Pune, India, Dec. 21, 2021 (GLOBE NEWSWIRE) -- The global vehicle routing and scheduling market size is expected to witness an elevated market growth owing to heavy investment opportunities and integration of advanced functionalities. This information is provided by Fortune Business Insights™, in its report, titled, “Vehicle Routing and Scheduling Market, 2021-2028.” Vehicle routing and scheduling services offer multi-dimensional control over various locations and capacities over scores of integrated vehicles. This level of control is expected to surge the market value towards a heightened market value over the designated forecast period.
Industry Development
- March 2020: Aptean recently announced the acquisition of Paragon Software Systems which is expected to increase their footprint on a global overview. This acquisition will aid in meeting the needs of expanding supply chains in terms of routing, logistics, scheduling, and home delivery requirements.
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Drivers & Restraints
Surging Logistic and Transportation Sector to Bolster Growth
Factors such as real-time direct control and regulative measures over managing resources and assets & integrated tools that can store information such as map route and on-board cargo will fuel the global vehicle routing and scheduling market share. Also, integration of advanced features such as driver shifting patterns, customer locations, efficient delivery windows, and current vehicle availability & capacity will fuel the growth of the market. Reduction in operational costs, minimized fuel consumption, halting distance and average mile calculations will devise a lucrative path for the market.
However, a higher cost of implementation is expected to drive down the market to a certain extent during the forecast period. Also, rising technical complexities will dampen the reach of the market.
COVID-19 Impact
Market to Shine During COVID-19 Due to Essentiality of Services
The advent of the pandemic has generally impacted the market in a positive manner. As imposed lockdowns and social distancing measures were put in place, it became extremely focal for the supply of essential goods and services to not falter. These factors have made the services offered by vehicle routing and scheduling extremely crucial. Alternatively, various governments around the world invested heavily in such services in order to not impede constrained supply chains. Also, integration of advanced features and addition of warehouse support tools will boost the value of the market tenfold.
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Segments
By type, the market can be divided into single deport, multi depot, and integrated fleet.
On the basis of application, the market can be split between manufacturing, retail, and distribution & services.
In terms of region, the market is categorized into North America, Europe, Asia Pacific, and the Rest of the World.
Regional Insights
Asia Pacific to Register a Noteworthy Growth
A higher demographic growth and rapid urbanization will drive the value of the market in the region substantially. Growing reliance towards e-commerce platforms and increased integration of various technologies by the general population will boost the vehicle routing and scheduling market growth. during the forecast period. Also, factors such as expanding industrial sector and rising purchasing power among consumers will incorporate a higher growth rate for the market. The region of Asia Pacific will witness the largest market value owing to the mentioned factors.
North America will occupy a significant market share owing to the increasing rate of new infrastructures on a regional basis. Also, a rapid rate of expansion of a well-established industrial sector will surge the growth of the market value in the region exponentially.
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Competitive Landscape
The market is experiencing steady competition among the dominant market players who are focusing on developing and launching technologies that expand their range of product offerings in order to increase sales avenues. Additionally, the remaining players are trying to carve market share by adopting policies such as mergers & acquisitions, partnerships, and collaborations that will deliver a higher market value to their organizations. Another observation intends to gather market share by increasing investments in research and development activities in order to deliver better products to their end users. These factors have also created the perfect opportunity for the startups to enter the market space which will further intensify competition.
List of Key Players Present in the Market
- OptimoRoute Inc. (U.S.)
- Verizon (U.S.)
- Route4Me Inc. (U.S.)
- The Descartes Systems Group Inc. (Canada)
- Paragon Software Systems plc (U.K.)
- FLS- Fast Lean Smart UK Ltd (U.K.)
- ORTEC (Netherlands)
- Trimble Inc. (U.S.)
- BluJay (U.S.)
- Mercury Gate International (U.S.)
- JDA Software Group Inc. (U.S.)
- Oracle Corporation (U.S.)
- Verizon Connect (Ireland)
- SAP SE (Germany)
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