Transportation Payment Solutions Global Market Analysis, Trends, Growth, Research And Forecast 2033

The transportation payment solutions market size has grown rapidly in recent years. It will grow from $18.11 billion in 2023 to $20.31 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to economic growth, globalization of commerce, smart city initiatives, urbanization trends, integration with transit systems.

The transportation payment solutions market size is expected to see rapid growth in the next few years. It will grow to $32 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to contactless and mobile wallet growth, rise of autonomous vehicles, demand for real-time transactions, cybersecurity advancements, subscription-based models. Major trends in the forecast period include mobile ticketing and apps, integration with mobility-as-a-service (maas), open-loop payment systems, biometric authentication, blockchain for security, collaborations with financial institutions, .

Market Overview -
Transport payment solutions refer to a payment system used for digital contactless payment during transportation. Using transportation payment solutions, users can pay for parking, tolls, and public transit.

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The Surge In Contactless Payments Propels The Transportation Payment Solutions Market
The shift to contactless payments is expected to propel the transportation payment solutions market. 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. Using transportation payment solutions, users can pay for parking, tolls, and public transit. For instance, in July 2022, according to UK Finance, an association for the UK banking and financial services sector, the number of contactless card transactions made by cardholders in the UK and overseas countries was 1.5 billion, which was 25.5 % more than the 1.2 billion contactless card transactions made in July 2021. Therefore, the shift to contactless payments is driving the transportation payment solutions market.

Competitive Landscape -
Major companies operating in the transportation payment solutions market report are Ingenico Group S.A., Kapsch TrafficCom AG, Longbow Solution Sdn Bhd, LTK Engineering Services, Conduent Inc., Cubic Corporation, dormakaba Holding AG, Snapper Services Ltd., Global Processing LLP, Transport Payment Solutions, Crane Payment Innovations, EFKON GmbH, TransCore Holdings Inc., Toll Collect GmbH, Xerox Corporation, Global Mass Transit, C.H. Robinson Worldwide Inc., XPO Logistics Inc., United Parcel Service Inc., Expeditors International of Washington Inc., DSV Inc., Werner Enterprises Inc., ArcBest Corporation, Omni Logistics Inc., Capstone Logistics LLC, TFI International Inc., Arrive Logistics LLC, Ascent Global Logistics, Crane Worldwide Holdings LLC, BDP International Inc.

Technological Advancements Drive The Evolution Of Payment Solutions
Technological advancements are a key trend gaining popularity in the transportation payment solutions market. 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. Verify and pay aims to reshape Nigeria's transportation system.

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Key Segments -

The transportation payment solutions market covered in this report is segmented -

1) By Component: Hardware, Software
2) By System: Electronic Toll Collection, Electronic Transit Ticketing, Multimodal Electronic Payment
3) By Technology: Contactless Payment System, Magnetic Strip And Bar Coding, Near Field Communication
4) By Application: Bus, Car Rental, Toll, Train

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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