Research Nester published a report titled “Transport Smart Card Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global transport smart card market in terms of market segmentation by card type, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global transport smart card market is estimated to garner a substantial CAGR over the forecast period, i.e., 2022–2030. The market is segmented by end-user into telecommunication, government, retail, transport and others, out of which, the transport segment is anticipated to hold the largest share over the forecast period, owing to the increasing passenger footfall in mass rapid transits, including subways, metros, and others. In the United States, more than 10 billion people travelled using public transport on a weekly basis, in 2019.
The global transport smart card market is projected to grow on the back of increasing adoption of smart cards for travel, as they save money and time. Moreover, these cards are being used for various purposes such as government ids, banking, and others. Increasing government initiatives to promote the use of transport smart cards to encourage a cashless economy is estimated to boost the market growth. Moreover, growing technological advancements and innovations are estimated to boost the market growth.
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Regionally, the global transport smart card market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to gain the highest CAGR over the forecast period, owing to the rising transportation industry backed by increasing population. Countries, such as, Japan, and China, are promoting the use of transport smart cards in public transport system. In Japan, over 45% of the working class and 50% of the students use subways or buses, as a mode of travel. Moreover, initiatives by governments of developing countries, including, India, to develop a cashless economy, is estimated to boost the market growth in the region.
Increasing Innovation in Technology to Boost the Market Growth
Increasing adoption of digitalization, and advancement in technology, among the masses, is estimated to boost the demand for smart cards for transportation. These cards are cost effective, and multi-functional, which is estimated to boost the market growth.
However, high initial cost of these cards is expected to operate as key restraint to the growth of global transport smart card market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global transport smart card market which includes company profiling of Magicard Ltd, CardLogix Corporation, THALES Digital Solutions Inc., Ingenico Group S.A., CPI Card Group Inc., Infineon Technologies AG, Texas Instruments Incorporated, Giesecke+Devrient GmbH, American Express Company, and NXP Semiconductors. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global transport smart card market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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