The global public transport smart card market is expected to be driven by the Asia Pacific region followed by Europe over the forecast period.
The use of an electronic smart card as an alternative means for users to access and pay for transport services is now emerging as a viable option for many operators. The introduction of safe and reliable smart ticketing scheme has brought about a wide-ranging application of smart cards in the transport sector.
Market Research Hub (MRH) has freshly broadcasted a study titled “Public Transport Smart Card Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2025” to its massive repository, which offers a comprehensive analysis of the current market trends and future estimations in the market. Moreover, the report covers market dynamics including drivers, restraints opportunities, and trends expected to influence the global public transport smart card market growth during the said period.
Forecast Assumptions & Key Insights
In the present time, central government and local transport authorities can also derive benefits from smart ticketing. A constant increase in installations of advanced fare payment systems and safety and convenience systems has led to the expansion of the public transport smart card market.
Considering these particulars, analyst’s project that the global public transport smart card market will surge at 5.6% between 2017 and 2025. By the end of 2025, the global public transport smart card system is likely to reach a value of US$89,862.2 mn.
Smart cards have higher reliability, greater security, and higher resistance to fraud than other payment means. This makes it highly demanded feature which is growing in transport industry.
It has been also analyzed that greater ability to use a smart card for different fare structures is one of major key feature responsible for the growth of public transport smart card market during forecast 2017 to 2025.
Moving further for a better understanding of the market, the public transport smart card market has been segmented on the basis of interface, component and mode of transport. Geographically, the report is segmented into the public transport smart card market into North America, Middle East & Africa (MEA), Europe, Asia Pacific, and South America; the regions are analyzed in terms of revenue and volume generation along with the CAGR for the period from 2015 to 2025.
According to the findings, Asia Pacific region held the major market in 2016 and is expected to witness robust growth in public transport smart card market due to huge investment by leading manufacturers in technological up gradation in fare payment system and wide product acceptance trends among consumers.
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Looking to the growing demand, the manufacturers are keen towards the adoption of the latest technology and offer unique features to differentiate their products and gain a competitive edge. At present, the key players functioning in the global public transport smart card market include Oberthur Technologies S.A., NXP Semiconductors N.V., Infineon Technologies AG, CPI Card Group Inc., Texas Instruments, Inc., Giesecke & Devrient GmbH, Atos SE, and American Express Company.
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