The latest market report published by Credence Research, Inc. “Public Transport Smart Cards Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” 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”
The increasing fraud in public transportation causes huge losses to the nation in terms of revenue. To reduce these losses the government of various growing nations is adopting smart cards for public transportation. Additionally, the advancement in technology has also led to improving public transport services, due to which the smart card ticketing schemes are gaining popularity across the globe. A smart card ticketing system allows the government to gain profits and reduce the frauds due to manual errors. The increasing investments for enhancing public transports in various countries and increasing the adoption of digitalization play a vital role in the growth of the market.
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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.
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 to clamps a largest market share for public transport smart card market over the forecast period. Moreover, increasing investments in investment by various manufactures and advancement in technology in payment systems, and rising demand for smart ticketing from emerging countries like China, Japan, and India will expand the 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 standardisation 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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