Innovation is a key aspect of any successful business. The transportation business is no different. The traditional form of the taxi industry is quickly giving way to the rising phenomenon of taxi app development. This rapid change has completely transformed the entire industry in just a few years.
Let’s take a look at this change and the reasons behind why every taxi business should be investing in taxi app development.
The Rise Of On-Demand Services
With the arrival of mobile applications in the mainstream arena, a lot of changes were implemented to existing business models. Service industries, especially, saw an opportunity to improve upon their methods and attract more customers at the same time. Mobile app development became an integral part of the operation of various industries around the world.
From restaurant services to delivery services, this change in methodology gave rise to a new type of service known as “on-demand” services.
The Evolution Of The Taxi Industry
Nowhere else was this shift more apparent than in the taxi industry. With the arrival of taxi booking apps into the picture, the traditional methods of hailing a cab have almost gone out the window. There has been a sharp decline in the number of traditional “yellow” taxis on the road in favor of ride-hailing apps such as Uber and Ola.
The Projected Growth Of App-Based Taxi Services
The mobile taxi app market is expected to register a CAGR of 9.22%, during the forecast period, 2019-2024. Reduced taxi fare and easy booking via mobile apps are the major factors driving the online booking segment category to capture a major share of over 40% of the global taxi market in 2017. It is on track to hit USD 220.5 billion by 2025 on the Ride Sharing market. The ride-sharing app market was estimated at about USD 51.3 billion just a couple of years ago and is expected to grow over the forecast period 2018-2025 with a healthy growth rate of more than 20 percent.
It is evident from the numbers that taxi app development is growing at a tremendous pace, with no signs of slowing down.
This presents a great opportunity for entrepreneurs to make a smart investment in this sector while it’s still in a scalable stage.
Benefits Of A Taxi Application For Your Taxi Business
- Be A Part Of A Growing Industry
When it comes to the service industry, there is no other sector growing at a faster pace. To put it simply, this is the market you should be focusing your efforts on now.
- Reach A Wider Audience
Migrating with your customer base is necessary for your survival as a business. Mobile apps have over a billion users worldwide. This equates to a lot of untapped customers, so reaching out to them with a taxi booking application can help you increase your customer base.
- Make It Easy For Your Customers
Mobile taxi applications eliminate the cumbersome aspects of booking a cab. With just a few swipes and clicks, you can have a cab pick you up from the comfort of your home and drop you at your destination. As a customer, would you choose something different? By making the entire process streamlined and easy, you can attract a lot more customers.
- Optimize Your Taxi Business
From an administrative point of view, investing in taxi app development can streamline the process for you and make it a lot simpler to oversee it. Many taxi app solutions come with an intuitive admin panel to help you watch over your domain with ease previously thought impossible.
These are just some of the aspects through which a mobile taxi app can help you grow and expand your business. The advantages are manifold.
When it comes to the taxi service industry, all roads lead to the realm of ride-sharing applications. Taxi app development has rooted itself deep into the minds of both users and entrepreneurs alike. Be a part of this change with INORU’S extensive taxi service application. Loaded with all the features you will need to take your business to the next level, it is the right choice for the budding entrepreneur.