The public transport smart card market, as a result, is expected to witness an increase in market growth between 2016 and 2025.
Albany, NY -- (SBWIRE) -- 06/19/2018 -- To Understand the Public Transport Smart Card Market Industry Status worldwide, Market Research Report Search Engine (MRRSE) has included the latest Forecast report titled "Public Transport Smart Card Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025", to its vast database. This study offers data about the prime regions operating in the Public Transport Smart Card Market, along with their production, consumption, revenue and market share details. Further, the intelligent report also anticipates that the market would grow at a constructive CAGR until 2025.
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The use of a pocket sized electronic smart card as an alternative resources for users to access and pay the fare for transport services is now emerging as a viable option for many transport authorities. As a new technology for enhancing public transport services, smart card ticketing schemes for public transport is becoming increasingly popular across the world. A smart card ticketing system is not just about the benefits for individual passengers in terms of convenience. Central government and local transport authorities can also derive benefits from smart ticketing. 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. Moreover, greater ability to use a smart card for different fare structures is one of major key factor responsible for the growth of public transport smart card market over the forecast period. The public transport smart card market, as a result, is expected to witness an increase in market growth between 2016 and 2025. However, high cost of migration to smart cards and technical challenges associated with the usage of smart cards electric are anticipated to hinder the growth of the public transport smart card market.
Growth witnessed in Countess Smart Cards Segment Likely to be Stronger
Based on interface, the public transport smart card market is segmented into contact smart cards, contactless smart cards and others. Others interface segment includes dual interface smart cards and hybrid smart cards. The modernization of fare payment system owing to the growth of contact and contactless smart card, is expected to increase the utilization of smart card in public transport system to a large extent during the forecast period. The contactless smart cards segment is anticipated to contribute major share in the global public transport smart card market followed by others interface segment in the near future. This is mainly due to increasing adoption of hassle-free smart ticket system in the transportation sector to meet changing consumer demand.
The report also includes key industry developments in the public transport smart card market. The report also covers segment wise, market attractiveness analysis and market positioning analysis for all regions covered in the scope of study.
Under component type segment, the public transport smart card market is categorized into microcontroller based smart cards and memory card-based smart cards. Microcontroller based smart cards segment is estimated to contribute major share in the global public transport smart card market due to the added functionality such as security and intellectual data processing features. In addition, this segment is anticipated to witness robust growth over the forecast period.
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On the basis of mode of transport, global public transport smart card market is segmented into bus, train, light rail transit and others. Others mode of transport segment constituted metro and ferry among others. The train segment is anticipated to contribute major share in the global public transport smart card market in terms of revenue as well as volume. Whereas light rail transit segment is slated to witness significant growth over the forecast period due to their lower capital costs and increase in reliability as compared to heavy rail systems.
Rising Investment by Manufacturers Puts Asia Pacific at Fore of Global Market
The global public transport smart card market is expected to be driven by the Asia Pacific region followed by Europe over the forecast period. Moreover, South America and Middle East and Africa (MEA) are estimated to contribute towards the growth of the overall public transport smart card market. Globally, 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. Growing demand for smart ticketing system from emerging economies such as China, Japan, India, and Latin American countries (Mexico and Brazil) is expected to drive the market over the forecast period. However, North America and Europe are mature market for smart cards in terms of product awareness and product acceptance. Hence, these regions are anticipated to grow at a steady yet relatively slow pace during this forecast period.
The key players profiled in the global public transport smart card market include Infineon Technologies AG, CPI Card Group Inc., NXP Semiconductors N.V., Texas Instruments, Inc., Giesecke & Devrient GmbH, Atos SE, Oberthur Technologies S.A., and American Express Company.
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