The rise of Uber in 2009 has revolutionized the global taxi-hailing business. It allowed its customers to book a cab in a few clicks on their smartphones. As per statista, revenue in the ride-hailing segment will grow at approximately 461 million USD in 2020. From this, we can say that the taxi-hailing industry would be going to see massive growth.
After witnessing a huge potential in the taxi-hailing business, various players are looking for creating the best ride-hailing solution for their startups. The ease of booking and enhanced passenger comfort is also the key reasons for this growth.
Why is there a demand for ride-hailing businesses in the Middle East?
Middle East countries have attracted the attention of the global ride-hailing industry due to its reputation of being a center of economic development. The tourism industry is the fastest growing industry in the Middle East. As per statista, the total contribution of the travel and tourism sector is estimated at around 486.1 billion US dollars (approx.) by 2028. With such remarkable growth in the tourism sector, it has become easy for the ride-hailing business to reap the profits.
The presence of technical centers, businesses, entertainment hubs has created immense opportunities for the ride-hailing business of the Middle East. Due to this, the population is increasing in the country. This tremendous growth in the population of the Middle East has also created traffic issues.