Mobility-as-a-Service Market to grow at a CAGR of 33.84% by 2027, The increase in the use of smart connected devices is notably driving market growth - Technavio
NEW YORK, Dec. 5, 2023 /PRNewswire/ -- The mobility-as-a-service market is estimated to grow by USD 456.64 billion during 2022-2027, progressing at a CAGR of 33.84% during the forecast period, according to Technavio. The increase in the use of smart connected devices is notably driving market growth. There is a rapid penetration of smart connected devices globally. The number of connected devices is increasing and is making it difficult to manage, monitor, and maintain the devices for organizations. So, there is a rapid demand for M2M and M2H communications. These systems help end-users to simplify the process of managing, maintaining, and monitoring the devices. Transportation management systems make use of data from different technologies like RFID, barcodes, GPS, and sensors. This helps in improving the efficiency of business operations. Hence, it is expected to increase the demand for Maas during the forecast period. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) –Request a sample report.
Mobility-as-a-Service Market 2023-2027: Drivers and trends
Ongoing efforts for the development of autonomous vehicles is the key trend in the market. There is an increased adoption of Maas solutions by independent car-sharing/hailing companies to expand their portfolio. Some major companies investing in developing their own Maas solutions include Daimler AG, Uber Technologies Inc., and BMW AG. For instance, in April 2018, Uber Technologies Inc. acquired JUMP Bikes, an electric bike-sharing company. The company aims to develop its mobile app into a multimodal platform, which will be able to seamlessly provide access to car-hailing/sharing, bike-sharing, and public transit networks. Automobile manufacturers like Tesla, General Motors, and Volkswagen AG are also investing in Maas platforms.
Poor connectivity among many devices is a major challenge to the growth of the market in focus. High bandwidth is needed to connect multiple devices to transfer data between servers and smart devices. Connectivity issues can hinder the performance of the business. The cloud-based infrastructure being in remote places adds to the challenge further.
Mobility-as-a-Service Market 2023-2027: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our mobility-as-a-service market report covers the following areas:
Mobility-as-a-Service Market 2023-2027: Vendor Analysis
The market is fragmented with the presence of various vendors. Beeline.com Ltd., Beijing Xiaoju Technology Co. Ltd., Communauto Inc., GoEuro Corp., Greenlines Technology Inc, Kyyti Group Ltd, Lyft Inc, Mercedes Benz Group AG, Mobilleo, moovel North America LLC, Moovit Inc, SkedGo Pty Ltd., Splyt Technologies Ltd., Sway Mobility Inc., The ESP Group, Transit Systems, Tranzer BV, Uber Technologies Inc, and Whim are some of the major market participants.
Vendor Offerings –
Mobility-as-a-Service Market 2023-2027: Segmentation
Get a glance at the market contribution of various segments including country and region-wise, historic (2017 to 2021) and forecast market size (2023 to 2027) download a sample.
Mobility-as-a-Service Market 2023-2027: Key Highlights
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The mobility demand market size should rise by USD 198.21 bn from 2022 to 2026 at a CAGR of 17.35%. The growing interest in self-driving vehicles is notably driving the mobility demand market growth.
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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