The mobile application is the new medium of doing business. Gone are the days where websites were used to showcase or operate your business operation. Growing internet penetration and mobile device obsession have revolutionized almost every industry. Sectors that are majorly impacted include retail, transportation and logistics, finance, healthcare, and many more.
With successful venture of ride-hailing service providers like Uber, Ola, DiDi, and others, it isn’t surprising to see the new-age entrepreneurs looking to get into an on-demand taxi app development and build their version of Uber-like ride-hailing apps. However, to get the most of the booming sector, it is also essential to analyze both targeted users and competitors in the market.
Statistics of leading urban mobility market giants
Existence players dominating the global market have relevant statistics that depict their growth trend.
- The global market valuation of Uber is around $72 Billion.
- It acquires around 65-69% share of the ride-hailing market in the US.
- Operational in 65 nations, measuring around 14 million trips per day.
- The global market valuation of Lyft around $15.1 Billion.
- It acquires around 29-35% share of the ride-hailing market in the US.
- Operational in 35 cities with over 23 Million Lyft users.
- It has approximately 550 Million DiDi users.
- Operational in Australia, Taiwan, HongKong, Japan, and 400 Chinese cities with 30 million rides per day.
As hailing ride service is one of the sub-segments of urban mobility, taxi booking app developers should follow some crucial pointers to smoothen the overall mobile app development process, being part of the chronology.
Urban Mobility Market Lessons For On-Demand Cab Booking App Development
Leverage Scaling – Platform developers should keenly follow the modular and standardized approach to scale up their offerings and solution quickly. Prefer a cloud-based IT solution that can be deployed anywhere.
Emphasize on users – It is important to keep a user-first approach while designing a platform for ride-hailing services by incorporating solutions that are seamless and smart end-to-end travel experience.
Adapt as per local patrons – Web or app-based platform developers should focus on the local requirements by acclimatizing to the transport regulations and systems with strategic branding.
Flexible IT approach – Barriers for entry must be kept low to null and make use of standard API to motivate mobility operators and investors for taxi booking app development.
Let’s take you through some interesting factors that are attributed to surging the revenue in the global ride-hailing market.
How On-Demand Cab Booking App Development Is Driving Ride Hailing Market?
On-demand is the new key to success for the entrepreneurs, owing to the presence of convenient technologies with the helping hand of digitization.
- Simplified booking options through mobile applications or websites have a major contribution to the ride-hailing service providers’ success. Increased Internet usage and the growing reach of smartphones across the globe has helped app-based cab booking companies to fetch customers.
- Technically, feasible integration that provides crucial information such as estimated ride fare, live location, vehicle details, driver details in the app has helped to increase the number of online taxing booking app downloads according to customer preference.
- Growing demand for affordable taxi fare plans executed by leading giants such as Grab, Uber, Ola in the sector has encouraged the other players to consider pricing as a critical parameter. As a taxi booking app have a high impact regionally, new market entrants should also take into account factors such as demand, need analysis, and customer behavior for online taxi service.
Coming to the conclusion,
Looking at the influence of ridesharing in transportation, local operators that are majorly the taxi owners are transforming swiftly. They are adopting the same strategy and are striving to include ridesharing, which has increased the request for taxi app development. It is stated that the urban mobility industry will have their own provincial control and not every player can attain the global outreach.
Thinking to be a leader in your region, Panacea Infotech, a pioneer on-demand mobile app development company can be your torchbearer for the venture.
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