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Rise in Digitization to Bolster Ride-Hailing Companies Growth in 2022

March 08, 2022 | Automotive & Transportation

Ride-hailing is the act of requesting a car and driver to come and take one to the desired destination. Ride-hailing apps on smartphones have revolutionized public transportation and the ease of traveling to places with a click of a button. Furthermore, it ensures that passengers have a comfortable and safe ride by allowing them to share details of their route with their friends and family to keep track of the journey in real-time. It also replaces traditional taxi services by providing door-to-door service. According to the market research report published by Fortune Business InsightsTM, the rising necessity for a safe journey is anticipated to augment ride-hailing in the coming years.

The rise of this sector is being fueled by on-demand transportation services and a decreased rate of automobile ownership among millennials. On-demand transportation services are defined by flexible routing and ad-hoc scheduling of private vehicles that provide a personalized transportation experience to the general public by picking up and dropping off passengers at their preferred places. Customers can accurately identify vehicles, track their journeys, and provide safety to the occupants using on-demand ride-hailing services. Thus, this feature is predicted to considerably fuel the market growth. Furthermore, these transportation services are expected to supplant traditional taxis. According to a study, 15 million such rides occur every day, which is predicted to skyrocket to 100 million by 2030.