Transit Cards Market To Grow At 8.06% CAGR Driven By Contactless Smart Cards In Transportation Sector To 2020

RnRMarketResearch.com adds Global Transit Cards Market 2016-2020 latest research report, the analysts forecast global transit cards market to grow at a CAGR of 8.06% during the period 2016-2020.

The global transit cards market analyst forecast trend that is positively impacting the market is the emergence and use of contactless smart cards in transportation. Contactless cards are convenient and easy to use compared to contact-based cards. The transportation sector is increasingly deploying contactless e-ticket cards to improve security in billing and payment processes. Contactless smart cards are becoming the preferred choice for the transportation sector because they enable fast identity and fare payment transactions allowing high passenger throughput in less time at border crossings. The card does not have to be inserted, swiped, or scanned by the reader.

Complete report on transit cards market spread across 61 pages, analyzing 4 major companies and providing 32 data exhibits is now available at http://www.rnrmarketresearch.com/global-transit-cards-market-2016-2020-market-report.html

According to the transit cards market report, a key driver boosting market growth is the need to reduce identity duplication. The number of fraudulent activities and forgeries are increasing along with the advances in technology. New payment methods such as EMV chips, PIN cards, and mobile wallets are gaining prominence in the transportation sector. There is a growing demand for more secure solutions because of the increasing incidences of fraudulent activities. Information stored on smart cards can be accessed using a PIN. PINs are extremely difficult to decode and make transactions more secure.

Hybrid smart cards have a dual-interface (a combination of contactless and contact interfaces) on a single card. They have shared storage and processing of information, eliminating the need for multiple cards. Hybrid smart card authentication requires smart card middleware, a smart card, a smart card reader, and a smart card PIN. Contactless cards are convenient and easy to use compared to contact-based cards. The transportation sector is increasingly deploying contactless e-ticket cards to improve security in billing and payment processes. With advances in technology, a number of vendors are offering multi-application smart cards. These cards are a combination of contactless and contact interfaces on a single card. Government organizations in developing countries are increasingly adopting contactless and contact-based smart cards for identity verification and authentication. Contactless smart cards are widely used in India for driving licenses, ID cards, e-passports, vehicle document smart cards, and voter IDs.

The following companies are the key players in the global transit cards market: Datacard, Gemalto, Giesecke & Devrient, and Watcdata. Other prominent vendors in the market are: Athena, CardLogix, Eastcompeace Technology, 4G Identity Solutions, and Infineon Technologies. Order a copy of Global Transit Cards Market 2016-2020 report @ http://www.rnrmarketresearch.com/contacts/purchase?rname=607551

Global Transit Cards Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

The report covers the present scenario and the growth prospects of the global transit cards market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of contactless and contact-based smart cards in the transportation sector, especially public transportation. However, it does not consider the revenue generated from contactless POS validators and near-field communication (NFC) payments in the transportation sector. Further, the report states that one challenge that could restrict market growth is the high cost of implementation. The transit cards market is being controlled by a small set of vendors because of limited vendor penetration. The consequent low competition is resulting in high initial deployment and replacement costs.

Another related report is Global Contactless Smart Cards Market 2016-2020, the analysts forecast global contactless smart cards market to grow at a CAGR of 32.94% during the period 2016-2020. With advances in technology, a number of vendors, such as Gemalto, are providing multi-application smart cards. These smart cards that reduce the use of multiple cards for different applications are a combination of contactless and contact interfaces on a single card. They prevent the need for individuals to carry multiple cards for different applications since these cards have shared storage and information processing. Browse complete report@ http://www.rnrmarketresearch.com/global-contactless-smart-cards-market-2016-2020-market-report.html

About Us:
RnRMarketResearch.com is your single source for all market research needs. Our database includes 500,000+ market research reports from over 100+ leading global publishers & in-depth market research studies of over 5000 micro markets. With comprehensive information about the publishers and the industries for which they publish market research reports, we help you in your purchase decision by mapping your information needs with our huge collection of reports.

Contact Info:
Name: Ritesh Tiwari
Email: Send Email
Organization: RnRMarketResearch
Website: http://www.rnrmarketresearch.com/global-transit-cards-market-2016-2020-market-report.html

Release ID: 119761