The taxi-hailing industry is facing tough tides during the COVID-19 pandemic. The industry witnessed an unprecedented decline due to various factors like lockdowns, social distancing norms, and the general fear of coming in contact with the virus keeps customers at bay.By looking at the stats, estimates suggest the global ride-sharing market will grow at 55.6% and reach USD 117.34 billion in 2021 from USD 75.39 billion in 2020. The cab-hailing business will be on a path of recovery.Let us have a look at how the taxi business will perform in 2021:
2021: How Will Ride-Hailing Businesses Perform?
January 6, 2021
Will The Economy RecoverBuilding a stable economy is crucial for any businesses, with the taxi-hailing business being no exception. The year 2021 might be positive for the ride-hailing industry. World Economic Outlook forecast a gradual recovery of the world’s economy in 2021, with global growth being around 5.4% for the year.The global economy is on the course of a gradual recovery. However, the speed of this recovery will vary in different countries, regions, and social groups.The crisis is not over yet. We are on a road to recovery. Ride-hailing businesses must offer COVID-safe services and environment during the crisis. The concerns with health, hygiene, and well-being stay relevant and crucial.
How Does The Taxi Business Look In The Post-COVID World?Taxi businesses won’t be the same. Let us have a look at how the taxi industry will perform in the post-COVID world.
Mobility As A Service (MaaS)Mobility as a service (MaaS) was a trend even before the onset of the pandemic crisis. But post the pandemic, MaaS is all set to go up. Traffic management and Transportation Systems Management and Operations (TSMO) are on the verge of integrating the MaaS once the pandemic ends.Ride-hailing companies should make preparations by keeping MaaS as a part of their plans. A taxi business must ensure that their services become a vital part of MaaS in various cities, which would help them compensate the losses occurred during the COVID-19 pandemic.
The Role Of Artificial IntelligenceArtificial Intelligence (AI) is already making waves in almost every industry. The utilization and implementation of this futuristic technology will rise after the COVID-19 pandemic. AI boosts the taxi industry by providing various benefits like the personalization of the user experience, preventive security, operational efficiency and optimization via predictive analysis of ride-hailing requests demand, and more.
Ride-Hailing Safety MeasuresThe COVID-19 pandemic has impacted our lives, as well as our lifestyle. If ride-hailing businesses want to attract users to their services, they must establish trust among them. In the present scenario, maintaining safety measures of the highest order is a vital factor. Let’s have a look at the safety measures a taxi business should follow:
- While a passenger is booking a ride, we can notify them that the cab is well ventilated and disinfected.
- Companies can make it mandatory for the driver as well as the passenger to wear masks. Image recognition systems are efficient in ensuring that everyone wears the mask properly.
- Go for cashless payments. Cash transmission increases the risk associated with the transmission of the disease.