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Transportation Payment Solutions Global market Report 2024 – Market Size, Trends, And Market Forecast 2024-2033
The Business Research Company's transportation Payment Solutions Global Market Report 2024 – Market Size, Trends, And Market Forecast 2024-2033
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LONDON, GREATER LONDON, UNITED KINGDOM, October 2, 2024 /EINPresswire / -- The transportation payment solutions market has experienced robust growth in recent years, expanding 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.
What Is The Estimated Market Size Of The Global Transportation Payment Solutions Market And Its Annual Growth Rate?
The transportation payment solutions market is projected to continue its strong growth, reaching $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.
Explore Comprehensive Insights Into The Global Transportation Payment Solutions Market With A Detailed Sample Report:
Growth Driver Of The Transportation Payment Solutions Market
The increased smartphone penetration is expected to propel the growth of the transportation payment solutions market going forward. A smartphone is a multifunctional electronic device that combines the capabilities of a mobile phone with those of a personal computer. Smartphones are used in transportation payment solutions for contactless payments, which provide users with convenience, speed, and flexibility in managing their transportation-related transactions.
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Which Market Players Are Driving The Transportation Payment Solutions Market Growth?
Key players in the market include 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.
What Are The Emerging Trends Shaping The Transportation Payment Solutions Market Size ?
Major companies operating in the transportation payment solutions market are focusing on innovative payment solutions such as real-time payment solutions for the transportation sector, which marks a significant step forward in modernizing payment processes. Real-time payment (RTP) solutions are electronic payment systems that enable funds to be transferred between bank accounts within seconds, 24/7, 365 days a year.
How Is The Global Transportation Payment Solutions Market 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
Geographical Insights: North America Leading The Transportation Payment Solutions Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Transportation Payment Solutions Market Definition
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.
Transportation Payment Solutions Global Market Report 2024 from TBRC covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global transportation payment solutions market report covering trends, opportunities, strategies, and more
The Transportation Payment Solutions Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on transportation payment solutions market size, transportation payment solutions market drivers and trends and transportation payment solutions market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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