The global transportation payment solutions market size was valued at USD 5,266.6 million in 2021 and is poised to grow at a significant CAGR of 16.8% during the forecast period 2022-2028. 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.

The global transportation payment solutions market segmentation:  

1) By Technology: EMV/Magnetic Stripe, NFC, Optical Character Recognition.

2)  Application: Bus, Car, Toll, Air Travel, Ship, Train.

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.

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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.

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