Transportation Payment Solutions Market Growth is Attributed to the Increase Automated Vehicles

According to Precision Business Insights (PBI) latest report the global transportation payment solutions market is expected to be worth USD 6,049.3 million in 2022, growing at a 16.8% CAGR from 2022 to 2028. Global Transportation Payment Solutions Market segmented into following types By Technology (EMV/Magnetic Stripe, NFC, Optical Character Recognition) and Application (Bus, Car, Toll, Air Travel, Ship, Train) and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa) Forecast to 2028. Key players' profiles in the transportation payment solutions market report are Conduent Inc.Cubic Corporation, Dormakaba Group, Global Mass Transit, Ingenico, Kapsch Aktiengesellschaft, Longbow Technologies Sdn. Bhd, LTK Engineering Services. The market is growing due to an increase in technology integration in the transportation segment and an increase in the number of autonomous cars. Furthermore, the market's growth is fueled by the rising need for electronic payment systems in both developed and emerging economies. However, the market may be hampered by the high installation costs of electronic payment systems. On the other hand, the rising popularity of cashless travel is expected to give tremendous opportunities for market players in the future years.

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Near Field Communication (NFC) Segment Dominate the Transportation Payment Solutions Market:
Based on the technology the global transportation payment solution market is segmented into EMV/Magnetic Stripe, NFC, Optical Character Recognition. The NFC segment is anticipated to show significant growth in the market forecast due to its simplicity, quickness, and efficiency. Thousands of customers will no longer have to pay cash for their fares. Moreover rail, metro, and bus services have begun to accept contactless payments over time. According to a research study, approximately 4.2 billion people who utilize public transportation in 2022 will profit from this incredibly fast growth. Increasing COVID-19 cases have also anticipated contactless payment systems to grow. The government is enforcing isolation practices and has taken several steps to meet the challenges, such as the installation of contactless scanners which is anticipated to boost the market.

North America Leads Transportation Payment Solutions Market:
North America is expected to hold more than 40% market share in the global transportation payment solutions market and it is projected to grow at a significant CAGR in the coming years. Local governments across North America have placed a heavy focus on linked infrastructure to support smooth travel, allowing the area to dominate the worldwide industry. The countries in the Asia Pacific are focusing on building smart cities due to strong economic growth, the rise in population, and rapid urbanization. These countries are also attracting investments, promoting new technologies, and developing innovative solutions to improve their transportation sector.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
The Global Transportation Payment Solutions market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In February 2022, Transtura acquires WazoMoney to launch payment solutions for mobility sector

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Detailed Segmentation:
Based on the Technology, the market is segmented into the following:
• EMV/Magnetic Stripe
• NFC
• Optical Character Recognition

Based on the End User, the market is segmented into the following:
• Bus
• Car
• Toll
• Air Travel
• Ship
• Train

Based on the geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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