MaaS Market Future Prospects
The mobility-as-a-service market will generate revenue of USD 192.3 billion in 2024, and it is projected to expand at a rate of 18% from 2024 to 2030, reaching USD 519.6 billion by 2030. The growing concerns over greenhouse gas emissions, urban road congestion issues, cost-effectiveness and convenience of MaaS, and rising government initiatives are facilitating the adoption of MaaS, which is likely to behold the market progress.
Furthermore, the increasing pace of urbanization in developing countries is predicted to worsen traffic congestion on roadways in the near future. Almost 68% of the global population would live in cities by 2050. MaaS would help to alleviate traffic congestion by effectively utilizing existing public and private transportation infrastructure.
Ridesharing apps, such as Uber and Lyft, serve as prominent examples of MaaS solutions. Their popularity is increasing due to the convenience, affordability, and flexibility they offer compared to traditional taxis.
Moreover, MaaS platforms are becoming more practical due to advancements in digital payment methods, mobile technology, and real-time data analytics. For instance, the Citymapper app uses real-time data to provide users with the most efficient routes and updates on public transit schedules and disruptions. The software incorporates numerous modes of transportation in cities like London and New York.