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.
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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
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.
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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
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
- Cost Effectiveness of Transport Smart Cards
- Multi-Functional Uses of Smart Cards
- High Initial Cost of These Cards
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