Mobility as a Service (MaaS) Market Size

According to Erie News Now, the U.S. market size for mobility as a service was $38.76 billion in 2017 growing at a CAGR of 36% to 51.8%, with expected growth potential of up to $358.35 billion in 2025.

The most recent figure regarding the U.S. population using the service is 52.5 million to 129 million individuals; however, 105 million is provided as the more accurate figure. These figures are calculated based on the percentages of individuals who have used the service measured against the entire population.

MARKET SIZE – MOBILITY AS A SERVICE IN THE UNITED STATES

According to a report published by Wired, 24.%$ and 43% of the U.S. population has used mobility-as-a-service app to summon a ride. The younger population are leading in the usage of MaaS. Given the percentages, we can determine the total number of individuals in the U.S. population using MaaS. We examined different reports to aggregate the CAGRs provided to estimate the future market size of for mobility-as-a-service. Using the percentages provided and taking the U.S. population as 300 million, we determined the total number of individuals in the U.S. using MaaS as:

Therefore, according to Statista, 17.5% of the U.S. population has used MaaS. So from 17.5% to 43% of the U.S. population has used MaaS with 35% being the more prevalent estimate. To determine the total number of citizens using the service we take the percentages and multiply with the U.S. population to establish the ranges.

  • (17.5/100) × 300 = 52.5 million people
  • ((43/100 × 300 = 129 million
  • (35/100 × 300 = 105,000 million

On the other hand, regarding the market size, the CAGR ranges from 36% to 51.8%. Therefore, it is estimated that the market size for MaaS will grow from $253.16 in 2017 to $358.35 billion in 2025 and $429.3 billion by 2028.

Market Size – Mobility as a Service: Global

In 2018, the global Mobility-as-a-Service (MaaS) market revenue size was $31.96 billion, from $24.1 billion in 2017. The MaaS global market is expected to grow by 32.6% yearly until 2025. About 28.59 million vehicles have used or utilized MaaS globally in 2018 and this number is expected to grow at an average of 14% annually. By 2030, about 130 million vehicles are users of MaaS. Below, we presented our findings and methodology.

METHODOLOGY

To determine the revenue size of the global Mobility-as-a-Service (MaaS) market and its total users or the number of units using this service, we searched through various market research reports such as Research And Markets (published by AP News), Orbis Research (published by Reuters), Market Research Future, BIS Research (published by PR Newswire), Deloitte report, BofA Merrill Lynch Global Research, and including statistics from Statista.

MOBILITY-AS-A-SERVICE (MAAS) GLOBAL MARKET SIZE

According to Orbis Research, MaaS market was valued at $24.1 billion in 2017 and is expected to grow year-over-year by 32.6%. By 2025, the market is expected to reach $230.40 billion. We’ve calculated its yearly revenue size by using the given CAGR as shown below.

MOBILITY-AS-A-SERVICE (MAAS) GLOBAL MARKET SIZE, in US$ billions

From another study by ReasearchAndMarkets and BIS Research, MaaS market was expected to clock in $1.75 to $1.76 trillion global revenue by 2028. The global key players in this segment include BMW Group, Alliance Corporation, Apple, Xerox Corporation, Lyft, Uber Technologies, MaaS Global, Deutsche Bahn, Daimler, and Communauto. While the global key vendors involved in mobility as a service market include Car2go, Hailo, Bridj, Ola, Ridepal, and Make My Trip.

NUMBER OF CAR UNITS USING MAAS AND ITS MARKET PENETRATION

While we were unable to locate direct statistics for individual number of MaaS users, research released by BofA Merrill Lynch in 2017 revealed that the estimated number of vehicles using MaaS as of 2016 was at 22 million and this number is expected to reach 130 million by 2030 at an average growth rate of 14% annually. By 2030, BofA estimated that 8% of total vehicles on the road globally, mostly cities, will be using MaaS. On the other hand, ResearchAndMarkets predicted that MaaS will penetrate 40% urban mobility by 2028.

