Global Transit Cards Market to 2028: Digitization of Technologies Used for Public Transportation Drives Growth

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Apr 17, 2023, 11:30 ET

DUBLIN, April 17, 2023 /PRNewswire/ -- The "Transit Cards Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global transit cards market size reached US$ 69.9 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 107.3 Billion by 2028, exhibiting a CAGR of 7.4% during 2022-2028.

Companies Mentioned

4G Identity Solutions Private Ltd. (Goldstone Technologies Ltd.)
Beijing Watchdata Co. Ltd.
Cardlogix Corporation
Eastcompeace Technology Co. Ltd
Entrust Corporation
Giesecke & Devrient GmbH
Infineon Technologies AG
Thales Group

A transit card, or travel card, is a pocket-sized ticket or pass issued to the passenger to take unlimited or pre-defined bus, train or metro trips. The card is usually manufactured using polyvinyl chloride and consists of an embedded integrated circuit, a microcontroller and a secured memory chip.

It is primarily used for authentication and identification in public transportation systems and are available in contact-based, contactless, dual interface and hybrid variants. In comparison to the traditionally used magnetic passes and paper-based ticketing systems, transit cards are highly reliable, convenient to use and have minimal risks of fraudulent activities.

Significant growth in the transportation industry, along with the digitization of technologies used for public transportation, is one of the key factors creating a positive outlook for the market. With rapid urbanization and the increasing requirement for effective passenger mobility solutions, there is a rising demand for modern ticketing systems.

In line with this, the adoption of multi-application transit cards is also contributing to the market growth. Various product innovations, such as the development of tamper-resistant transit cards that can be accessed only through a personal identification number (PIN), are acting as other major growth-inducing factors. Product manufacturers are also developing advanced contactless transit cards that can be waved over a radio frequency identification device (RFID) for convenient passage of the users.

Other factors, including an extensive increase in the global population, along with significant improvements in the existing transportation infrastructure, especially in the developing countries, are anticipated to drive the market further.

Key Questions Answered in This Report:

What was the size of the global transit cards market in 2022?
What is the expected growth rate of the global transit cards market during 2023-2028?
What has been the impact of COVID-19 on the global transit cards market?
What are the key factors driving the global transit cards market?
What is the breakup of the global transit cards market based on the product?
What is the breakup of the global transit cards market based on the type?
What is the breakup of the global transit cards market based on the application?
What are the key regions in the global transit cards market?
Who are the key players/companies in the global transit cards market?

Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction
4.1 Overview
4.2 Key Industry Trends

5 Global Transit Cards Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 Market Breakup by Product
6.1 Bus Card
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Subway Card
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Others
6.3.1 Market Trends
6.3.2 Market Forecast

7 Market Breakup by Type
7.1 Contactless Transit Cards
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Contact-based Transit Cards
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Combi/Hybrid Transit Cards
7.3.1 Market Trends
7.3.2 Market Forecast

8 Market Breakup by Application
8.1 Transportation
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Traffic Management
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Others
8.3.1 Market Trends
8.3.2 Market Forecast

9 Market Breakup by Region

10 SWOT Analysis

11 Value Chain Analysis

12 Porters Five Forces Analysis

13 Price Analysis

14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players

For more information about this report visit https://www.researchandmarkets.com/r/gge955

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