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Transportation Payment Solutions Market 2023 Report By Key Companies, Regional Analysis And Forecast 2032
Transportation Payment Solutions Market
The Business Research Company's Transportation Payment Solutions Global Market Report 2023 identifies shift to contactless payments as the major driver for the Transportation Payment Solutions market's growth in the forecast period. Contactless payment is an innovation in the point-of-sale payments system that does not require the traditional transactions of cash or credit or debit cards. Transport payment solutions are systems used for digital contactless payment instead of money transactions during transportation.
The global transportation payment solutions market size is expected to grow from $16.15 billion in 2022 to $18.36 billion in 2023 at a compound annual growth rate (CAGR) of 13.69%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The transportation payment solutions market is expected to reach $28.35 billion in 2027 at a CAGR of 11.47%.
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Major competitors in the Transportation Payment Solutions market are Ingenico, Kapsch Trafficom AG, Longbow Solution Sdn, LTK Engineering Services, Conduent Inc., Cubic Corporation.
A key trend in the Transportation Payment Solutions market includes technological advancements. Major companies operating in the market are advancing toward the use of digital technology. For instance, in March 2022, Univasa, a Nigeria-based company that provided cutting-edge digital technology apps, launched Verify and Pay, an innovative payment platform that digitizes the transport payment system. Verify and Pay app allows passengers hailing a cab to scan the barcode on the taxi to confirm the details of the driver and the vehicle, input their destination to check and negotiate fares, and select preferred payment methods, such as card payments or USSDs.
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The Transportation Payment Solutions market is segmented -
• By Component: Hardware, Software
• By System: Electronic Toll Collection, Electronic Transit Ticketing, Multimodal Electronic Payment
• By Technology: Contactless Payment System, Magnetic Strip And Bar Coding, Near Field Communication
• By Application: Bus, Car Rental, Toll, Train
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Transportation Payment Solutions market.
The Business Research Company's "Global Transportation Payment Solutions Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Transportation Payment Solutions Market Include:
1. Executive Summary
2. Transportation Payment Solutions Market Characteristics
3. Transportation Payment Solutions Market Trends And Strategies
4. Transportation Payment Solutions Market - Macro Economic Scenario
5. Transportation Payment Solutions Market Size And Growth
………………………………………………………..
26. Africa Transportation Payment Solutions Market
27. Transportation Payment Solutions Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Transportation Payment Solutions Market
29. Transportation Payment Solutions Market Future Outlook and Potential Analysis
30. Appendix
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