Using the provided yearly growth rate of 14%, we’ve calculated the estimated number of vehicles that are using MaaS from 2016 to 2018 and including 2019 to 2025.

  • 2016: 22 million vehicles
  • 2017: 22 million * 1.14 = 25.08 million
  • 2018: 25.08 million * 1.14 = 28.59 million
  • 2019: 28.59 million * 1.14 = 32.59 million
  • 2020: 32.59 million * 1.14 = 37.16 million
  • 2021: 37.16 million * 1.14 = 42.36 million
  • 2022: 42.36 million * 1.14 = 48.29 million
  • 2023: 48.29 million * 1.14 = 55.05 million
  • 2024: 55.05 million * 1.14 = 62.76 million
  • 2025: 62.76 million * 1.14 = 71.54 million

Sources and references:

Over a third of Americans

Quotes

“Younger people are significantly more likely to use mobility as a service”

“That comports, mostly, with other surveys conducted in the past year about Uber and Lyft ridership, which have found that between 24.4 and 43 percent of the US population has used apps to summon rides.”

Global Mobility as a Service (MaaS) Market Report 2018: market is Expected to Grow to US$ 358.35 Billion by 2025 from US$ 38.76 Billion in 2017

Quotes

“Mobility as a service market is expected to grow to US$ 358.35 billion by 2025 from US$ 38.76 billion in 2017”

Global Mobility as a Service Market to Reach $1.75 Trillion by 2028, Reports BIS Research

Quotes

“The CAGR of the mobility as a service 51.8% “

“According to the author, Mohammad Faisal Ahmad, “The increasing penetration of ride-sharing and smartphones in a consumer’s lifestyle is expected to drive the global MaaS market. Also, the ride-sharing segment within the MaaS market is projected to witness an impressive CAGR of 51.8% for the period 2018-2028 and reach $429.3 billion by 2028.””

$358 Billion Mobility as a Service (MaaS) Market, 2025 – Global Analysis and Forecasts by Service Type, Application Platform, Business Model & Vehicle Type – ResearchAndMarkets.com

Quotes

“Mobility as a service market is expected to grow to US$ 358.35 billion by 2025 from US$ 38.76 billion in 2017”

Mobility as a Service Market 2018 Global Trends, Size, Key Players, Share, Future Perspective, Emerging Technologies, Competitive landscape and Analysis by Forecast to 2023

Quotes

“The global mobility as a service market is expecting an excellent 36% CAGR during the forecast period (2017-2023) and reach a valuation of USD 253.16 billion in that time.”

Infographic: Shared Mobility Has Yet to Reach Mainstream Adoption

Quotes

“Just 17.5 percent of the respondents claim to have used a short-distance ride-sharing service (e.g. Uber) in the past 12 months, with long-distance ride-sharing, bike- and car-sharing seeing even lower adoption rates.”

New Mobility Survey Finds Over ⅓ of Americans are Combining Public Transit with Ridesharing

Quotes

“More than one third of our respondents (35%) are now combining ridesharing with public transit to reach a destination on at least an occasional basis, while 7% are combining ridesharing with public transit on at least a weekly basis.”

Global Mobility as a Service (MaaS) Market 2018 by Demand, Services, Key Players (Uber, OlaCabs), Opportunities in US$ 230400 Million Industry till 2025

Quotes

“The global Mobility as a Service (MaaS) market is valued at 24100 million US$ in 2017 and will reach 230400 million US$ by the end of 2025, growing at a CAGR of 32.6% during 2018-2025.”

MaaS & TaaS: On Demand Mobility & Transportation as a Service

Quotes

“We estimate mobility services will grow by an average of 14% per year from 22 million vehicles in 2016 to 130 million by 2030 to represent 8% of total vehicles on the road globally, predominantly in cities.”

