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The predicted growth rate for the transit cards market from 2024–2031 is 9.3 percent, from an initial value of 61.40 billion USD in 2023 to more than 105.64 billion USD in 2031.
The smart card known as a "transit card" can be used to pay for rides on buses, trains, and subways. The cards can be reloaded at predetermined intervals from a ticket vending machine and scanned upon boarding the transportation service. Your journey fee will be automatically withdrawn from your card balance, and the amount that remains can be seen on the screen. Not only that, but transit cards can retain user information, including personal identification, and be used to pay for additional services, like parking.
A transit card, often called a travel card, is a pass or ticket that allows a person to take unlimited travels within a set period of time on various modes of public transportation, such as trains, metros, and buses. You can choose between contact-based and contactless transit cards. Using a transit card is a breeze. Using these, travelers can be identified quickly while in transit. Passengers are able to travel more comfortably and with better throughput when they use transit cards. Since a Transit Card doesn't need to be inserted or scanned, the payment transaction is faster. Worldwide sales of transit cards have been surging in recent years, and experts predict that this upward trend will carry over into the future. In the coming years, we should see a dramatic increase in the demand for transit cards, with the current market leaders consolidating their positions.
The demand for public transportation services is on the rise in many nations due to factors such as population growth and increased urbanization. Since more and more public transportation services are adopting the use of Transit Cards due to its convenience, this is anticipated to contribute to the expansion of the worldwide Transit Cards market over the projected time. Another factor expected to boost growth of the global Transit Cards market over the forecast period is the increasing trend of adopting contactless and tamper-resistant cards. The expansion of the worldwide transit card market is being driven by innovations in technology, such as the PIN payment mechanism.
The increasing use of contactless transit cards in the transportation sector is driving the quick expansion of the global transit cards market over the projected period. To make the payment and invoicing procedure more secure, more and more transportation segments across different countries are concentrating on implementing contactless cards. In the United States, for instance, the major transportation companies are implementing travel cards as a means of purchasing tickets for fares. Convenient and easy to use, contactless transit cards are an improvement over contact-based cards. Fast fare payment is possible with these cards because they do not require scanning, inserting, or swiping by the reader. This allows for a high throughput of travelers in less time.
Increasing passenger mobility, especially at subway stations, is the main driver of the transit card market. With more and more people taking to the rails, there's a growing need for transit cards that may save people time and money by removing the need to buy individual tickets. There is no need to wait in long lines because the cards may be recharged online and scanned at the entrance to the transportation service. Consequently, the worldwide transit cards market is experiencing remarkable growth due to the benefits offered by these cards, such as the fact that they streamline the ticket purchase procedure and prevent time delays. You can pay for everything from buses and metros to trains and parking with one convenient card that Paytm introduced in November 2021. Thanks to the card's user-friendly design, passengers may enjoy more convenience, which greatly boosts the market growth.
The primary element limiting the expansion of the transit card industry is the security risks linked with them, namely the potential disclosure of customers' private financial data. Providers of transit cards are obligated to adhere to specific data privacy, security, and fraud prevention-related legal and regulatory standards. The expansion of the market is hindered by the aforementioned constraints, which impose administrative taxes and additional compliance costs on transit card suppliers. As a result, the main factors hindering the market's growth are security concerns and stringent government regulations. As an example, the provisional security standard was revised in January 2023 by PCI Security Standards Council, LLC. This update included the installation of security requirements version 3.0, which aimed to secure sensitive data. The expansion of the transportation card industry is being stymied by the new rules.
Report Coverage
Global Transit Cards research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Transit Cards report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Transit Cards competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Transit Cards market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Transit Cards market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Transit Cards market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Datacard Group, Gemalto N.V, Giesecke & Devrient GmbH, Beijing Watchdata Co., Ltd., Cardlogix Corporation, Infineon Technologies AG, Eastcompeace Smart Card Co., 4G Identity Solutions Pvt Ltd.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Transit Cards market based on the below-mentioned segments:
Global Transit Cards Market, By Type
Contactless Transit Cards
Contact-based Transit Cards
Combi/Hybrid Transit Cards
Global Transit Cards market, By Application
Transportation
Traffic Management
Others
Global Transit Cards Market, By Product
Bus Card
Subway Card
Others
Global Transit Cards market, Regional Analysis
The smart card known as a "transit card" can be used to pay for rides on buses, trains, and subways. The cards can be reloaded at predetermined intervals from a ticket vending machine and scanned upon boarding the transportation service. Your journey fee will be automatically withdrawn from your card balance, and the amount that remains can be seen on the screen. Not only that, but transit cards can retain user information, including personal identification, and be used to pay for additional services, like parking.
