Transportation Payment Solutions
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What Is the Expected CAGR for the Transportation Payment Solutions Market Through 2025?
There has been a swift expansion in the transportation payment solutions market over the recent years. The market is projected to increase from $19.86 billion in 2024 to $22.04 billion in 2025, at a compound annual growth rate (CAGR) of 10.9%. The historic period’s market progression is due to factors such as economic development, commercial globalization, smart city programs, urbanization trends, and integration with transit systems.
What’s the Projected Size of the Global Transportation Payment Solutions Market by 2029?
The market for transportation payment solutions is anticipated to experience swift expansion in the coming years, reaching a value of $36.52 billion by 2029, with a compound annual growth rate (CAGR) of 13.5%. The predicted growth during this period can be accredited to the increase in contactless and mobile wallet usage, the emergence of autonomous vehicles, the requirement for instant transactions, advancements in cybersecurity, and the rise of subscription-based models. Significant trends that are projected to be seen during this forecast period encompass mobile ticketing and applications, integration with mobility-as-a-service (maas), open-loop payment systems, biometric authentication protocols, the application of blockchain for enhanced security, and partnerships with financial institutions.
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Top Growth Drivers in the Transportation Payment Solutions Industry: What’s Accelerating the Market?
The move towards contactless payments is predicted to stimulate the growth of the transportation payment solutions market. This contactless payment system is a breakthrough in point-of-sale payments, eliminating the need for traditional cash or credit transactions or debit cards. Transportation payment solutions are mechanisms that facilitate digital contactless payments instead of cash during transportation. They allow users to cover parking, tolls, and public transit expenses. To illustrate, UK Finance, a UK-based organization for banking and financial services, reported that in November 2023, 1.6 billion contactless card transactions were made, amounting to £24.6 billion in August 2023. This represents a 4.8% rise in volume and 7.7% increase in value compared to August 2022. Consequently, the transition to contactless payments is fueling the growth of the transportation payment solutions market.
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What Trends Will Shape the Transportation Payment Solutions Market Through 2029 and Beyond?
Technological innovations have emerged as a key pattern that’s increasingly popular in the transportation payment solutions sector. The dominant companies in this space are embracing digital technology. For example, in March 2022, Univasa, the Nigeria-based tech company, introduced Verify and Pay, a ground-breaking digital payment system for transport. This app enables commuters to scan a barcode on the cab to verify the driver’s details and the vehicle, enter their end location to review and negotiate costs, and choose their preferred method of payment, such as card transactions or USSDs. With Verify and Pay, Univasa is aiming to revolutionize Nigeria’s transport framework.
What Are the Main Segments in the Transportation Payment Solutions Market?
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
Subsegments:
1) By Hardware: Payment Terminals, Contactless Payment Devices, Ticketing Machines, Self-Service Kiosks, Mobile Devices
2) By Software: Payment Processing Software, Mobile Wallet Applications, Ticketing And Fare Collection Systems, Fraud Detection And Security Software, Analytics And Reporting Tools
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Which Top Companies are Driving Growth in the Transportation Payment Solutions Market?
Major companies operating in the transportation payment solutions market are Mastercard Incorporated, Visa Inc., American Express Company, PayPal Holdings Inc., Stripe Inc., Square Inc. (now Block Inc.), PayByPhone Technologies Inc., ParkMobile LLC, RideAmigos Inc., Cubic Corporation, Conduent Incorporated, Transit App Inc., AccuFleet International Inc., Gimme Inc., Moov, Masabi Ltd., Clever Devices Ltd., Fleetcor Technologies Inc., Tpay, EasyPark Group, Citymapper Ltd., Yugo Inc., Kaptain Inc., Zubale, GoKid Inc., TixnGo, Transit Tech Inc., HopSkipDrive Inc., Waymo LLC, Blyncsy Inc.
Which Regions Will Dominate the Transportation Payment Solutions Market Through 2029?
North America was the largest region in the transportation payment solutions market in 2024. Asia-Pacificis expected to be the fastest-growing region in the forecast period. The regions covered in the transportation payment solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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