Global $1.76 Trillion Mobility as a Service Market to 2028: Focus on Business Models, Supply Chain, Electric Vehicle, Autonomous Vehicles, and Bikes – ResearchAndMarkets.com

Quotes

“The global mobility as a service market is expected to reach $1.76 trillion, estimated to be one-fourth of the total transportation industry by 2028. MaaS market is expected to penetrate over 40% in the urban mobility requirement by 2028.”

Mobility as a Service Market – Global Forecast 2023 | MRFR

Quotes

“The global Mobility as a Service market is expected to reach approximately USD 253.16 billion by 2023 growing with a 36% CAGR over the forecast period 2017-2023.”

Global Mobility as a Service Market to Reach $1.75 Trillion by 2028, Reports BIS Research

Quotes

“According to the author, Mohammad Faisal Ahmad, “The increasing penetration of ride-sharing and smartphones in a consumer’s lifestyle is expected to drive the global MaaS market. Also, the ride-sharing segment within the MaaS market is projected to witness an impressive CAGR of 51.8% for the period 2018-2028 and reach $429.3 billion by 2028.””

Worldwide – mobility services fleet by type 2025 | Statisti

The rise of mobility as a service

Survey: Consumers Would Pay More And Switch Transportation Mode To Get Smart Digital Services

Tags: growth and projected valueMaaSmarket penetrationmarket sizemobility as a service, market size and growth, market research, mobility-as-a-service, MaaS,

United States Telemedicine Market Size: Medicaid and Medicare Spending

The total market size of the telemedicine industry, also referred as telehealth, in the United States was $5.984 billion in 2018, from about $4.982 billion in 2015. Telemedicine is expected to reach $8.634 billion revenue by 2024 at a CAGR of 6.3%. Telemedicine Medicaid and Medicare spending accounts for less than 1% of the total.

Overview of the U.S. Telehealth Market

The total market size of the telemedicine industry in the United States was $5.984 billion in 2018, from about $4.982 billion in 2015. This market is expected to reach $8.634 billion revenue by 2024 at a CAGR of 6.3%. We have estimated that less than 1% (or just about 0.40%) of the total market spend comes from telemedicine patients using Medicaid. The U.S. telemedicine market is fragmented in nature but current trends show evidence that there will be a rapid transition from highly fragmented into an enterprise-like approach market. The nationwide profit margin of this industry was not made available on any of the released government reports, articles, market research, and publications. We’ve presented our detailed findings below.

U.S. TELEMEDICINE MARKET SIZE

According to the article published by Reuters (referenced from Orbis Research) in 2018, the telemedicine market in the United States posted an estimated market size of $4.982 billion back in 2015 and is expected to reach $6.773 billion by 2020 at a CAGR of 6.3%. To obtain the market size for 2017, 2018, and the forecast revenue over the next five years, we’ve calculated the year-by-year revenue using the provided annual growth rate of 6.3%. We’ve also assumed that the growth rate will carry similar trend until 2024.

  • 2015 = $4.982 billion
  • 2016 = $4.982 billion * 1.063 = $5.296 billion
  • 2017 = $5.296 billion * 1.063 = $5.630 billion
  • 2018 = $5.296 billion * 1.063 = $5.984 billion
  • 2019 = $5.296 billion * 1.063 = $6.361 billion
  • 2020 = $5.296 billion * 1.063 = $6.762 billion
  • 2021 = $5.296 billion * 1.063 = $7.188 billion
  • 2022 = $5.296 billion * 1.063 = $7.641 billion
  • 2023 = $5.296 billion * 1.063 = $8.122 billion
  • 2024 = $5.296 billion * 1.063 = $8.634 billion

While we were able to locate and calculate the market size (based on revenue) of the telemedicine market in the United States, its profit margin was largely unavailable in the public domain. We’ve also checked and searched through each comprehensive reports and market research released by PRNewswire, Reuters, Transparency Research, MarketsAndMarkets, Business Insider, IBISWorld, Statista, and including government reports from GAO, MEDPAC, MACPAC, and CMS, but the profit margin of the industry was not made available.

