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Google-Lime Tie-Up Offers Integrated Service Via Google Maps

Zacks

Alphabet’s GOOGL division Google is putting strong efforts toward innovation of its digital map in order to add more user benefits.

Recently, the company teamed up with the scooter startup, Lime, in order to integrate latter’s vehicle availability with Google Maps. This partnership will enable Google to deliver enhanced experience to its Map users by displaying the nearby Lime scooters, pedal bikes and e-bikes on Google Maps.

Users can simply book a ride by tapping Lime on Map which will redirect to Lime app if it is installed on their smartphones or else it will directed to Google’s Play Store and Apple’s App Store for getting the app.

Notably, Google has rolled out the service in 13 cities namely — Auckland, Austin, Baltimore, Dallas, Indianapolis, Los Angeles, San Diego, Oakland, San Antonio, San Jose, Scottsdale, Seattle and Brisbane (Australia).

Growth Prospects

The latest deal seems to be a win-win situation for both the companies as it is likely to boost the installation base of Lime and its number of booked rides.

Further, the partnership is expected to aid Google Maps’ momentum in the digital map world driven by growing popularity of Lime and ease of booking a ride. This is likely to strengthen the Google’s Map user base.

Additionally, Google has similar kind of tie-ups with Uber and Lyft per which Google Maps show nearby Uber or Lyft rides to the Map users.

We believe the company’s growing partnership with ride-hailing service providers will help it in bolstering its footprint in the global ride hailing services market. Per a report from Technavio, this market is expected to witness a CAGR of 19% between 2019 and 2023.

Alphabet Inc. Price and Consensus

 

Alphabet Inc. Price and Consensus | Alphabet Inc. Quote

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Gaining Competitive Edge

With the integrated ride-hailing services on Google Maps, the company is likely to gain competitive edge against the likes of Apple AAPL and Microsoft MSFT.

The iPhone maker’s Apple Maps and Microsoft’s Windows Map offer similar mapping technology as Google Maps.

In terms of integration, Apple Maps was facing some kind of integration issues with Uber which was eventually resolved. However, Windows Map does not provide any such integration service with Uber.

Moreover, both of them do not offer any integrated service with Lime which positions Google Maps ahead of them. As part of the recent deal, Google provides the estimated cost figure of a Lime ride along with the amount of time to walk to the vehicle and for the entire journey.

With the latest advancement in Google Map and other innovative features, Google is well poised to reap benefits from the digital map market which as per a report from Markets and Markets, is expected to hit $20.36 billion by 2023 at a CAGR of 17.1% between 2018 and 2023.

Zacks Rank & Stocks to Consider

Currently, Alphabet carries a Zacks Ran #3 (Hold).

A better-ranked stock that can be considered in the broader technology sector are Akamai Technologies AKAM carrying a Zacks Rank #2 (Buy).  You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Long-term earnings growth rate for Akamai Technologies is currently pegged at 14.67%.

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