On-demand taxi - The lucrative juggernaut

[ZoeyParson]

The taxi business is no familiar with the spotlight. Thanks to the launch of dedicated applications, the once hailing services have now transformed and enter the on-demand era.

So, what's the big deal?

The once decentralized taxi market is now witnessing smooth operations with end to end efficiency thanks to ride-hailing applications like Ola, Lyft, and others. With monumental smart device sales coupled with growing millennials entering the workforce, the trend seems only to be growing.

Is the business lucrative?

Indeed it is. Hence, the word juggernaut in the title. Let's check some stats (for 2019):

The revenue in the on-demand ride-hailing segment amounts to $183,677 million
Revenue expected to grow at 14.8% between 2019-2023.
The annual growth (CAGR 2019-2023) rate results in market value of $218,765 million (by 2023).
User penetration is expected to grow from 13.5% in 2019 to 20.0% by 2023.
User base touching 996.7 million

Can I enter the market?

Yes, with a fantastic app, you can. Although, you would require apps for riders and drivers, a panel for dispatcher, and a powerful dashboard for business admin. However, developing the apps, panel, and dashboard from scratch can be an expensive and time-consuming affair.

What's the best way forward?

Clone applications have been creating quite a wave across the market. With functions and features matching leading players, one can enter the market almost instantaneously. TurnkeyTown's premier Uber clone offers the perfect platform for entrepreneurs, startups, and organizations to connect riders with drivers seamlessly.