The Mobility-as-a-Service Market will Register a CAGR of Over 35% by 2023
July 13, 2020
About this market
The increasing use of online on-demand transportation services is mainly driven by innovative user-friendly mobile apps used by consumers to book rides using their smartphones. Such platforms incorporate the entire services ecosystem, including start-to-end trip planning, booking, ticketing, and payments, for different modes of transport into a single app/platform and are focused on providing a seamless travel experience to the consumer. The user-centricity, ease of use, and efficiency of such platforms are boosting the adoption among consumers. Analysts have predicted that the mobility-as-a-service market will register a CAGR of over 35% by 2023.
Rising penetration of smartphones and internet
The penetration of smartphones and high-speed Internet is a key factor promoting the development and growth of online technology platforms and services such as ride-hailing, online food delivery, and e-retail. Access to the internet on-the-go has made it easier to find products, services, and information in real time and access payment platforms round-the-clock, which makes it convenient for end-users to carry out transactions or make purchases.
Concerns about passenger’s safety
Passenger safety is a major challenge in the global MaaS market. Commercial mobility services, particularly ridesharing, have witnessed frequent cases of passenger harassment over the last few years. Such cases occur partly due to the lack of due diligence by service aggregators/operators to verify drivers and the lack of passenger safety features in commercial vehicles.
For the detailed list of factors that will drive and challenge the growth of the mobility-as-a-service market during the 2019-2023, view our report.
The market appears to be fairly fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.