Why Bus Card Reader Market are Booming So Rapidly? Industry in-Depth Analysis with Growing Trends | MagTek, VeriFone, Shenzhen Xingjiexun Electronics Co.Ltd, HID Global, Diebold Nixdorf
The rise in urbanization has led to increased adoption of readers in public transport services. Transportation service providers are implementing modern solutions for enhancing security, reliability, and customer care. The adoption of card readers in public transportation allows customers to select the destination and use the card reader for payment on buses. They offer businesses and individuals secure and more convenient payment options, resulting in its high demand. Moreover, rising government initiatives in various countries for improving public transportation have led to the growth of the bus card reader market. For instance, in March 2019, the Indian Government under its One Nation One Card scheme launched the National Common Mobility Card (NCMC) initiative. This will help users pay transportation charges including metro services and toll tax across the country electronically. Such factors are anticipated to drive the market growth over the coming years.
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Slow technological adoption in several countries is hindering the bus card reader market growth. Several countries are lacking in transport and economic development and are not adopting modern solutions to develop their transport facilities. For instance, in March 2019, Bangkok Mass Transit Authority (BMTA), terminated the installation of e-ticket readers in buses due to its unreliability in fares. Additionally, technical challenges faced by businesses in shifting to smart cards and the risk of losing contactless cards may hinder market growth. However, various government initiatives and budgets to improve the facilities will increase the demand for modern solutions in this sector.
Bus Card Reader Industry, By Technology
Bus Card Reader Industry, By Application
o Public transport bus
o School bus
o Tourist bus
The Asia Pacific bus card reader market will witness considerable growth over the coming years. The region is a manufacturing base for several market players that are focusing on the development and adoption of various solutions. Countries including Singapore, Indonesia, China, and India are rapidly adopting digitization scheme, positively impacting the demand for these readers.
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The key players in the bus card reader market include MagTek Inc, Advanced Card Systems Ltd, VeriFone Holdings, Inc, Cardlan Group, Shenzhen Rakinda Technology Co., Ltd, Postech, Shenzhen HCC Technology Co., Ltd., EP Intelligent Technology Co. Ltd., Shenzhen Decard Smartcard Tech Co Ltd., HID Global Corporation, and Diebold Nixdorf, Incorporated.
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