Category: Cab Booking App

Ride-Hailing is by far the fastest-growing of all segments of the online mobility services market. There is a wave of new companies entering the world market, which makes competition more intense. Companies offering public transport services are shifting from traditional taxi services to services that can be booked through an app, for example, taxi booking carpooling, making the process more transparent to customers than ever before. Car manufacturers’ massive investments in passenger transport services further stimulate segment growth.

The transformation of the taxi industry over the past decade has been remarkable. Technological progress has played an essential role in shaping the taxi ecosystem, and we are now living in an era when a customer can use a taxi booking app for their next trip in seconds. The global taxi market continues to grow, in the United States and the United Kingdom owing to adoption of ride hailing ventures. On the other side, one of the emerging markets in the UAE has has turned out to be a center point for taxi companies around the world due to its reputation as a center of economic growth.

According to these considerations, specific global trends further confirm a taxi company’s commercial potential. Do you want to know what these trends are and how they will take the taxi industry scenario to the next level of growth in the years to come? So keep reading and stay tuned.

Let’s look at some of the forecasts and trends for the taxi industry.

Taxi booking app and its impact on global mobility market

According to 2019 trade reports, the taxi market in the United States, the United Kingdom, and the United Arab Emirates is estimated to grow by 25% in the coming years. The US market is expected to generate $ 2.81 billion in revenue in 2020, while the United Kingdom will further increase with $ 2.94 billion.

As of this date, at least 15 million trips are made around the globe. According to analysts at Goldman Sachs, that number is expected to increase dramatically, with daily trips to 97 million in 2030.

Many business analysts continue to ensure that the free ride market goes up, thanks to Uber Technologies Inc. and Lyft Inc. and Hailo that are raising millions of dollars in investments from VC.

Taxi booking app driving global ride hailing market

Penetration of on-demand cab booking application is set to have a significant impact on the ride hailing segment in mobility market. Let’s go through some drivers that are encouraging the growth

Futuristic mobility solutions

The future will introduce sustainable and innovative transport. From electric cars to hybrid vehicles to driverless cars, the way people move from place to place will change in the coming years. This change will also have a significant role in the driving the global on-taxi booking industry.

Many countries in the world welcome this green wave of electric and hybrid cars in their taxi companies. The Dubai Transport and Road Transport Authority (RTA) have already deployed 50 Tesla electric vehicles for the limousine fleet, while the UAE is anticipated to introduce 1,582 hybrid cars by 2018.

Market expansion

With technological innovation underway and the increase in the number of market participants, the market share generated by taxi booking app will increase in the coming years. In addition, better bandwidth and an increasing number of smartphones are expected to increase demand from a customer/passenger perspective. Together, they point out that the right time to enter the world of taxi app business is now.

Tech-Integration

Technological integration in the operational infrastructure will play a crucial role in the success of the sector. Therefore, it is logical to emphasize the technological frontier from the way of developing ideas and strategies. To do this, you must choose the reliable and in-depth experienced taxi booking app Development Company.

The solution offers many advantages, such as a friendly interface for the sender, the passenger, and the driver. It also provides a profound personalization potential to display your brand image. This well-equipped solution facilitates the simplification of your fleet’s activities and increases the opportunities for generating business for your company.

Statistics to consider before taxi booking app development 

So, what could be the estimated growth prospects in the global shared mobility market in the coming years? Will we continue to see the growth of cab booking companies and what factors play a role?

According to Statista,

• The ARPU (average revenue per user) currently sums to $189.93.
• User penetration is expected to reach 20.0% by 2023, which for 2020 is 15.4%.
• Ride hailing segment in share mobility market values $216,810 million in 2020.
• The CAGR is anticipated to attain a CAGR of 13.7% during 2020-2023, reaching the total valuation of $318,765 million by 2023.

Concluding point,

Following the estimated statistics of global market that are majorly driven by changing technological infrastructure and user-oriented service building, it is clear that on-demand taxi service app would transform the way people travel across the cities.

Panacea Infotech, a leading name in taxi booking app development can be your partner for taxi booking mobile app development and other technical requirement in mobile app development.

Contact for more details.

With the fast-changing economy, customer expectations are also increasing rapidly. They look for specific services that can fulfill their particular needs. It has given birth to a new range of app-services that cater to niche segments. They are called on-demand applications that provide users quick access to specific services and allied professionals on-request. On-demand apps are powering businesses to align with the right target audiences. The taxi booking app or cab booking app is one such on-demand app segment that has seen a surge in the market value and number of customers. Uber is the best example when it comes to on-demand apps. The popularity of the business model of Uber has created a buzzword in the mobile app industry, Uberification. Uberification refers to the most uncomplicated process of fulfilling a user-generated demand within a timeframe. Today, entrepreneurs are applying the ‘Uber for X’ model for every vertical in different industries.

