The Taxi Industry Business – An Outlook for 2018 and Beyond

The global taxi business mirrors the economic situation of nations in many ways. The rising income levels, improved road infrastructure, and better cab dispatch technology correlate directly to a jump in revenues from the taxi transportation business. Goldman Sachs estimates the worldwide taxi market to be worth $108 billion, out of which $36 billion is from the ride-hailing businesses like Uber and Lyft. They expect the revenues from taxi hailing business to swell to $285 billion in a matter of just 12 years by 2030.
Out of the different forms of transportation, taxis have witnessed the biggest growth in customers compared to other forms like buses, trains, and tubes.

What Tech Changes Have the Taxi Industry Witnessed in the past Few Years?

Earlier taxi was a matter of just standing by the side of the road and hailing a cab that was passing by on the road. Then came the concept of calling the cab company and arranging for a cab. With a payphone, a cab dispatcher used to send out the nearest cab driver.
However, in recent years, app-based ride-hailing companies have sprung up. What’s more, they have shown tremendous success rates in recent years. No wonder that the market for taxi dispatch software is booming. Reports say that the industry is valued at $199 million (2017) and is expected to reach $722.5 million by the end of 2025. This translates to a CAGR of 17.5% between 2017 and 2025.
The image below shows the percentage of people using a mobile app for their transportation needs
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