Global Taxi Booking Software Market - Introduction
- Taxi booking software helps users to build a mobile-based taxi booking solution to manage the taxi business online. Taxi booking software controls all the operations or functions from a centralized system. The software provides significant business insights in terms of reports and helps users to track & monitor the progress of the business.
- Taxi booking software also enables the customer to track & monitor the driver’s exact location and provides an expected fare before booking the ride. The software offers customers online payment modes as well as off-line payment options such as cash and card.
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Impact of Coronavirus (COVID-19) on the Taxi Booking Software Market
Lockdowns across major regions (Europe, Asia, and North America) due to an increase in the spread of Coronavirus (COVID-19) has a negative impact on the taxi booking software market. Governments have restricted the operation of taxis in cities and outside cities due to the need for social distancing because of the highly contagious nature of Coronavirus (COVID-19).
Growing Adoption of Smartphones Driving the Global Taxi Booking Software Market
- The growing adoption of smart appliances is projected to boost the growth of the taxi booking software market during the forecast period. This is mainly due to the rising demand for convenient transactions & ease of communication between taxi drivers and consumers worldwide.
- Smart appliances such as tablets and smartphones with their connected applications, are the key requirement for taxi booking software technology, which also allows online taxi booking and online payment without using traditional transaction channels such as cash.
- According to the Mobile Economy Report of Groupe Speciale Mobile Association (GSMA) 2018, the rate of smartphone penetration is projected to increase by 77% in 2025 from 57% in 2017. It is anticipated that smartphones will play an increasingly significant role in the taxi booking industry over the next few years.
- Additionally, as per the GSMA report, more than 2.5 billion individuals accessed the internet through mobile devices in 2015 across developing nations. Mobile internet usage penetration is projected to rise by 37% in 2020 from 23% in 2015.
- Therefore, growing adoption of smartphones worldwide is driving the taxi booking software market.
Stringent Rules and Regulations for Online Taxi Industry Expected to Hamper the Market
- Worldwide, the taxi industry is governed by stringent rules and regulations. Internet/ app-based taxi booking solutions are often accused of competition from the local taxi market, and this has caused several standoffs among major players, taxi associations, and authorities. For instance, in India, Ola’s (one of the major taxi companies) two-wheeler license was canceled in March 2019 for six months by the Karnataka State Transportation department, as Ola had only the license to operate & execute 4-wheeler taxi service.
- Therefore, stringent rules and regulations regulating the online taxi industry is expected to hamper the taxi booking software market worldwide.
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North America to Account for Major Share of the Global Taxi Booking Software Market
- In terms of region, the global taxi booking software market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global taxi booking software market during the forecast period due to rising adoption of advanced online booking technologies along with increasing smartphone penetration, indicating potential growth of the market in the region. Europe is expected to be the second largest market for taxi booking software from 2020 to 2030.
- Asia Pacific is projected to be a rapidly growing market for taxi booking software during the forecast period due to increasing government support for online payment instead of cash transactions, specifically in India, Japan, and China.
Key Players Operating in the Global Taxi Booking Software Market Include:
- Fare Bookings
- FATbit Technologies
- Infinite Cab
- Negup Solutions
- Uber Technologies Inc.
Global Taxi Booking Software Market: Research Scope
Global Taxi Booking Software Market, by Software
Global Taxi Booking Software Market, by End-user
Global Taxi Booking Software Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.