The Mobility as a Service (MaaS) Market size is forecast to reach USD 280.77 billion from USD 52.56 billion in 2019, delivering a CAGR of 23.2% through 2027. The market growth is primarily driven by the convergence and growth of transportation and telecom industries. Rapid urbanization, smart city initiatives, improved 4G/5G infrastructure penetration of smartphones, an overall increase in the demand for mobility services, and the need to reduce CO2 emissions are some of the other key factors supporting Mobility as a Service market growth.
Mobility as a Service is a type of service that offers a joint digital channel that allows users to plan, book, and pay for multiple types of mobility services. The increasing focus on the adoption of a user-centric approach for mobility services as an integrated system is boosting the proliferation of the MaaS model.
Statistics suggest that 55% of the global population is living in urban areas currently, and estimates suggest nearly 68% of the population will be living in urban areas by 2050. The rapid pace of urbanization is already leading to traffic congestion. Mobility as a Service model may come across as a better option for managing traffic congestion through efficient use of the existing public and private transport infrastructure. The dire need for efficient solutions to move traffic in a faster, less expensive, and convenient manner in smart cities is poised to drive the Mobility as a Service market growth through 2027.
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Further key findings from the report suggest
Increasing adoption of technologically upgrade and advanced devices among users and rising penetration of internet has led to generation of massive amount of data across various industries and sectors. Growing demand for enhanced data security and privacy has contributed to the revenue growth of the market. In addition, rising application of the Internet of Things (IoT) and usage of business intelligence have further fueled market growth. Developments across various segments such as internet, wireless networks, computers, software, social networking, and other services have impacted the growth of the information and communication technologies market.
ICTs refer to the amalgamation of media technology with computer networks through cables or link systems. Key emerging trends such as use of IoT, media systems, and information and communication technologies in different sectors such as agriculture, financial services, and meteorological data collection, among others have also boosted revenue growth. The advent of artificial intelligence and robotics have further brought evolution in the ICT industry.
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Service Type Outlook (Revenue, USD Million; 2017-2027)
Application Outlook (Revenue, USD Million; 2017-2027)
Business Model Outlook (Revenue, USD Million; 2017-2027)
Vehicle Type Outlook (Revenue, USD Million; 2017-2027)
Key players dominating the global Mobility As A Service (MaaS) market are focusing on development and advancement in software and security technologies to cater to the growing consumer demand. Factors such as rapid economic growth, shifting consumer preference, and rapidly changing market dynamics have also accelerated market revenue growth. The report sheds lights on the key strategic initiatives such as mergers and acquisitions, collaborations, partnerships, product launches, corporate deals, and agreements undertaken by the key companies. The report also offers insights into market share, market size, and revenue growth in key regions of the globe.
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Regional analysis covers:
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