Market Analysis
The global mobility as a service market will touch USD 484.20 billion at a healthy 39.40% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
Drivers
Growing Focus on Digital Payment and Digitalization to Boost Market Growth
Governments across the world are adopting initiatives for promoting digital payments. The Indian government for instance launched the Digital-India initiative which focuses to foster cashless transactions and also digital payment methods all across the country. The growing number of e-commerce companies coupled with the growing use of e-wallets to make transactions will boost market growth. The development of safe and highly secured payment gateways will fuel market growth. Various mobility as a service companies such as Ola, Lyft, Uber, and others are offering shopping coupons and cashback on payments that is made through e-wallets.
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Opportunities
Rising Use of Smart Connected Devices to offer Robust Opportunities
The number of smart connected devices is increasing across the globe. With the increase in devices, it has become challenging in managing, monitoring, and maintaining the data. Hence the demand for M2H and M2M communications will increase as they help end users in simplifying the management, maintenance, and monitoring of connected devices. Currently, enterprises are experiencing significant improvements in business process for the adoption of IoT analytics. The close monitoring of business processes results in more effective decisions in real-time. The increase in connected devices is a key factor that is boosting the demand for MaaS over the forecast period.
Restraints and Challenges
Privacy Policy Issues to act as Market Restraint
The mobility as a service market finds privacy policies a hurdle that is not easy to overcome. The mobility as a service market system operates through the internet that can be threatened by hackers that can impede the market growth in the forecast period.
COVID-19 Analysis
Companies like Lyft and Uber has experienced a huge ride drop owing to the COVID-19 pandemic. People are keeping away from such services for the growing concerns about the virus to spread. Besides, the maximum population working from home, there has been a reduction in public transport by about 70-80% worldwide. This had a negative effect on the market that led to a fall in revenue across all regions.
Market Segmentation
The mobility as a service market has been bifurcated based on service type, type, business model, and application.
By service type, the cars segment will lead the market over the forecast period.
By type, the private segment will dominate the market over the forecast period.
By business model, the business to customer (B2C) segment will spearhead the market over the forecast period.
By application, the Android segment will have the lions share in the market over the forecast period.
Regional Analysis
Europe to Spearhead Mobility as a Service Market
Europe will spearhead the market over the forecast period at a healthy 37.1% CAGR for the presence of some dominating leading vendors. The UK has the utmost market share followed by Germany and France.
Key Players
Eminent industry players profiled in the mobility as a service market report include Daimler AG (Germany), Bayerische Motoren Werke AG (BMW) (Germany), Deutsche Bahn (Germany), Xerox Corporation (US), Lyft, Inc (US), MaaS Global Oy (Switzerland), GrabTaxi Holdings Pte Ltd (Singapore), Beijing Xiaoju Technology Co., Ltd (China), Uber Technologies, Inc. (US), Communauto (Canada), Moovit Inc. (Israel), ANI Technologies Private Limited (India), Bridj Pty Ltd (Australia), JapanTaxi Co., Ltd (Japan), and Wiwigo (India).
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Industry Updates
The United State has finally got its first mobility as a service platform. Now every resident can feasibly and affordably trade their private cars for an app.
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