Uber has been a massive success in the U.S. ride-hailing market, and Uber-like app development is going to be a rage in 2020 as customers are expecting more from the experienced-driven economy. They want mobile apps on their fingertips that resolve their issues instantly with high control. The on-demand taxi booking app is no exception as it offers flexibility and convenience to customers while covering critical features like location-based tracking, cashless payments, customer security, and simplicity.

What are the benefits of On-Demand Taxi Booking App Development

Taxi booking mobile apps will bring tremendous benefits to the businesses as they will be equipped with advanced tech and superior functionalities in 2020 for enhanced customer delight.

• Generate high-quality user experience: Uber like app solution for taxi booking is developed with an aim to deliver convenience to users. On-demand taxi booking apps help your customers to find rides effortlessly with few clicks. They can check price details, compare different modes for trips, review ratings of drivers, give feedback, pay promptly, and make a decision quickly.
• Establish your brand: When market is flooded with plethora of taxi booking mobile apps, you can position your brand by offering differentiated services like 24*7 cab availability, map integration, seamless user experience, outstation rides business modules, fare estimation, ride-sharing, centralized security system, complete track of user history, driver listings and many more. A credible taxi booking app development company can help you in developing cutting-edge Uber-like app solutions.
• Leverage technology for generating revenue: This is the era of disruptive technologies like the Internet of Things, Artificial Intelligence, Augmented and Virtual Reality, Chatbots, and Blockchain. These technologies are revolutionizing the capabilities of a mobile app, thus enhancing user experience. For example, with the help of AI and machine learning capabilities, you can offer personalized services to your customers like exclusive discount coupons and optimal price determination for a ride. Additionally, it is easy for you to predict demand, optimize routes, and utilize resources optimally.
• Deliver value to all stakeholders: Investing in an Uber-like app solution for taxi booking, your business can create value for both customers as well as drivers by implementing an effective business strategy. By using a transparent business model that is beneficial for all channel partners, including drivers, taxi owners, and customers, your taxi booking app can reduce search cost and transaction cost for them. The customers, on the one hand, can enjoy a hassle-free and safe ride with numerous advantages like cashless transactions, discounted rides, and affordable prices, whereas drivers, on the other hand, can find a stable source of income, get insurance coverage while working for flexible hours.

Why will On-Demand Taxi Booking App Development be in demand in 2020?

• Customers seek for convenience: Taxi booking mobile app is getting substantial traction in the market because modern customers are highly concerned about their comfort and convenience. For example, the apps that offer a variety of cars in the economic and luxury range are preferred by customers. Such apps give them the option to choose from a wide range of segments. Additionally, customers would seek for a reliable taxi booking app as they are more inclined towards carpooling and rental cars with drivers. Thus, the uber like taxi apps will rule the market who would offer customer-centric services.
• Customer security is an utmost concern: Not only comfort, but safety is also one of the most critical aspects that can differentiate between successful and not-so-successful taxi booking mobile apps. People prefer features like live tracking, location sharing, emergency calling, driver background checks, drivers’ history, official pick up-zones, and many more to ensure that their loved ones are safe during their ride. Thus, 2020 will witness a higher focus on safety measures by taxi booking app development companies.
• Customers want quick mobility: This is another reason why cab booking apps will be popular in the coming times. Today, everyone is short of time and is expected to complete multiple tasks within a limited time frame. Rental cars and cabs play an essential role in the lives of such people who want to focus on work rather than driving their private vehicles. Thus, the cab booking apps that will meet the expectations of customers will win in 2020. For example, fast booking, least waiting time, experienced drivers, excellently maintained cabs, optimal fares, fare estimation, and comparison are some of the features in a taxi booking app that would help customers to derive maximum value.
• Customers prefer who takes care of their needs: Needless to say, this is the era of personalization. Customers are loyal to businesses that take care of their specific needs. A successful taxi booking mobile app must incorporate all the mentioned above features to deliver quality and professional services.
• Customers love add-on features: Success comes to those who can empathize with customers and offer exceptional benefits that are not commonly available. 2020 will be the year when taxi booking mobile apps will embed features like Chatbots, AI-driven personalized search, outstation facilities, driverless cars on rent, day packages, premium membership plans with exclusive benefits, special facilities like wheelchair assistance, baby seats and others.

What should you look for when you select a Taxi Booking App Development Company?

Now when you have decided that you need a taxi booking mobile app for your customers, you must start searching for a credible taxi booking app development company that possesses the necessary expertise and experience in the domain. Your tech partner must be able to embed emerging tech with the mobile app solution to make it customer-centric. Panacea Infotech is a leading on-demand mobile app development company with a team of highly skilled professionals who can help you right from consultation to the implementation of the solution. We are a reputed taxi booking app development company with a team of dedicated experts who understand clients’ needs and proposes a customized solution that suits their budget and business requirements.

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