The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The shift to contactless payments is expected to drive innovation in transportation payment solution manufacturing, driving the market during the forecast period.

The global transportation payment solutions market is expected to grow from $16.15 billion in 2022 to $18.36 billion in 2023 at a compound annual growth rate (CAGR) of 13.69%. The transportation payment solutions market is expected to reach $28.35 billion in 2027 at a CAGR of 11.47%.

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Global Transportation Payment Solutions Market Segments Include:

• By Component: Hardware, Software
• By System: Electronic Toll Collection, Electronic Transit Ticketing, Multimodal Electronic Payment
• By Technology: Contactless Payment System, Magnetic Strip And Bar Coding, Near Field Communication
• By Application: Bus, Car Rental, Toll, Train
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global transportation payment solutions market in 2021.

Major Market Players in the transportation payment solutions market include Ingenico, Kapsch Trafficom AG, Longbow Solution Sdn, LTK Engineering Services, Conduent Inc., Cubic Corporation, dormakaba Holding AG.

Technological advancements are a popular trend in the transportation payment solutions market. Major market players are progressing towards the use of digital technology. Univasa, a Nigeria-based company that provides cutting-edge digital technology apps, for example, launched Verify and Pay, an innovative payment platform that digitises the transportation payment system, in March 2022. The Verify and Pay app allows passengers hailing a cab to scan the taxi’s barcode to confirm the driver and vehicle details, input their destination to check and negotiate fares, and select preferred payment methods, such as card payments or USSDs. The Verify and Pay initiative seeks to reshape Nigeria’s transportation system.

The Transportation Payment Solutions Global Market Report 2023 provides a transportation payment solutions market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The transportation payment solutions market forecast analyzes transportation payment solutions market size, transportation payment solutions market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Transport payment solutions are payment systems that allow for digital contactless payment while travelling. Users can pay for parking, tolls, and public transportation using transportation payment solutions.

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