A transit card refers to train, bus or metros pass is a ticket that enables the user of a service to take either a specific number of pre-purchased trips or boundless trips inside a limited timeframe. The increasing population in developed and emerging economies and urbanization worldwide has increased the demand for mobility. According to Population Reference Bureau Organization, in 2016, there are 7,418 million population globally up from 7,336 million in 2015. This increasing population has in turn increased demand for public transportation services in various countries worldwide.
Public transportation has turned into the most favored method of transportation for individuals to avoid issues, for example, traffic congestion and air pollution. Travelling by trains, bus and metros is generally more convenient, comfortable and cost effective. To make travelling for individuals more comfortable and convenient, public transport frameworks utilize modern ticketing system, for example, contactless ticketing, which permits high traveler throughput.
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The worldwide transit cards market is anticipated to witness a swift growth rate in the forecasted period because of the rising high utilization of contactless transit cards in transportation sector.
The transportation segment is installing a contactless cards to improve security in the payment and billing process. For example in the United States Most of the significant transit operators are installing travel cards for fare ticketing systems. Compared with the contact based cards, the contactless transit cards are convenient and easy to utilize. These contactless transit cards have emerged as the preferred choice for transportation due to the way that they enable quick identification of the person. It allows for fast fare payment permitting high traveler throughput in less time as these transit cards do not need to be scanned, inserted or swiped by the reader.
Transit Cards Market Taxonomy
On the basis of product type, the global Transit Cards market is classified into:
Contactless transit cards
Contact based transit cards
On the basis of component, the global Transit Cards market is classified into:
IC Micro Processor Cards
IC Memory Cards
Optical Memory Cards
Transit Cards Market Outlook – Asia Pacific transit cards market is predicted to hold the leading position in the global transit cards market.
On the basis of geography, the global transit cards market is fragmented into North America, Europe, Asia Pacific and rest of the world. The Asia Pacific region holds the leading position in the global transit cards market and is predicted to hold the leading position over the forecast period. Due to the presence of highly populated countries such as India and China has increased the need of public transportation in the country. According to Population Reference Bureau Organization, in 2016, there are 4,437 million population in Asia, up from 4,397 million in 2015.
This increasing need for public transportation fuels the market of transit cards market in the Asia Pacific region. Moreover, other factors providing the growth to the Asia Pacific transit cards market are presence of large transportation companies, adoption of contactless smart cards, and the developing infiltration of travel cards in urban areas like Singapore and Hong Kong, Australia, South Korea and Japan provides the swift growth to the transit card market in Asia Pacific region.
Datacard Group, Gemalto N.V, Giesecke & Devrient GmbH, Beijing Watchdata Co., Ltd. Cardlogix Corporation, Infineon Technologies AG, Eastcompeace Smart Card Co., Ltd, 4G Identity Solutions Pvt Ltd are some of major companies of the global transit cards market.
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