The transportation industry was revolutionized by the introduction of peer-to-peer ridesharing ten years ago. Now, as the market continues to grow, a host of new global platforms are stepping in to transform the market once again.
The ride-sharing market is booming, and – despite recent roadblocks – shows no signs of slowing down. The global ride-sharing market is predicted to reach $170 Billion by 2025, up from $43 billion in 2017, according to Adroit Market Research. This growth is making room for new players around the world, challenging market leaders and expanding the original ride-hailing model into a nimble, omnichannel suite of services.
Indian ride-hailing unicorn Ola is setting a stake in Uber’s backyard, with plans to establish a technology and research center in Silicon Valley later this year, which will be dedicated to autonomous vehicles and artificial intelligence. In July 2019, the company also secured a license to operate in London, Uber’s biggest market outside of the US. The company also recently received a $250 million investment from SoftBank to scale its fleet of electric vehicles.