Transportation Payment Solutions Market Growth, New Opportunities, Trends And Forecast 2024 To 2033

Overview and Scope

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.

 

Sizing and Forecast

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.

 

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Segmentation & Regional Insights

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

 

North America was the largest region in the transportation payment solutions market in 2023. Asia-Pacific is 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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Major Driver Impacting Market Growth

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.

 

Key Industry Players

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.

 

The transportation payment solutions market report table of contents includes:

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. Global Transportation Payment Solutions Market Size and Growth
6. Transportation Payment Solutions Market Segmentation
7. Transportation Payment Solutions Market Regional And Country Analysis

………………

33. Key Mergers And Acquisitions In The Transportation Payment Solutions Market
34. Transportation Payment Solutions Market Future Outlook and Potential Analysis
35. Appendix

 

List Of Tables:

Table 1: Global Historic Market Growth, 2018-2023, $ Billion

Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion

Table 3: Global Transportation Payment Solutions Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 4: Global Transportation Payment Solutions Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 5: Global Transportation Payment Solutions Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

…………

Table 75: Ingenico Group S.A. Financial Performance

Table 76: Kapsch TrafficCom AG Financial Performance

Table 77: Longbow Solution Sdn Bhd Financial Performance

Table 78: LTK Engineering Services Financial Performance

Table 79: Conduent Inc. Financial Performance

 

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