DUBLIN, Dec. 30, 2021 /PRNewswire/ — The “Transit Cards Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026” report has been added to ResearchAndMarkets.com’s offering.
The global transit cards market grew at a CAGR of around 5% during 2015-2020.
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. Looking forward, the publisher expects the global transit cards market to exhibit moderate growth during the next five years.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global transit cards market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, product, type and application.
Key Questions Answered in This Report:
- How has the global transit cards market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global transit cards market?
- What are the key regional markets?
- What is the breakup of the market based on the product?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global transit cards market and who are the key players?
- What is the degree of competition in the industry?
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being:
- 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
- Watchdata Group.
For more information about this report visit https://www.researchandmarkets.com/r/1te0yl
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SOURCE Research and Markets
