ownership, flexibility, scalability, ease of deployment, and integration, cloud-based deployment is anticipated to experience the highest CAGR during the forecast period. The increasing demand for efficient management of logistical operations across various industry verticals can be attributed to this exponential growth.
Expected to drive the growth for effective logistics and supply chain management, as well as government initiatives to promote digitalization and increase investments in the IT infrastructure of nations like India and China, the Asia-Pacific region is anticipated to experience the fastest growth in the market for route optimization solutions during the forecast period. The expansion of route optimization solutions in Asia-Pacific is also being fueled by the region's expanding e-commerce industry and its increased emphasis on enhancing logistics and supply chain effectiveness.
Automile, Inc., a U.S.-based supplier of route optimization and fleet management software solutions for commercial fleets, was purchased by TomTom International BV in March 2022. TomTom will be able to strengthen its position in the commercial fleet management industry and increase its presence in the route optimization market thanks to this acquisition.
The purchase of Routescene Ltd., a UK-based provider of 3D mobile mapping services for route optimization, was announced by Esri, a U.S.-based provider of geospatial and analytics solutions, in June 2022.
In August 2022, Micello, Inc., a U.S.-based provider of indoor mapping services and real-time location data solutions, was acquired by HERE Technologies, a top provider of location data and technology. These acquisitions show how crucial fleet management and route optimization technology are to the transportation sector.
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