Transit cards Market Foresees Bright Future Ahead
The global transit cards market is expected to witness a progressive growth during the forecast period from 2017 to 2025. This is due to the increasing urbanization and population increase that have resulted in growth of passenger mobility. Public transportation have become one of the most preferred mode of transportation so as to avoid problems like traffic congestion and air pollution. To make traveling more comfortable and convenient the use of modern ticketing systems such as transit cards have been introduced that allow high passenger throughput. Another primary driver of transit cards market is the growing demand for tamper resistant cards. With the advancement in technology, new payment methods like PIN cards and mobile wallets are gaining prominence in the transportation sector. The tamper resistant transit cards are safe as these can only be accessed with the help of personal identification number (PIN). The growing demand for secure solution due to the increased incidence of fraudulent activities is another reason behind the increasing demand for transit cards.
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However, high initial cost of implementation of transit cards is predicted to inhibit its adoption rate to some extent in the coming years. Transit cards market is controlled by a small set of vendors due to the limited vendor penetration. This results in low competition that have led to high replacement and deployment cost.
The global transit cards market is segmented on the basis of product type, component, end use and geography. On the basis of product type the market is segmented into contactless transit cards and contact based transit cards. The contactless transit card is expected to hold the largest market share during the forecast period due to the fact that it helps to eliminate the inconvenience of multiple types of tickets used during transportation. Most of the major transit operators in the United States are implementing transit cards for fare ticketing system. Based on component, the global transit cards market is segmented into IC Micro Processor Cards, IC Memory Cards, and Optical Memory Cards.
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On the basis of geography, the global transit cards market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Asia Pacific is expected to hold the largest share of the transit cards market in 2016 due to the presence of a large number of transportation companies in the region. The transit cards market of Asia Pacific is majorly driven by many countries including Singapore, Hong Kong, Japan owing to greater acceptance and growing penetration of transit cards.
Some of the key vendors operating in the global transit cards market includes Datacard Group (The U.S), Gemalto (Netherlands), Giesecke & Devrient (Germany), Watchdata (China), Cardlogix Corporation (California), Eastcompeace Smart Card Co., Ltd. (China), 4G Identity Solution (U.A.E), and Infineon technologies (Germany) among others.
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