Dynamic forecasting for forward reservation of cab

A system for forward reservation of a cab, the system comprising:

• a portable device comprising an embedded application, wherein the application is configured to capture a first data set, wherein the first data set comprises a pick up location, a drop location, and a scheduled date;
• a mobile data terminal mounted on each cab from a plurality of cabs;
• and
• a central server comprising a forecast module, a data module, a bidding module, and a location module, wherein the central server is configured to:
• receive, by the data module, the first data set from the portable device, map, by the data module, the first data set with a second data set, wherein the second data set is based on a predicted data and a current data, wherein the predicted data is provided by the forecast module;
• transmit, by the data module, a third data set to the portable device, wherein the third data set is based on the mapping of the first data set and the second data set;
• receive a confirmation message for the forward reservation of the cab from the portable device;
• segregate, by the location module, a geographical region of a cab into a predefined zone and a borrowing zone;
• retrieve a cab availability data from at least one of the pre-defined zone and the borrowing zone;
• assign the forward reservation to the cab selected from at least one winning bid, or available in the at least one of the predefined zone and the borrowing zone;
• and
• transmit a first set of information to the portable device, wherein the first set of information comprises contact details of the cab.