THE UNITED STATES TELEMEDICINE OR TELEHEALTH MARKET SIZE ANNUALLY AND FORCAST VALUE

PERCENTAGE OF MARKET SPEND FROM MEDICAID

In 2018, through the research initiated by the Medicare Payment Advisory Commission (MedPac) in its mandated report titled “Telehealth services and the Medicare program,” the report revealed that the Centers for Medicare & Medicaid Services (CMS), including state governments, does not limit the use of telehealth in Medicaid. According to the report, “payment for telehealth services provided under Medicaid FFS largely resembles how telehealth services are paid for under Medicare FFS, with physician-based telehealth services paid for on an item-by-item basis and facility-based telehealth services incorporated in the fixed payment for a unit of care.” While Medicare spending on telemedicine was reported to be about $27 million in 2016, Medicaid spending for telehealth was reported to be “unclear” and no direct national figure was available.

We’ve also checked other reports released by the Government Accountability Office (GAO) and the Medicaid and CHIP Payment and Access Commission (MACPAC) reports but the amount spend for telemedicine from medicaid was also unknown. The lack of information on the figures maybe due to reasons that each states have the “option to determine whether to cover telehealth, which types of telehealth services to cover, and which types of providers can receive reimbursement for telehealth services, among other things.” MACPAC reports that, as of 2017, 48 states and including D.C.  already established regulations on some coverage for telemedicine in their Medicaid programs, however, each state has different definitions on the services covered including the type of healthcare providers and location of patients.

ESTIMATED PERCENTAGE OF MARKET SPEND FROM MEDICAID

Due to the limited information available in the public domain pertaining to Medicaid’s telemedicine reimbursement or the amount spent by telemedicine patients using Medicaid, we provided a ballpark estimate using the statistics available in the reports. Since these reports agreed that telemedicine payment trends for Medicaid widely resembles how telehealth services are paid for under Medicare, then we used this trend to triangulate the figure. According to the report, in 2016, the total telehealth Medicare spending was totaled $27 million. This figure was about 0.0038% from the total $702 billion Medicare spending in 2017 [$27million/$702 billion]. Assuming that this percentage similarly paralleled the trend in Medicaid services in 2017, then we could roughly assume that about $21.91 million of the total Medicaid spending of $576.64 billion in 2017 comes from telemedicine patients using Medicaid.

$576.64 billion * 0.0038% = $21.91 million

To calculate what % of the telemedicine market spend comes from telemedicine patients using Medicaid, we divide the above result by the total telemedicine market size in 2017. The percentage would be;

($21.91 million/$5.630 billion)*100 = 0.40%, or less than 1%

IS THE MARKET FRAGMENTED OR CONSOLIDATED?

Several reports agreed that, currently, the telemedicine industry in the United States is largely fragmented in nature. According to PRNewswire, “it is highly dynamic and fragmented with the presence of several medical device manufacturers, software or app providers, and healthcare service providers.” InTouch Health CEO also quoted that “the telehealth industry is fragmented and health systems demand a single telehealth platform that can overcome interoperability challenges, ensure data management continuity, and scale from a single physician office to a multi-hospital enterprise.” Accordingly, the fastest means to consolidate the market and provide better health system was through partnerships, mergers, and acquisitions. Recently, there were evidently mergers and acquisitions taking place in this industry. For example, InTouch Health, a telemedicine firm, acquires REACH Health (telemedicine software) in 2018 and at the same year, American Well acquires Avizia.

According to another report, “one of the biggest health system trends is that telemedicine is moving from fragmented, departmental initiatives into an enterprise approach, pulling disparate elements under one single umbrella for the entire system.” Many large organizations are already merging resources under single management. Examples of these companies are UMMC, St. Luke’s Health System, and Mercy Virtual.

