IT & Telecom

Transport Smart Card Market Segmentation by Card Type (Contact Smart Cards, Contactless Smart Cards, Hybrid Smart Cards, and Others); by End-User (Telecommunication, Government, Retail, Transport and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Report ID: 3182 | Published On: Apr 04, 2022

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


In The News

· May 04, 2021: Giesecke+Devrient announced the establishment of sovereign pan-European payment system ‘European Payments Initiative’ (EPI) as a long overdue step towards establishing a cashless economy.


Global Transport Smart Card Market Highlights over 2022-2030

The global transport smart card market is estimated to garner a substantial CAGR over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the multi-functional nature of the travel smart cards, which are increasingly being used for bill payments, transportation, banking, and others. The increasing popularity of transport cards replacing tokens and cash, is estimated to boost the market growth. Use of these cards by daily boarders in locomotives, such as, subways, in developing and developed nations, is projected to boost the market growth. Moreover, rising innovation in technology is estimated to promote the growth of the market.

Transport-Smart-Card-Market-Size-Overview.

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The global transport smart card market is segmented by card type into contact smart cards, contactless smart cards, hybrid smart cards, and others, out of which, the contactless smart cards segment is anticipated to hold the notable share in the market during the forecast period on account of increasing sanitation and hygiene concerns, post the COVID-19 pandemic, as contactless cards reduce the risks of infections. Further, high investment in innovation and development of new technology in this direction, is expected to boost the segment growth. On the basis of end-user, the market is segmented into telecommunication, government, retail, transport and others, out of which, the transport segment is estimated to garner the leading share over the forecast period, owing to the growing application of transport smart card by daily passengers in metros, subways, and other rapid transits. Additionally, increasing population of daily commuters in developed nations, is estimated to boost the segment growth. For instance, around 10 billion people travelled through MRTs in the United States, in 2019, on a weekly basis. 


Major Macro-Economic Indicators Impacting the Market Growth

Global-Research-and-Development-Expenditure

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.


Global Transport Smart Card Market Regional Synopsis

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 North America region is estimated to garner largest share over the forecast period on the back of higher adoption of advanced technology among the masses. Moreover, countries, such as, the U.S. and Canada, promote cashless economy, which is estimated to further boost the market growth.

The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period, owing to the growing transportation sector in nations, such as, Japan, where thousands of people commute to their offices using transport smart cards. In Japan, more than 45% of the working class and 50% of the students travel in subways or buses. Moreover, major steps by governments of developing countries, including, India and Singapore, to develop a cashless economy, is estimated to boost the market growth in the region.

Global-Transport-Smart-Card-Market-Share

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The global transport smart card market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis


Transport-Smart-Card-Market-Size-Overview.
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Market Segmentation

Our in-depth analysis of the global transport smart card market includes the following segments:

By Card Type

  • Contact Smart Cards
  • Contactless Smart Cards
  • Hybrid Smart Cards
  • Others

By End-User

  • Telecommunication
  • Government
  • Retail
  • Transport
  • Others

Growth Drivers

  • Cost Effectiveness of Transport Smart Cards
  • Multi-Functional Uses of Smart Cards

Challenges

  • High Initial Cost of These Cards


Global-Research-and-Development-Expenditure
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Top Featured Companies Dominating the Market

    • Magicard Ltd
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • 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
    • NXP Semiconductors

     


Key Questions Answered in the Report

1) What are the major factors driving the growth of the transport smart card market?

Ans: Growing demand for multi-purpose smart cards is one of the major factors driving the market growth.

2) What would be the CAGR of transport smart card market over the forecast period?

Ans: The market is anticipated to attain a substantial CAGR over the forecast period, i.e., 2022-2030.

3) What are the challenges affecting the transport smart card market growth?

Ans: High initial cost is one of the major factors estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of transport smart card market in future?

Ans: The market in the North America will provide the highest growth opportunities for the market during the forecast period on the back of rising acceptance of advanced technology in the region.

5) Who are the major players dominating the transport smart card market?

Ans: The major players in the market are CardLogix Corporation, THALES Digital Solutions Inc., Ingenico Group S.A., CPI Card Group Inc., Infineon Technologies AG, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the global transport smart card market?

Ans: The market is segmented by card type, end-user industry, and by region.

8) Which segment captures the largest market size in the card type segment in the transport smart card market?

Ans: The contactless smart card segment is anticipated to hold the largest market size over the forecast period as it is cost effective, and hygienic.

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