Amidst various businesses in the ride-hailing industry growing at light pace, paratransit is often overlooked by entrepreneurs. However, the market analysis and regulations from governments indicate that investors are missing a massive opportunity. An investment in paratransit dispatch software would generate a significant sum along with a potential of expansion to global scale.
Although paratransit is set to flourish in the entire world, yet the US carries one of the highest success probabilities. Both aging populations and governments steps toward easing paratransit businesses are reasons.
Following is a collection of some of the factors which are supplementing the success of investment in paratransit.
Paratransit Dispatch Service – Market Analysis
Despite a relatively lesser number of vehicles, the count of trips crossed 223 million by 2013 as reported by APTA. Six years down the road, analysts predict the count close to 360 million with a sizable increase in requests.
For the same reason, two-thirds of national and private transit departments provide paratransit facility –unlike six years back. Besides, many local governments are collaborating with independent contractors to ensure the facility. This way, the entrepreneurs are often able to get sponsorship from authorities.
Unlike Uber and other similar services serving as replacement of traditional taxi, regulators are highly flexible in case of paratransit. They are enabling businesses to start and operate seamlessly. Their aim is to facilitate one of the fastest growing demographic groups.
As stated earlier, the aging population is the primary cause of rising paratransit need. Since the turn of the century, the median age has attained a drastic growth rate. Since 1970, the median age in the US grew by 10 percentage points to reach the current 38%.
Besides, Western Europe and Canada have even higher average ages than the US. Thus, the demand for paratransit will only grow – and that too with substantial pace – in the upcoming years.
It is notable that APTA statistics are paratransit-specific. They do not consider on-demand medical services, though that industry is also growing by leaps and bounds. Paratransit strictly falls under non-emergency medical transportation (NEMT).
Innovations in Paratransit Scheduling and Dispatching Software
Although paratransit dispatch software systems are innovative in themselves, yet research is underway to ensure further innovation in the system. Software companies and auto manufacturers are working in their respective domains to introduce wonderful features. Following innovations are most notable.
The top auto manufacturers are working on autonomous paratransit vehicles. This trend is gaining momentum because some of the ride-hailing industry leaders are shifting toward self-driving cars from human-controlled ones.
In on-demand taxi domain, many companies worldwide including Waymo, ZMP, Tesla, and Ford are aiming to launch full-scale self-driving rides. In fact, Way and ZMP have already introduced such services in a region with small radius.
Although driverless vehicles are unavailable for public transit and paratransit industries, yet Ford is planning for it big time. The company will launch a shared mobility system they call transportation mobility cloud which will connect all means of transportation. In the midst of these developments, the manufacturers are also paying strong emphasis on autonomy in paratransit vehicles.
Besides, the manufacturers are also searching for the most suitable spacing arrangement so as to promote social interaction.
Features of Paratransit Dispatch Software for Small Business
Like on-demand ride-hailing systems, some of the features are must for paratransit as well to ensure smooth-running of system. The current state of competition also suggests having these must-have features including, but not limited to real-time tracking, route optimization, user profiles, and cloud-based platforms.
However, you can have as many functions as you would like in the system on top of the essential ones. Following innovative features will make sure that sure paratransit system is the best taxi dispatch software system.
Monitoring systems in Vehicles
Paratransit is reserved for either the seniors or the ones with a disability. These individuals require constant monitoring to ensure that they remain well during the ride. This monitoring does not only involve sharing video streaming of the rider but several other measures as well.
IoT devices make things a lot easier for the monitoring and surveillance staff. They can keep the paratransit passenger under observation while sitting back at their workplaces. Moreover, they can also connect IoT devices to measure the functioning of passenger’s body. For instance, the admins can assess the pulse rate and blood pressure of traveling patients remotely.
Paratransit businesses require their vehicles to operate within a radius to avoid excessive costs. For instance, if the radius length is set to half of a square mile, the passengers lying only in this radius would be able to book a seat. Such a hyperlocal paratransit facility does not only save costs but time as well.
AARP reports that paratransit passengers pay $2.26 on average. This amount is reasonable considering the level of facilitation as compared to traditional transit systems.
Get Underway Right Now
Paratransit industry is no less than a hidden gem. Entrepreneurs are not exploring this option owing to the hype around on-demand taxi industry. While many other industries are volatile to changing trends, paratransit is here to stay for decades.
With CabStartup, you do not need to build paratransit dispatch software from scratch. Instead, you can acquire our cloud-based platform on either monthly subscription basis or one-time payment. Either way, you can rebrand the system to launch your startup.
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