KEY PLAYERS OF THE U.S. TELEMEDICINE INDUSTRY

The notable key players in the telemedicine industry in the United States include IBM, Intouch Technologies, Cisco-Jabber & WebEx, BlueJeans, Siemens Healthcare, Zoom, Vidyo, Vsee, and SwyMe.

Sources and references:

Telehealth vs. Telemedicine: Does the Difference Matter? – Eagle Telemedicine

Quotes

“Though it notes the distinction between the two terms, the World Health Organization (WHO) uses the terms interchangeably.”

“The American Telemedicine Association also considers telehealth and telemedicine to be interchangeable terms, while carefully pointing out the clinical environment where telemedicine is typically performed.”

Mandated report: Telehealth services and the Medicare program

TELEHEALTH Use in Medicare and Medicaid

The Facts on Medicare Spending and Financing

Telehealth In 2017: What Changed And What’s Ahead

Total Medicaid Spending

United States Telehealth Market to 2023 by Modality, Component, End-Users & Key Vendor Analysis

Quotes

“The US telehealth market is highly dynamic and fragmented with the presence of several medical device manufacturers, software or app providers, and healthcare service providers. “

“The rapid technological advancement is encouraging vendors to introduce platforms with innovative and advanced features to meet the growing customer demands in the US market. The leading healthcare companies are investing in R&D to integrate hardware and software to improvise remote healthcare services to end-users and gain a larger US market share. “

Telemedicine Industry Advanced Technology Used, Current Opportunities & Investment Opportunities 2021 in Global Market

5 Need-to-Know Leaps in Telehealth | HealthLeaders Media

Quotes

“As the practice of telemedicine matures, one of the biggest health system trends is that telemedicine is moving from fragmented, departmental initiatives into an enterprise approach, pulling disparate elements under one single umbrella for the entire system.”

Telehealth in Medicaid

Quotes

“In 2017, nearly all states and the District of Columbia provided some coverage of telehealth in fee-for-service Medicaid.”

A Tale of Two Telehealth Acquisitions

Quotes

“Telemedicine companies are actively looking for ways to open the sector up to broader adoption. Partnerships and acquisitions seem to be the fastest means to that end, as two recent telemedicine deals would suggest.”

“”The telehealth industry is fragmented and health systems demand a single telehealth platform that can overcome interoperability challenges, ensure data management continuity, and scale from a single physician office to a multi-hospital enterprise,” said Joseph DeVivo, CEO of InTouch Health.”

Total telemedicine market size U.S. 2014-2025 forecast | Statistic

Telehealth Services Industry in the US

Tags: Medicaid, Medicare, Telehealth, Telemedecine, remote medical services, market size, market research, industry trends

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Industry Trivia

  1. Today 3.5 billion people worldwide use a smartphone, that’s almost half of global total population. (Source: Statista.com)
  2. There are over 1.5 billion websites on the world wide web today. Of these, less than 200 million are active. The milestone of 1 billion websites was first reached in September of 2014, as confirmed by NetCraft in its October 2014 Web Server Survey and first estimated and announced by Internet Live Stats. (Source: https://www.internetlivestats.com/)
  3. In 2018, global robot installations increased by 6% to 422,271 units, worth USD 16.5 billion (without software and peripherals). The operational stock of robots was computed at 2,439,543 units (+15%). This result came as a surprise because the main customer industries, automotive and electrical/electronics, had a difficult year and two of the main destinations, China and North America, have been starring in a trade conflict, spreading uncertainty to the global economy. Nevertheless, the automotive industry remains the largest customer industry with 30% of total installations, ahead of electrical/electronics (25%), metal and machinery (10%), plastics and chemical products (5%) and food and beverages (3%). Note that for 19% of the robots there is no information on the customer industry. This figure is five percentage points higher than the year before. (Source: ifr.org)

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