- Global public transport smart card market is anticipated to propel at a compound annual growth rate (CAGR) of 11.8% during forecast years.
- Contactless smart cards to drive market demand across Asia Pacific, and Europe.
- The way we use smart cards for ticketing has been revised significantly over the last couple of years.
The Public Transport Smart Card Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, major production and consumption, ecosystem analysis, competitive landscape, and market composition analysis.
Government initiatives to promote use of public transportation, and adoption of advanced ticketing systems to govern demand for public transport smart card
Dependence on personal vehicles fueled by fossil fuels has resulted in significantly increasing pollution levels across the globe. Government authorities across major economies such as China, India, the U.S., Germany, the U.K., France and Italy are thus promoting usage of public transportation through subsidizes and by updating the public transportation infrastructure.
Investment in development of new transportation infrastructure has increased significantly across Asia Pacific with China, India and Japan being at the forefront of development. Along with this, the ticketing systems to handle huge populations utilizing public transportation have witnessed adoption of advanced technology with an aim to streamline the ticketing process.
Smart cards for ticketing have been prevalent in public transport for the better part of a decade. However, the method of using smart cards for ticketing has been revised significantly over the last couple of years. Development and adoption of advanced ticketing systems, which requires minimal human intervention in ticket vending, has grown popular and is anticipated to gain further traction over coming years. Thus, the global public transport smart card market is anticipated to propel at a compound annual growth rate (CAGR) of 11.8% during forecast years.
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The Public Transport Smart Card market study is segmented based on product type, interface, mode of transportation, and geography. Based on interface, the market is segmented into contact smart cards, and contactless smart cards. The contactless smart cards dominated the global public transport smart card market in 2018 and is anticipated to be the fastest growing segment during the forecast period. Increased adoption across Japan, China and EU countries fueled by the ease of convenience is anticipated to be the prime factor supporting growth of contactless smart cards over coming years. The contactless public transportation smart cards are anticipated to grow during 2020 – 2030.
Based on mode of transportation, global public transportation smart card market is segmented into bus, train, light rail transit, metro, and others. The train segment dominated the market in 2018 and is anticipated to grow at a steady growth rate during forecast period. Use of smart cards in metro is anticipated to be grow at fastest growth rate owing to rising preference and expanding metro services across the globe.
Based on geography, the market is segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific accounted for largest share in the global public transport smart card market and is anticipated to be the fastest growing geography during forecast period. The market dominance and growth is attributed to the huge population base and expanding public transport infrastructure across Japan, China, and India. Europe is anticipated to witness steady growth fueled by rising demand from the U.K., France, Italy, and Germany.Read More
Major players operating in the global public transport smart card market include Advantech Co. Ltd., American Express Company, Atos SE, Conduent Incorporated, CPI Card Group Inc., Frequentis AG, Giesecke & Devrient GmbH, Infineon Technologies AG, INSIDE Secure SA, Metro Infrasys Pvt. Ltd., Moxa Inc., NXP Semiconductors N.V., Oberthur Technologies S.A., OEM Technology Solutions, Texas Instruments Inc., and ZTE Corporations.