A transit card, often called a travel card, is a pass or ticket that allows a person to take unlimited travels within a set period of time on various modes of public transportation, such as trains, metros, and buses. You can choose between contact-based and contactless transit cards. Using a transit card is a breeze. Using these, travelers can be identified quickly while in transit. Passengers are able to travel more comfortably and with better throughput when they use transit cards. Since a Transit Card doesn't need to be inserted or scanned, the payment transaction is faster. Worldwide sales of transit cards have been surging in recent years, and experts predict that this upward trend will carry over into the future. In the coming years, we should see a dramatic increase in the demand for transit cards, with the current market leaders consolidating their positions.
The demand for public transportation services is on the rise in many nations due to factors such as population growth and increased urbanization. Since more and more public transportation services are adopting the use of Transit Cards due to its convenience, this is anticipated to contribute to the expansion of the worldwide Transit Cards market over the projected time. Another factor expected to boost growth of the global Transit Cards market over the forecast period is the increasing trend of adopting contactless and tamper-resistant cards. The expansion of the worldwide transit card market is being driven by innovations in technology, such as the PIN payment mechanism.
The increasing use of contactless transit cards in the transportation sector is driving the quick expansion of the global transit cards market over the projected period. To make the payment and invoicing procedure more secure, more and more transportation segments across different countries are concentrating on implementing contactless cards. In the United States, for instance, the major transportation companies are implementing travel cards as a means of purchasing tickets for fares. Convenient and easy to use, contactless transit cards are an improvement over contact-based cards. Fast fare payment is possible with these cards because they do not require scanning, inserting, or swiping by the reader. This allows for a high throughput of travelers in less time.
Increasing passenger mobility, especially at subway stations, is the main driver of the transit card market. With more and more people taking to the rails, there's a growing need for transit cards that may save people time and money by removing the need to buy individual tickets. There is no need to wait in long lines because the cards may be recharged online and scanned at the entrance to the transportation service. Consequently, the worldwide transit cards market is experiencing remarkable growth due to the benefits offered by these cards, such as the fact that they streamline the ticket purchase procedure and prevent time delays. You can pay for everything from buses and metros to trains and parking with one convenient card that Paytm introduced in November 2021. Thanks to the card's user-friendly design, passengers may enjoy more convenience, which greatly boosts the market growth.
The primary element limiting the expansion of the transit card industry is the security risks linked with them, namely the potential disclosure of customers' private financial data. Providers of transit cards are obligated to adhere to specific data privacy, security, and fraud prevention-related legal and regulatory standards. The expansion of the market is hindered by the aforementioned constraints, which impose administrative taxes and additional compliance costs on transit card suppliers. As a result, the main factors hindering the market's growth are security concerns and stringent government regulations. As an example, the provisional security standard was revised in January 2023 by PCI Security Standards Council, LLC. This update included the installation of security requirements version 3.0, which aimed to secure sensitive data. The expansion of the transportation card industry is being stymied by the new rules.
Report Coverage
Global Transit Cards research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Transit Cards report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Transit Cards competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Transit Cards market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2031 |
| Base Year | 2023 |
| Forecast Period | 2023-2031 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Datacard Group, Gemalto N.V, Giesecke & Devrient GmbH, Beijing Watchdata Co., Ltd., Cardlogix Corporation, Infineon Technologies AG, Eastcompeace Smart Card Co., 4G Identity Solutions Pvt Ltd. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Transit Cards Market from 2021 to 2031.
- Market Forecast for Transit Cards Market from 2021 to 2031.
- Regional Market Share and Revenue from 2021 to 2031.
- Country Market share within region from 2021 to 2031.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Transit Cards competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Transit Cards
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Transit Cards market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Transit Cards market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Datacard Group, Gemalto N.V, Giesecke & Devrient GmbH, Beijing Watchdata Co., Ltd., Cardlogix Corporation, Infineon Technologies AG, Eastcompeace Smart Card Co., 4G Identity Solutions Pvt Ltd.
Primary Target Market
- Market Players of Transit Cards
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Transit Cards market based on the below-mentioned segments:
Global Transit Cards Market, By Type
Contactless Transit Cards
Contact-based Transit Cards
Combi/Hybrid Transit Cards
Global Transit Cards market, By Application
Transportation
Traffic Management
Others
Global Transit Cards Market, By Product
Bus Card
Subway Card
Others
Global Transit Cards market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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