According to the latest report by IMARC Group, titled "Transit Cards Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global transit cards market reached a value of US$ 65 Billion in 2021. A transit card is a compact travel ticket issued to a passenger to take pre-defined or unlimited trips through public transportation. These cards are manufactured using polyvinyl chloride and are equipped with a magnetic strip, smart chip, and a fare payment system to track the pre-paid and balance amount. Transit cards are available in various forms, such as dual interface, contactless, and hybrid. As compared to traditional ticketing systems, transit cards are faster, more convenient, and reduce the risks of fraudulent activities.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Transit Cards Market Trends:
The global transit cards market is primarily being driven by the growing utilization of contactless cards for public transportation. Contactless transit cards can be motioned over a radio frequency identification device (RFID) for convenience and security purposes as they enable quick identification of an individual. Additionally, rapid urbanization, increasing population, and the rising need for effective passenger mobility solutions are creating a demand for digitized ticketing systems. Moreover, the integration of advanced technologies in the public transportation system is supporting the market growth. For instance, the introduction of tamper-resistant transit cards encoded with a personal identification number (PIN), along with integration with mobile wallets, biometrics, and blockchain solutions, are facilitating a seamless payment process. Looking forward, IMARC Group expects the market to grow at a CAGR of 7.43% during 2022-2027.
- Based on the product, the market has been divided into bus card, subway card, and others.
- On the basis of the type, the market has been segmented into contactless, contact-based, and combi/hybrid transit cards.
- Based on the application, the market has been classified into transportation, traffic management, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The report has also analyzed the competitive landscape of the market, with some 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 and Watchdata Group.
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