Public Transport Smart Cards Market Analysis: Global Growth Expected at a CAGR of 10.20%

Market Insights

The public transport smart cards market was valued at US$ 57.20 Bn in 2018 and expected to grow at a CAGR of 10.20% during the forecast period from 2019 to 2027.

“Increasing requirement of safe and reliable smart ticketing system will upgrade the market growth during the forecast period”

Increasing fraud in public transport causes a huge loss of revenue for the nation. The government of various growing nations is adopting smart cards for public transport to reduce these losses. In addition, advancements in technology have also led to an improvement in public transport services, which has made smart card ticketing schemes more popular around the globe. The smart card ticketing system allows the government to make profits and reduce fraud due to manual error. Increasing investment in public transport in various countries and increasing the adoption of digitalisation play a vital role in the growth of the market.

Based on the mode of transportation, the public transport smart cards market has been segmented as light rail transit, bus, train, and others. The train segment dominated the segment in 2018 terms of revenue as well as volume, this is due to the increasing number of individuals traveling through the train and deploying new technologies to enhance the services are major factors that are driving the segment. However, the light rail transit segment is expected to be the fastest-growing segment due to their lower capital costs.

North America holds the second largest market share for the public transport smart cards market during 2018 due to the early adoption of the technology in the region and is anticipated to grow at a sturdy rate in the up coming years. The rising digitalization and increasing government initiatives towards digital payment are some of the factors which are expected to drive the market across the region. Moreover, product awareness and product acceptance by the individuals in the region is one of the major factors for the growth of the market. In 2018 the US accounted for the largest market share based on countries in the North America region.

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Regional Analysis

“Dominance is led by the technological expansion in transit system coupled with rising demand for smart ticketing to drive the global public transport smart card market”

The global public transport smart card market was dominated by Asia-Pacific holding a revenue market share of more than 40% in 2018. This is due to increased investment by various manufacturers and the advancement of technology in payment systems in the region is one of the main factors driving the market. In addition, the increasing demand for smart ticketing systems from various countries, including India, China, Japan and others, is also contributing to the growth of the market. In addition, the smart card is also being adapted to reduce the fraud caused by individuals.

Furthermore, certain contactless smart card technologies are likely to dominate certain geographical areas in the Asia Pacific region, and are also likely to dominate certain applications sectors. For instance, the transportion sector have implemented Sony contactless smart card technology in Singapore, which has directed a long-term goal of merging with the local electronic purse scheme by issuing a dual-interface card. Moreover, introduction of smart contactless cards by developing countries like “TAIPEI’S EASYCARD”, “SINGAPORE’S EZLINK”, “HONG KONG’S OCTOPUS”, “MALAYSIA’S TOUCH’N GO”, “KOREA’S METROPOLITAN AFC SCHEME FOR SEOUL”, “CHINA’S SHENZHEN TONG CARD”, “JAPAN’S SUICA CARD”, and many more is likely to fuel the market economy for public transport smart cards across the region.

Key Market Movements:

  • Globally, the public transport smart cards market is rising at a CAGR of 10.20% for the estimated period from 2019 to 2027.
  • Asia Pacific is holding the largest market share in the public transport smart cards market over the forecast period. In addition, increasing investment by various manufacturers and technology advancements in payment systems and increasing demand for smart ticketing from emerging countries such as China, Japan and India will expand market growth across the region.
  • The Europe is likely to witness a substantial growth for public transport smart cards market in between 2019–2027. The tenacious growth towards card standardization programme, rising application of true multi-application contactless bankcards, and development of multi-application solution to interoperable ticketing will drive the market growth.
  • However, growing urbanization, rapid expansion of transit system smart cards, and favorable government initiatives for public transport across the regions will drive the overall demand.

List of Companies Covered:

  • Infineon Technologies AG
  • NXP Semiconductors N.V.
  • Texas Instruments Inc.
  • Oberthur Technologies S.A.
  • Gemalto NV
  • Giesecke & Devrient GmbH
  • CPI Card Group Inc.
  • American Express Company
  • Atos SE
  • INSIDE Secure SA
  • ZTE Corporation
  • OEM Technology Solutions

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