The advent of new technology in fare collection system has brought about a comprehensive usage of smart card in public transportation. One of the advantages of the smart card technique in public transport systems is that passengers can avoid handling cash for payment when boarding, thereby journey times can be reduced
A new research study titled “Public Transport Smart Card Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025” has recently been submitted to the repository of Market Research Reports Search Engine (MRRSE). According to the report, the global public transport smart card market is projected to increase at a CAGR of 5.6% during the assessment period.
In terms of revenue, the market is projected to reach a valuation of nearly US$ 90 Bn.
According to the report, the broader focus on digitalization, combined with increasing emphasis on the public transport mechanism in developing countries is likely to provide an impetus to growth.
Various countries around the globe are focusing on developing effective technologies to streamline the public transport system, and smart cards are an integral component of that. It is anticipated that demand for public transport smart cards will grow at a steady pace on account of a range of macroeconomic and industry-specific factors.
Although the outlook on the public transport smart card remains positive, high cost of migrating to smart cards can impede growth during the assessment period. Transport authorities in many countries lack the budget to invest in smart cards, and this is likely to be a key impediment to growth during the forecast period.
The report segments the global public transport smart card market into component, mode of transport, interface and region. The component segment is further bifurcated into memory card-based smart cards and microcontroller based smart cards.
The mode of transport segment divides the global market into light rail transit, train, bus and others. The interface segment is categorized into Contactless Smart Cards, Contact Smart Cards and others.
Geographically, the market is divided into key regions globally which are North America, South America, Europe, Asia Pacific, Middle East & Africa.
North America is one of the largest markets for public transport smart cards, and high adoption of these cards in the US is likely to promote demand. In addition to North America, Europe is another lucrative market for public transport smart cards, and it is expected that demand will grow at a steady pace during the assessment period.
In addition to North America and Europe, demand is also likely to grow at a steady pace in Asia Pacific.
The report profiles some of the leading players operating in the market. Some of the major players profiled are Infineon Technologies AG, Texas Instruments Inc., NXP Semiconductors N.V., Oberthur Technologies S.A., Gemalto NV , Giesecke & Devrient GmbH, CPI Card Group Inc., Atos SE¸ American Express Company and INSIDE Secure SA.
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