Mobility as a Service Market Worth $271.66 Billion, Globally, by 2027 at 23.7% CAGR: Verified Market Research

Mobility as a Service Market Worth $271.66 Billion, Globally, by 2027 at 23.7% CAGR: Verified Market Research

The rise of telecom companies and the implementation of 3G, 4G, and 5G services is predicted to cause a surge in Mobility as a Service Market

PR Newswire

JERSEY CITY, New Jersey, July 27, 2020

JERSEY CITY, New Jersey, July 27, 2020 /PRNewswire/ -- Verified Market Research recently published a report, "Mobility as a Service Market by Vehicle Type (Micro mobility, Four-wheelers, Bus, Train), by Transportation Type (Public, Private), by Service Type (Ride-hailing, Car sharing, Micro mobility, Bus sharing, Train service), by Solution Type (Technology platforms, Insurance services, Payment engines, Navigation solutions, Telecom connectivity providers, Ticketing solutions), by Application (Android, iOS), Geography". According to Verified Market Research, the Global Mobility as a Service Market was valued at USD 49.67 Billion in 2019 and is projected to reach USD 271.66 Billion by 2027, growing at a CAGR of 23.7% from 2020 to 2027.

Mobility as a Service Market Analysis & Forecast, 2020-2027

This report provides detailed analysis of the growth trends among each of the segments as well as accurate forecasts in terms of the value and volume.

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Browse in-depth TOC on "Mobility as a Service Market"

202 - Pages
126 – Tables
37 – Figures

Global Mobility as a Service Market Overview

The need to improve traffic organization is expected to drive the market growth. The arrival of modern technology has changed the migration of individuals across the cities. The propagation in the count of rideshare apps, map applications, carpooling platforms, along with the growth of autonomous vehicles, shows that there is no lack of options to reach the required destination. The report by Transportation for America states congestion in urbanized areas has increased by 144%, despite the investment worth USD 500 billion being spent on the strategy to broaden the new highways across the United States. By adapting to a Mobility as a Service (MaaS) approach for transportation, the restraint on individuals to own their vehicles is reduced.  For instance, a person may own a car and commute to work. If given a choice, they may travel to work via public transport, especially if they are close enough to the relevant organization. It minimizes the need for the individual to own a car that spends most of its time in the garage. A group having more than five persons can cater to a peer-to-peer rental service and hire a vehicle if and when they need it. This strategy would reduce the number of cars on the road.

 The rise of telecom companies is likely to boost the market economy. The pivotal role of Telcos in Mobility as a Service segment is well-positioned to support the mobility services, which includes billing, payments, analytics for strategy and optimization, and asset management services. If an individual purchases a block of road miles or time per month just like data plans and then reconcile revenue allocation and payment to providers. Telecommunication enterprises can also play an essential role in enabling fleet management services, which entails automated fleet scheduling, dispatching, and tracking as well as assistance in managing the rapid anticipated growth of autonomous fleets. The implementation of 3G, 4G, and 5G services is predicted to cause a surge in the market potential. The 5G network has the highest bandwidth capacity, which can handle vast amounts of data that need to be sent and received between each vehicle, roadside sensors, and infrastructure as a mobile connectivity system. The major players in the market are Whim, Citymapper, Skedgo, Moovit, Moovel, Splyt, Ubigo, Qixxit, Smile Mobility, and Communauto.

Verified Market Research has segmented the Mobility as a Service Market on the basis of Vehicle Type, Transportation Type, Service Type, Solution Type, Application, and Geography

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